Help! Tax Bill to pay

Gemmzie

We have to pay £1749.90 by the end of the month

Our plan was to pay it on a credit card and tart it off.

Problem - They don't take credit cards! :eek:


Any ideas? I'm think something to do with withdrawing the cash, moving it to Egg money and then putting it on the card?
I'm sure Egg money has some useful feature for this but drawing a blank.

CLAPTON

the EGG MONEY card is a super balance transfer card in Martin's terminology.

it means it can be used to balance transfer to your bank a/c

so the following scenerio could be used by BT tarts

if you can get a 0% BT card then you could do this

start with EGG Money at zero balance
use you new 0% BT card to BT from Egg...so now EGG has a positive balance ...you may have to pay a BT fee on your 0% card
then BT from Egg to your current a/c (no charge)
use current a/c to pay your tax. EGG now back to zero balance

Gemmzie

So I get the Egg money account

Move the £1750 to current account and draw in cash to pay Tax bill.

Then move the minus Egg balance to the 0% card?

Thanks so much

CLAPTON

no

BT from the the egg money card to the 0% card first...so making the EGG have a positive balance.
If the EGG card is in debit then they will charge you a BT fee however, if the EGG card is in credit then they charge nothing (well its your money isn't it?)

melaniec_2

You could also phone them and ask if you can pay in intallments

CLAPTON

sorry should have said that unlike most credit cards EGG MONEY is designed to be in credit as well as debit ...when in credit it even pays you 4% interest on your money.

Gemmzie

Sorry, getting confused with the plus and minus bit.

I move £1500 from Egg Money to the 0% card, then move that to a current account and make the payment?

Gemmzie

*bump*

Sorry brain is frying this week

CLAPTON

scenerio one : tarting

start with egg money card being zero
get a new card with 0% for a period although you may have to pay a BT fee.
use your new card to do a BT from egg money; lets say 1750.

so your new card has a debt of 1750 which you will pay a BT FEE but will be interest free for a period
also your egg card has a positive balance (a credit ..it all yours of 1750) which you can now transfer to your bank balance for free and now pay off the tax man.


scenerio 2 just raise the money for the tax man

BT from your egg money card to your current a/c
your egg money is now in debt by 1750 but it will cost you a BT fee (2.5%) i think and you will be charged interest
but you can pay off your tax bill from the bank a/c


you could now get a new 0% BNT card but you would pay another BT fee ...so this way you pay two BT fees rather than one.

any clearer ?

Gemmzie

Yup, have a 0% card but it has a 3% fee

Egg Money have only given £1000 limit to mum @ 7.9% and £500 to me @ 16.9% so I guess that means we are going for option one.

CLAPTON

just a little extra.

option one is obviously the best option (if you already have or can get your 0% card soon enough for your purposes) because you only pay one BT fee and the credit limit of your egg money card is irrelevant.

But there are two ways of transferrring your credit balance from the egg money card to your bank a/c

method 1 : LOG ON TO EGG
click on eggmoney a/c
click on egg money admin..........THIS IS VERY IMPORTANT
click balance transfer
etc
and that works

but it is extensively discussed on the credit card board that if you phone EGG and request a BACS transfer of your funds they treat this like a purchase and you get a 1% cashback... even better ...