Egg Money & handling some debts

lympus48

I read Martin's article re: using 'plastic' as a 'substitute' personal loan; Is it still possible / easy to do a Balance Transfer from say the M&S (3.9% life of balance ) card to Egg Money card? ; after which can I use this money to say pay off a growing overdraft etc., on my usual current account.

Also I am not sure on the Egg money card once obtained am I obligated to pay some monthly amount as my budget has now got quite tight due to a larger mortgage?

CLAPTON

if M&S will allow you do you a BT then you can do one from Egg Money (by that i mean the egg money card will be in credit and the M&S in debit,

then you can BT between Egg Money and your bank a/c i.e reduce egg money to zero and have a positive balance on your current a/c
if the egg money balance is zero or positive there is nothing to pay, if it is negative then as usual you must pay at least the minimum (i think 2%).

is that your question?

smithysaver

I just signed up for Egg Money and when you sin up you get a few Direct debit options. 1. Pay off balance in full each month. 2 pay off min balance each month, or 3 pay money in each month. So I dont think you HAVE to deposit money in each month, as remember its really a credit card as well.:D

lympus48

Thanks very much Clapton , I suppose 'the supplementary question' was assuming no credit card payments were due on the Egg money card ...Would I still have to make regular DD payments into the Egg Money account like say a 'regular saving account' or don't they mind it being at zero. Sorry I am not sure about that side of this 'hybrid card'

lympus48

I understand now - the option I would go for if I want to remain at zero on the account is to only pay off a min negative amount & not go for regular savings option etc., Thanks.

kuohu

The debt will be on the M&S card - it's this card that you'll have to make payments to, not the Egg Money card. (If there is no money owing on your Egg Money card then naturally there's nothing to pay back).

Going a bit off topic, though, if you are creating credit card debt to wipe off a 'growing overdraft' then it might be worth popping over the the Budgeting and Debt Free Wannabe subforums for advice on better budgeting. The people there are full of fantastic advice and have helped me lots with budgeting and money-saving on day-to-day living.