egg card balance transfer/cash advance

TheMysterious1

am i correct in reading on here somewhere that if you were to transfer a balance more than what you have borrowed from your egg card to another credit card so that your egg card was in "credit", that you can then transfer that credit to your bank as "cash"?

thanks

YorkshireBoy

Which Egg card?

The Egg Money card's T&Cs were changed earlier this year prohibiting positive balances. However, anecdotal evidence would suggest they're not strictly adhering to the new policy.

I'm not familiar with the Egg Card. Perhaps others can advise on that card.

TheMysterious1

apologies, the normal egg credit card

so my credit is £1700 and if i was to ask for a bt of £2000 to my barclaycard i will be £300 in credit on my egg card, thus transferring that £300 to my bank account as cash.

TheMysterious1

so would it be better to transfer some of my remaining credit as cash and then bt that balance to my other credit card? does egg allow you to transfer your credit for cash without hefty fees?

YorkshireBoy

TheMysterious1 wrote: »

so would it be better to transfer some of my remaining credit as cash and then bt that balance to my other credit card?

That method will definitely incur a 3% fee, whereas ringing and asking for an 'accidental' overpayment to be returned to your current account may avoid the 3% fee...providing you don't create a negative balance with the transfer.


EDIT: I seem to remember Egg only charge BT fees during special promotions. If there isn't one on your account then they shouldn't charge a fee.

2nd EDIT: http://new.egg.com/visitor/0,,3_11087--View_1068,00.html (condition 7.2 4th bullet)

TheMysterious1

hi yorkshire boy thanks for your reply but i dont think i understand you.

im pretty sure i remember seeing on here awhile back that egg were one of the few cards that if you transferred a bt from egg to a n other cc card and you were left with a credit on the egg card then egg wouled just transfer that amount to your bank account. i believe it was only egg that allowed you to do this and other cards didnt allow you to transfer more than what your debt on the card was.

i understand the "accidental" overpayment bit but dont understand the negative balance, do you mean if my card was in credit of £300 but requested that they transfer £500 to my account? this would incur a cash advance charge i assume.

thanks for your help

kerri_gt

Can't speak about the BT bit (though if it was that easy - wouldn't we all be at it?) but I can advise that is the Egg Money card that allows a +ve balance (this is diff to the standard Egg Credit Card). You also earn 1% cashback on purchases. 19.9% APR (21.9% I think on cash advances). That said, I got my Egg Money card a number of years ago so new customer facilities may differ.

TheMysterious1

i have the old egg cc so i guess i wont be privvy to it.

no worries i will just make a normal bt.

thanks for your help guys

YorkshireBoy

kerri_gt wrote: »

...I can advise that is the Egg Money card that allows a +ve balance (this is diff to the standard Egg Credit Card)...That said, I got my Egg Money card a number of years ago so new customer facilities may differ.

See post #2. You old Egg Money card, like mine, has officially prohibited positive balances since around May this year. We were notified well before with an e-mailed notice of variation.

YorkshireBoy

TheMysterious1 wrote: »

im pretty sure i remember seeing on here awhile back that egg were one of the few cards that if you transferred a bt from egg to a n other cc card and you were left with a credit on the egg card then egg wouled just transfer that amount to your bank account.

That's what I was referring to in post #2 (2nd para).

...dont understand the negative balance, do you mean if my card was in credit of £300 but requested that they transfer £500 to my account? this would incur a cash advance charge i assume.

That's what I'd originally said to you in post #5, but then I remembered that the Egg Card (which you have) didn't charge a BT fee if you were outside the introductory period and there was no other special promotion applying to your account...hence my 2 edits to that post.