Super balance transfer using egg money

turbojohnny

Hello All

I had a card offer from Santander drop through the letterbox yesterday offering a 0% balance transfer with zero fees. Tempting.

I used to use Martin's tip which involved using the egg money card to make the balance tranfer to, and then withdraw the money to a bank account. However, I had an email from egg in July 2010 with a variation in terms and conditions saying that I was no longer allowed to have a credit balance on my account.

Has anybody else experienced this? Is there a way round it? Is there another method to get the cash into a bank account?

Thanks in advance

John

tipsychick

Although the new t&cs suggest otherwise, it's still possible to SBT using Egg Money. I just did so in Dec without incurring any problems whatsoever.

turbojohnny

Thank you,

That's useful information. I have sent off the credit card app and the balance transfer request, so I'll see how it goes.

John

Del_Boy

turbojohnny wrote: »

Hello All

I had a card offer from Santander drop through the letterbox yesterday offering a 0% balance transfer with zero fees. Tempting.

I used to use Martin's tip which involved using the egg money card to make the balance tranfer to, and then withdraw the money to a bank account. However, I had an email from egg in July 2010 with a variation in terms and conditions saying that I was no longer allowed to have a credit balance on my account.

Has anybody else experienced this? Is there a way round it? Is there another method to get the cash into a bank account?

Thanks in advance

John

Out of interest how do you do withdraw the money from Egg money to a current account? Do you set up another balance transfer to your current account in which case don't you get charged another transfer fee?

sicker

Did you not have to set up a link between your Egg Money card and your current account to pay any balance due on the Egg Money card. Just phone them and ask to have any positive balance transferred to your linked account. That's how I used to do it when I was involved in stoozing;-)

In_The_Loop

I've made 2 online transfers from the card to my current account this month.

I paid them both into the account I'd linked to the card, but it asks you to provide all the details of the destination account when you make the BT, so you might be able to pay into any account.

Both times it took about 5 days for the positive balance to arrive on the Egg card following the first BT but only a couple of days for the cash to arrive in the bank afterwards.

le_Cat

Sorry just to clarify:-

Can you a) do a balance transfer, from new card say, to egg money, even if this means egg balance is now positive, without incurring any fees?

b) then transfer this, positive, balance to my linked current account, without incurring a fee?

c) can I transfer from egg to current account, without incurring fee, even if egg is currently, or will be as a result of transfer, negative? i.e can I transfer out of egg first then use new card to pay this balance?

Thanks in advance

turbojohnny

My transfer landed in my current account today, no fees incurred so far. Although it did take egg 3 days to initiate the transfer, and a further three days to get to my current account. That's why they are not enforcing their new terms and conditions because they get to use your money for three days!! Thank you tipsychick for the advice.

le_Cat in response to your questions:
a) I have an old egg money account which can have a positive balance. I seem to remember reading that you can't do this on new accounts. Might be wrong. I set up a Santander zero card with 0% balance transfer, requested the biggest balance transfer I could get to be paid to the egg card.

b) log onto egg money to move the funds to your bank. Request to transfer a balance (took me ages to find it, but it is under the balance transfer bit). There is the option to transfer funds to a bank account. It doesn't even have to be a linked account. You manually type in the account details and submit the payment. Be careful though. I use my egg card for spending to get the cashback on it so I had a balance owed to egg for my spending.

c)After the transfer out to you bank the balance must still be positive (not owed to egg) or you'll get charged. Eg I received £6400 balance transfer, but was only able to take out as cash of £6200 due to what I had spent. I learned that from posts on here, so have a read up for more detail.

John

aliasojo

Quick clarification pls.....is your Egg cc limit irrelevant in this situation? i.e. if your Egg Money (old account not newer one) has a cc limit of £3k, can you still send a positive balance of more than that, say £5k to it and withdraw to your bank?

It's been years since I did this last and think I've forgotten everything I once knew.

turbojohnny

I believe so yes. I have a credit limit of £1000. I received a balance transfer of £6400 (debit if you like). If I hadn't of had spending transactions on the card, I could theoretically have transferred £7400 out taking the card up to my credit limit. DON'T though as from reading other posts on here, that's when you'll get charged.

Because the card is a hybrid between a credit card and bank account, as far as I'm aware, there is no limit on the positive balance, as credit limit is only relevant to borrowed balances.

John

YorkshireBoy

turbojohnny wrote: »

a) I have an old egg money account which can have a positive balance. I seem to remember reading that you can't do this on new accounts. Might be wrong.

You are wrong.

Even old accounts have had the 'no positive balance' clause since last summer. You should have had an e-mail about it back in May.