Egg card balance transfer to current account

sirish1979

I have recently recieved an egg credit card which allows balance transfer to my current account with 0% until august 11 and 3% fees.

But i was wondering that the best interest rate given for a saving account with easy access now is only 2.8%. So is stoozing worth it??

any help will be appreciated .. doing this for the first time . so in bit of a doubt how it works ??

sirish1979

can someone please give me a reply ??

YorkshireBoy

I think you've answered your own question, in that the figures you quote will make you a loss*.

The answer is to get a fee-free card (eg Santander), and route it through a mule card such as Egg Money.

'Fast stoozing' only really works at the moment if you have a poor rate offset mortgage (perhaps fixed for a period some time ago?), or are prepared to invest, rather than save, the money.


* If you or a spouse are non tax payers then you may be able to make a little profit with LTSB Vantage accounts, although you need to factor in the affect of the 2% minimum payments reducing the stooz pot. Before doing anything plug your numbers into a profit calculator.

sirish1979

thank you. Its good i didnt go through with it.:eek: