Capital One 0% BT to Egg (Loan)?

Jazzking

Evening everybody, long time lurker here but not needed to post anything until now...

So anyway, I've found myself an 18 months 0% BT Captital One leaflet, and obviously I want to use it in the best way I can! I have a £5k Egg loan at 7.7% APR which I've only just taken out, and I have £400 on my Egg card (interest free until August, paying £100/month)

Can I BT the full (less £100) amount from Capital One to my Egg card to pay off the balance and bring my account into credit? Then with the money effectively on my card to use, what options do I have?

*Can I withdraw the money to a savings account to stooze away for 18 months while making the repayments on my C1 card?

*Should I arrange with Egg to transfer all credit from my CC to my loan to reduce it by say £1500 so I can lower the repayments to the loan and make the repayments to C1 in the normal way?

*Should I do something totally different with the C1 card which doesn't involve Egg and would be better for me?!

Just to give you an insight here what I've got:

Egg Loan: £5000 @ 7.7%, paying £150 starting this month
Egg card: £400 @ 0% until Aug, paying £100 month
Citicard: £600 @ 0% for 6 months, paying £100 month to clear this by Sept
Sainsbury: £150 (but will use it for odd purchases) @ 0% until Dec, paying £30/month


Think that's about it, I'm on top of my finances really, I try not to pay any interest (except on the loan) but would like to try and make more of the money that's available to me!

Thanks for reading, and thanks in advance for any suggestions!

~Alex

Walletwatch

Things will be clearer once you apply for the card, get one, and know your credit limit, but whatever it is, you should repay as much of the loan as possible with it, and minimise your interest repayments on it. In the meantime, keep saving up in the eighteen months of the 0% offer, so you have enough to repay the card in whole once you come to the end of the 18 month period.

Going by your existing card limits though, you should not expect too high a limit from C1. anything that they give should be treated as a bonus

Jazzking

Thanks Wallet watch,

So I can apply for the C1 card and initiate a BT after I've received it?
Does anyone have any experince on what happens with a credit balance on an Egg card, will I have to spend it from the card or am I free to move it to another current account?

Even if I get £1500 (my limit from Sainsbury;s and Citi) from C1 then it will go towards reducing the interest payments on the loan..

Walletwatch

Keeping the egg card in credit balance momentarily should not be a problem - never did it myself, but have read numerous posts on here, where people have said so.

newkiwi

I recently BT'd a few thou to Egg which put it in credit and then SBT'd pretty much up to the limit again straight to my current account in a 0% period. No interest, no questions, no problem (not like some other cards I could mention). Didn't wait for a statement or anything, just did it when I saw the credit balance online.

HTH