Can you balance transfer too much to an Egg card?

ambercam

Hi,

I've been offered a 0% balance transfer on my existing MBNA card, but when I rang up it's only valid to other credit cards not to my current account. I wanted to use the offer to clear my massive overdraft.

I have a credit card with Egg with a small balance on it, Egg also allow me to do a transfer straight into my current account. So, what I'm thinking of doing is a balance transfer from my MBNA card to Egg but for more than the amount outstanding on the Egg card. I will then transfer the excess money into my current account, leaving a nil balance on the Egg card, clearing my overdraft, and all the debt at 0% on the MBNA card.

So, my question is, does anybody know can I transfer more than the current outstanding balance to Egg, or will they only accept as much as what is owed to them and reject the remainder? Has anybody done this successfuly recently?

Thanks,
Amber

jules1973

I had a credit limit on my egg card of £600 and one time transferred £800 and it let me.

ambercam

Thanks for your reply.

I shall give it a go.

jd87

Don't just go by what Jules1973 says. I think it is against the terms and conditions and Egg might close your card or something. Wait til someone who knows more about this comes along.

ambercam

Thanks!

I've read all 26 sections of the Egg T&Cs and I can't see anything there about paying too much. Sections 3 and 12 relate to repayments, but the focus is more on ensuring the minumum payment is met.
If it doesn't mention it, then I don't think it will be a breach of T&C's but I will wait a bit longer to see if anybody else has experience of this.

jakesuk

There are lots of posts on this board about this specifically relating to Egg.

Which Egg card do you have?

I have the old Egg Money card (now Egg Money World Mastercard) and I did a BT to it last week and put it into positive balance of around £1k and then transferred to current account with no issues.

Be careful not to transfer enough to make your Egg balance go negative otherwise you will incur fees for making the transfer. ie. just transfer the positive balance. Also might be worth suspending making any purchases from now to ensure you don't hit a negative when you transfer to your current account.

YorkshireBoy

ambercam wrote: »

I've read all 26 sections of the Egg T&Cs and I can't see anything there about paying too much.

You must have missed the last 2 sentences in condition 11.1 then?

The last but one sentence says you can't to it...but thankfully the last sentence says if you do then they'll help you shift it to your current account.