Can I do a double shuffle?

I am new to stoozing so would appreciate some advice:

I have been offered a 2.9% BT from Amex. I can transfer 95% of my credit limit (£10k) at a fee of £50. So I would plan to transfer the available £9.5k (as the balance is currently zero) to my Egg Money.

My Egg Money credit limit is £5k and I currently have a balance of £1200 which I would pay off in full before the BT. Am I only able to transfer £5k into Egg or is the £5k limit only for a negative balance? Can I make my positive balance more than £5k?

I then want to transfer the entire positive balance from Egg Money to my One Account until the Amex low interest period finishes. I think I can do this from Egg Money but do they charge a fee?

Advice from you stoozing veterans would be much appreciated.

Replies

  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    My Egg Money credit limit is £5k and I currently have a balance of £1200 which I would pay off in full before the BT. Am I only able to transfer £5k into Egg or is the £5k limit only for a negative balance? Can I make my positive balance more than £5k?
    You don't *need* to clear the Egg Money balance before the BT (just allow for it when you transfer* the +ve balance off it later).
    • The £5K limit only applies to a negative balance.
    • You can create a £99,999.99 +ve balance on Egg Money.
    • You can transfer any amount off Egg Money, although I believe transfers over £10K have to go through a specialist department.
    I then want to transfer the entire positive balance from Egg Money to my One Account until the Amex low interest period finishes. I think I can do this from Egg Money but do they charge a fee?
    No.
    Advice from you stoozing veterans would be much appreciated.
    Run your figures through the stoozing calculator at https://www.whatsthecost.com/stoozing.aspx to make sure the deal is profitable for you.


    * You have 3 ways to transfer the +ve balance off Egg Money...
    • Request a BACS transfer by telephone (08451 233233).
    • Request a BACS transfer by secure message.
    • Carry out a BT from your online secure area.
    The first two options have been known to generate 1% cashback (a welcome £95 for you), due to a glitch in Egg's systems meaning they class the transaction as a purchase. The online BT will not generate cashback.
  • andyelcombandyelcomb Forumite
    30 Posts
    Part of the Furniture Combo Breaker
    Forumite
    YorkshireBoy is quite right.
    I recently used my Egg Money account to receive a couple of BTs (ASDA & Post Office - small credit limits granted (£4000 each) but no BT fees), which put the Egg Money account into credit.
    Was tempted to leave it there to earn 4%Gross (3.2% Net) but decided to transfer it away to my better rate ICICI Bank HiSave account (5.03%G / 4.02%N).
    I wasn't allowed to transfer money directly out online and had to do it via a secure message. Egg responded by saying yes, they would do it but that it would show as a BT rather than a BACS payment.
    Didn't say why, but did confirm that there wouldn't be a fee although it might take some days longer.
    ~I've always wondered why this should be - presume somewhere along the line they are stealing our money for a few days~
    Anyway, it all worked just fine and I find the Egg Money a really useful facility.
  • Paul_HerringPaul_Herring Forumite
    7.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Forumite
    * You have 3 ways to transfer the +ve balance off Egg Money...
    • Request a BACS transfer by telephone (08451 233233).
    ITYM 01332 395919 or if you're lucky 0800 7834393 (http://www.saynoto0870.com/search.php) :)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • I add my agreement to the other posters. If you use Egg Money, you can transfer the credit balance to any account; by secure message or phone call.

    I rang them to transfer money into my ICICI savings account. I was told it would have to be a BT, and it could take 7-10 days to go through. This was on Friday 22nd Sep (around lunchtime). The money appeared in the ICICI account on Tuesday 26th, which by my reckoning is 3 working days. I suspect that they use BACS to make the payment, but call it a BT so they avoid paying cashback on it. (But this is a subject already dealt with on another thread).

    BTW, I avoided paying the high-rate phone charge by using my company mobile.
    Neil Highams
This discussion has been closed.
Latest MSE News and Guides

Who can suggest a top-notch bed?

This Forumite's mattress is in need of a base

MSE Forum

Top theatre lotteries

How to grab £10-£25 tix for Cabaret, Matilda etc

MSE Deals