Cleared all purchases, then made Balance Transfer - did I get it right?

unidentified

Have the Egg card which has a short 0% purchases offer - 0% on purchases until Sept 2010.

Card also has 0% on Balance Transfers until Aug 2011.


Made a couple of purchases on card last month, received statement and paid off those purchases already. Payment was received by CC company and a few days later the account then showed as zero owing (totally cleared all purchases).

Do not intend to spend on card again.



Around a week later, I transferred a balance to the card to receive my 0% rate on the Balance Transfer (still falling within same statement period as repayment was already made for purchases).


Reading all the T&C's though I am very confused - I almost get the impression that if the card is used for purchases at all then you lose any other promotional rates but surely I'm reading this wrongly.

"Interest Charging Information - You will not pay interest on new purchases if you pay your balance in full and on time each month. Otherwise interest will be charged over the following periods:

Purchases-From The date the transaction is charged to your account. Until Repaid in full*
Balance Transfers-From The date the transaction is charged to your account. Until Repaid in full*

For all transactions made before November 1 2009, interest is charged from the date of the transaction.

If you pay the balance in full, the interest charge for the period from the previous statement to the date of the full repayment will be debited the following month. "



Aside from this issue, I am wondering if I have made another mistake...

Should I have waited until my next statement which showed the balance as totally clear before making the Balance Transfer?



Overall, have I done this correctly and I am still entitled to my Balance Transfer at 0% ?

immoral_angeluk

You'll be fine so long as you don't spend on the card again if that's the case.

YorkshireBoy

Did you make the BT within the requisite timescale (from account opening) to qualify for the 0% BT?

Some providers require a zero balance statement to have been produced before you make a 0% BT, in order to prevent purchases made in that statement period being 'locked in'. Barclaycard is one of these I believe. As far as I know Egg is not one of them.

immoral_angeluk

I'm with Egg and recently did a BT (anniversry offer) with a remaining balance on the card from purchases of about £40. BT went through fine and this statement showed no interest on the BT, just the purchases.

unidentified

Did you make the BT within the requisite timescale (from account opening) to qualify for the 0% BT?

Yes I did so no problem with that one...

Some providers require a zero balance statement to have been produced before you make a 0% BT, in order to prevent purchases made in that statement period being 'locked in'. Barclaycard is one of these I believe. As far as I know Egg is not one of them.

This is my concern and you've explained it much better than I have.

Can anyone confirm that Egg do not require a zero balance statement to be produced first before a 0% BT is made?

immoral_angeluk

unidentified wrote: »

Yes I did so no problem with that one...



This is my concern and you've explained it much better than I have.

Can anyone confirm that Egg do not require a zero balance statement to be produced first before a 0% BT?

See my post above.

unidentified

Just noticed something else am not sure about.

I remember that with another card that you can't use more than 95% of your balance on the card.

When Balance Transferring, would not have been using more than 95% on this one.

However, after making the BT 3% fees have been added in, the total amount of the card used is now 96%.

I can't find anywhere in the T&C'S for Egg about % used, but can anyone confirm about this or what I should do ?

unidentified

I'm with Egg and recently did a BT (anniversry offer) with a remaining balance on the card from purchases of about £40. BT went through fine and this statement showed no interest on the BT, just the purchases

Thanks for the above info.

Still doesn't completely clear up the issue though, as slightly different situation there.

You still have/had purchases outstanding, as far as I'm aware I don't (as I paid them off), but didn't receive a zero balance statement - so guess am also further trying to determine if it will be 0% all round now.