Egg Card?

lazy&indebt

Good Afternoon my little chickens!

Currently, I have 1 abbey credit card with a 0 balance and about a £3k limit
I also have 1 Egg credit card with a balance of about £2.5k and a limit of £3k also.

The reason I have kept my abbey card open is because they said that when my 0% BT anniversary offer on my egg card runs out at the end of September, I can transfer the balance back over at 1.9% for a further 5 months (to save paying 15.9% on Egg or opening another card)

Rather than throwing all my money at my credit card, I have been saving as much as possible in an ISA and I anticipate paying off the full balance at the end of November at the latest, before transferring over the the Abbey card in September I will pay off as much as possible of the balance and hopefully, will only be moving about £600 over.

My question is - I recently found out it is better for your credit history if you close unused credit cards. Do you guys think I should close the Egg card once I've used it? Will I get another anniversary offer on it next year (not too sure if you get the offer every year or not)? If so I have a loan to pay off and I could transfer this over you see.
Or should I wait until I've cleared the lot and just close my Abbey card?
Or shall I close them both?

Sorry if this is confusing.

Jesscat

Ive got an Egg card and the anniversary offer is for every year as far as I know, I've used mine for a couple of years (roll on april)
So might be worth holding on to it
Is your loan a flexible one where they let you make payments without incurring penalties, if it is might be worth transferring some of it on to the credit card but you need to consider how your going to clear it after the 0% offer ends!

lazy&indebt

Thanks Jesscat.

My loan company will let me send a one off payment but it can't be less than £1,000 and once i've done that it's either minimum payments until the end of the term of the full whack! I thought maybe I could start saving again once the CC is paid off and as soon as I have a grand (should only take 2-3 months) pay it off the balance and then transfer the remainder of it to the Egg CC? I would then have about 5 months to pay off about £2.5k i think which I could just about do! What do you think?

Sentinal73

how do you know when your egg card anniversary is ? thanks

lazy&indebt

Sentinal, it's exactly one year after you open your account and lasts for 5 months.
I've just worked out that I may be able to pay off the loan in full anyway before the offer comes round again!

Sentinal73

thanks, i cant remember when exactly i opened the account, is there somewhere on the web site that tells you or best to contact egg themselves?

lazy&indebt

I'd probably ring Egg if I were you and get the exact date!

briona

I wouldn't count on any Egg anniversary offers – Egg have just sent their customers emails announcing a change in APR [currently being discussed in the link below on the Credit Cards board].

http://forums.moneysavingexpert.com/showthread.html?t=254831

You might think twice about keeping that one... unless of course you're one of the people with a rate reduction!!!

Joe_Bloggs

Egg anniversary offer (5 months ) have a flat fee of 2.5% of the total transfered. This works out at an annual rate of at least 6% perhaps up to 7.5% plus. The short period of the offer increases the annualised rate. They can seemingly get away by saying 0% in every sentence as the interest rate ,without the fees, is 0%. This is not a loan and there seem to be few advertising restrictions in this matter. Many dissapointed anniversary customers have ditched the egg 'green' card. I still have my egg 'money' card, just in credit.
Calculations here.
The anniversary starts on the first day of the month that you are said to have opened your card account. Sometimes they send you a reminder or you can find out for sure by asking egg.
J_B.

elantan

i kept getting phone calls from egg telling me about my anniversary ..i was like yeah i know and they kept asking me if i wanted to transfer etc to which i replied no probs if you do it transfer fee free and 0% for 6 months then i will...funnily enough they didnt take me up i wonder why lol .....