Sainsburys Credit Card

Mizz_Pink

Thanx for the repsonse to my ?

Still not sure that i get it though. I'll explain in more details what i want to do.
Get Sainsburys card, spend £1000 on it immediatley (well boyfriend does to buy my engagement ring) , pay it off £100 at least per month 0%. TRansfer £1500 off Egg (currently pay 14.9% on £300 of it, the rest at 0% (anniversary bt), In May the interest on egg on all of the balance will be 14.9%, i can however make any balance transfers withing the fiorst 6 months of having sains card, interest at 5.9% for life of balance. I would transfer the balance in May.The £1500 is currently being paid off at £150 a month. Dont really want to bother with opening other accounts etc, surley paying 5.9% is better than 14.9%. can i still be convinced ?

Thanks so far !

Martinslovechild

Mizz Pink,

If you transfer the £1500 from Egg to Sainsbury's at 5.9% then YES - it is better than 14.9% BUT all monthly payments will be paying off the £1000 engagement ring purchase at 0% before a single penny is paid off the proportion at 5.9%.

This means that if you were to repay £100 per month, it will take 10 months before your payments start to touch the £1500 proportion (providing that you make no other purchases), which also means that interest will accrue in the meantime on this proportion at a rate of 5.9% (£76 approximately). You would then owe £1576.

Personally, I would apply for the Sainsbury's Card for 0% purchases for 12 months, put the engagement ring on there and pay it off over 12 months, along with all your other regular purchases, interest free.

However, in addition, I would apply for a card offering 0% on Balance Transfers (e.g. Virgin) to move your Egg balance to in May.

Mizz_Pink

Thanks !

We are singing off the same hyme sheet. I also had the idea of transfering the balance in May. The Egg card is good though and would like to keep it. We like the online banking and the customer service is good. Can you suggest a credit card i can try if i close the Egg ?

Are you related to Martin ? lol

Thanx

Martinslovechild

Mizz Pink,

I would have recommended the Halifax One, but the Sainsbury's Card is also administered by Halifax, so apply instead for the Virgin card or look out for leaflets in newspapers for Capital One who are currently promoting a 0% deal which is either 9, 12, 15 or 18 months depending on the actual leaflet you get (which in turn seems to depend on where you're located in the country!). There is a charge for BT's with Capital One and there may be a charge with Virgin, although most people seem to say that as long as it's stated on your application form, then you won't be charged for the transfer.

Do NOT cancel the Egg Card. They offer an Anniversary Balance Transfer to existing customers which means that next year, you'll get 0% for 5 months on BT's. Send them a secure message through the Egg website to find out when your anniversary month is.

As for Martin, I'm not related to him, although apparently, I look a lot like him and seem to have a similar wardrobe (everytime I see him on the telly, i'm sure that he's been pilfering items from my washing line!!)

monki_man

Thanks guys, yeah I get it now. This is what im doing already and bunged the money in A&L online saver

Mizz_Pink

ha ha,

I have just cancelled Halifax One after transfering some of my balance off the Egg last July. I transfered it back onto Egg in Jan which is my anniversary month. Will keep Egg and try for a Virgin card in May, if i can get another card.

Thanks

Unbelievable_2

Martinslovechild wrote:

On the contrary, Unbelievable.

Seeing as you're around, I'll crack open a bottle of wine

I've heard of 'any excuse' MLC - but this is Unbelievable

Martinslovechild

I've got an empty glass with your name on it here, unbelievable.

Unbelievable_2

Be round in a mo - hope it's a nice Chilean chardonnay on offer from Tesco

Martinslovechild

Better than that. I've got a lovely bottle of Hardy's Crest.

Mmmm...