Egg Money Methods

Hi Folks,

Been lurking here and at stoozing.com for nearly a week now building up my knowledge on stoozing and about to give it a go.

I was initially going to go for a slow stooze and have applied for a barclaycard platinum with 0% on purchases for 12 months (approved and on its way) and a post office easy access saver to move the unused current account funds into.

Have got reading about the egg money card fast stooze and seem to have identified two methods, or am i getting confused?

1. Sign up for egg card, under section 9.5 of their terms move an amount to a specified current account (£3000 for my example), move it to post office saver, then pay off the egg money card with barclaycard using a balance transfer, pay minimum payments to barclaycard.Close egg card.

2. Sign up for egg card, balance transfer from barclaycard to egg to create positive balance, get this balance transferred to current account then to saver. Pay minimum payments on barclaycard. Close egg card.

WHich method do i use? and is my basic knowledge sound enough to go for it or should i study some more?

Thanks All.
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Replies

  • YorkshireBoyYorkshireBoy Forumite
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    benwolves wrote: »
    ...should i study some more?
    Maybe.

    1. You'll pay a 2.9% fee to Barclaycard. Can you make more than this at the Post Office (after you've factored in 12 months of minimum payments, start up/shut down delays, and savings interest tax if applicable)?

    2. The BT is from Egg to Barclaycard, not the other way round as you have said.

    3. Why on earth would you want to close the Egg Money card, being as it's the only real mule card on the market!
  • bwlv1bwlv1 Forumite
    316 Posts
    advice taken yorkshireboy.

    I guess its better to ask the questions first rather than jump in and get stung!

    The santander zero credit card could work a treat with the egg money card (that i will never ever cancel :rotfl:) in that case, giving me a fee free lump sum if used to pay off the egg money card, plus £100 for switching my account to them, although i read their CS is terrible.
  • YorkshireBoyYorkshireBoy Forumite
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    (after you've factored in 12 months of minimum payments, start up/shut down delays, and savings interest tax if applicable)?
    And after the £12 annual fee for the new Egg Money card.
  • YorkshireBoyYorkshireBoy Forumite
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    benwolves wrote: »
    The santander zero credit card could work a treat
    It's only 6 months though.

    Use this calculator to see if the return is worth stoozing it...

    http://www.stoozing.com/calc.php
  • bwlv1bwlv1 Forumite
    316 Posts
    Ok, just put the figures in, doing £4000 using egg money and santander zero card for 6 months using santanders current account which will pay 5% on balances upto £2500 and the rest in a post office saver. £67 total interest, minus £12 for the egg card, £55 profit for the year. My only worry would be being able to get another credit card in 6 months to shift the balance on, although i do have a good credit history. Does anyone know if with the santander account to qualify for their 5% you have to actually pay and keep your salary in their or can i just bounce £1000 in and out and qualify as with similiar accounts?
  • YorkshireBoyYorkshireBoy Forumite
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    benwolves wrote: »
    Does anyone know if with the santander account to qualify for their 5% you have to actually pay and keep your salary in their or can i just bounce £1000 in and out and qualify as with similiar accounts?
    A salary mandate is not required for the 5% account.

    If you want the £100 switching incentive (and why wouldn't you, bearing in mind the effort you'll be putting in over 6 months for only £55 stoozing profit?) then you need to shift (and have called within 11 weeks or so) at least one direct debit...and get a move on because that offer ends next weekend.

    Several threads on this topic on the budgeting and current accounts board.
  • The Santander card on their web site shows 0% for 13 months for balance transfers with a 3% fee but if you have a Santander current account they don't charge a balance transfer fee.:j
    Apply in branch!


    I was also sent this deal in a postal offer last month. This card at 13 months interest free with no balance transfer fee is great for your stoozing.:T
  • edited 5 December 2010 at 7:48PM
    bwlv1bwlv1 Forumite
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    edited 5 December 2010 at 7:48PM
    Ok well i have the barclaycard which i will use for my slow stoozing and im going to switch an old hsbc account to santander to get £100 + £50 quidco cashback. Then apply for their zero card for a fast stooze. Hope this is a good way of doing my first stooze :)
  • edited 5 December 2010 at 8:36PM
    avalanche_3avalanche_3 Forumite
    93 Posts
    edited 5 December 2010 at 8:36PM
    The Santander Zero card only gives 6 months at 0% interest on balance transfers, the Santander credit card gives 13 months.

    Once you have transferred your current account to Santander ask in Branch about the credit card for the no fee deal.
  • bwlv1bwlv1 Forumite
    316 Posts
    so they will do the zero fee balance transfer but for longer than the 6 months if i simply ask about it in branch?, thats great.
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