Super balance transfer using egg money

turbojohnny

Confused myself !

I did know that as I mentioned it in the initial post!

Thank you for the correction though.

John

le_Cat

I can confirm that this worked for me also. No charges. A few days between money actually switching accounts. I transferred out of egg such that I left a small positive balance, to be on the safe side. Thanks for the previous advice.

turbojohnny

Excellent.

I did have a line appear on my egg card statement last month which gave me a shock initially, as it said
"T/FER 0.00 AT 1.019% INT PER MONTH",
but was for zero charge. Made me panic for a moment though!!

John

anselld

Anyone know if it can be done from the new Barclaycard Platinum 18month 0% card to Egg Money? (... given that Barclaycard have just bought Egg money and you cant BT from another Barclaycard)

andyf1873

Anyone know if it can be done from the new Barclaycard Platinum 18month 0% card to Egg Money? (... given that Barclaycard have just bought Egg money and you cant BT from another Barclaycard)

Yes it can. I did exactly that last month for £7500

Got my Egg statement through on the 6th and there is an entry for "T/FER 0.00 AT 1.019% INT PER MONTH" but the amount is £0.00

EssentialParadox

YorkshireBoy wrote: »

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.

Can you clarify this clause? Does it mean you can't make a balance transfer to an egg money card first, because that would result in a positive balance? (seems a bit odd.)

turbojohnny wrote: »

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.

When you say £7400 would've incurred a fee, how do you mean? On your egg money card? Or your other card? (and why?)

Many thanks guys. Don't mean to single you out, just a little confused right now.

anselld

http://new.egg.com/visitor/0,,3_107468--View_2282,00.html
"11.1 ... You are not permitted to have a credit balance on the Account. If this occurs, we may return such balance to you, usually by making a payment to the account from which your Direct Debit is taken."

Certainly you no longer get interest, but returning the credit balance to bank would seem to achieve the correct result despite being "not permitted".

I assume that is what those above have done.

anselld

EssentialParadox wrote: »

When you say £7400 would've incurred a fee, how do you mean? On your egg money card? Or your other card? (and why?)

Fee on other card for BT from Egg.
No fee to transfer to bank.
(I presume)

turbojohnny

EssentialParadox wrote: »

Can you clarify this clause? Does it mean you can't make a balance transfer to an egg money card first, because that would result in a positive balance? (seems a bit odd.)


When you say £7400 would've incurred a fee, how do you mean? On your egg money card? Or your other card? (and why?)

Many thanks guys. Don't mean to single you out, just a little confused right now.

In theory the Egg terms say that you are not allowed to have a positive balance on the account any more, but they do not seem to be enforcing this.

The fees mentioned refer to Egg charges. Say you have a zero balance on Egg. You get (in my case) £6400 transferred in from your other credit card on your 0% deal leaving your Egg credit card account in a debit balance if you like. You should then only transfer (maximum) £6400 out of Egg to your savings. As I have a £1000 credit limit (available to borrow) with Egg, they would have let me transfer out £7400. BUT because I have now borrowed money from Egg I would be charged their normal balance transfer charges and interest. The key is to keep some of your cash in Egg in a debit balance and make a spending transaction throw the account back in to credit, then pay off as normal.

Hope that helps, and if I've got anything wrong, I'm sure somebody will correct me.

John