Can I do a double shuffle?

Maid_of_Kent_3

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.

YorkshireBoy

Maid_of_Kent wrote:

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.

andyelcomb

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_Herring

YorkshireBoy wrote:

* 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)

neilhigh

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.