Egg/Barclaycard

Hello everybody,

I have some questions about my Egg card, whose 0% offer has just expired and my freshly arriving Barclaycard.
I am starting withthe assumption that I won't be cancelling my Egg card for SBT and 5 months 0% renewal offer reasons.
These are my outstanding issues:
- If I SBT money today from my Egg card (or any other card in general), how long is it going to take before they show up in my account?
- Can I transfer the money from the BarclayCard to the Egg card even if the Egg card has not outstanding balance? (i.e. can I charge the Egg card with a positive balance? If yes, is there a limit to such a balance?)
- I already know you can move money to a current account from the Egg card. Can I move money directly to a savings account?
- If I transfer my entire balance today from the egg card, before what date do I have to pay it in full to avoid being charged any interest? Can't I use this period to move the money to a savings account? If this is possible, why would one chase introductory 0% interest rate accounts at all?
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  • Milarky
    Milarky Posts: 6,352
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    If I SBT money today from my Egg card (or any other card in general), how long is it going to take before they show up in my account?
    Generally two working days. If a Barclaycard transfer shows as being sent on a Monday it should show on the Egg account on a Wedneday [You won't be able to see this until the following day however].
    Can I transfer the money from the BarclayCard to the Egg card even if the Egg card has no outstanding balance?
    Yes, they don't seem to mind about 'credit' balances at all
    I already know you can move money to a current account from the Egg card. Can I move money directly to a savings account?
    Probably not. Egg say they check that the destination account for any SBT is 'valid'. The 'sort code' is the 'key' since all accounts of the same type have a common sort code. Thus if the sort code you give is not one used for current accounts Egg's system might reject it.
    If I transfer my entire balance today from the egg card, before what date do I have to pay it in full to avoid being charged any interest?
    Immediately, as there is no interest free period for balance transfers [outside a promotional period, or the month at the start of an 'anniversary' period]. Interest is not charged where the account is being drawn down from a 'credit' blance, however.
    Can't I use this period to move the money to a savings account? If this is possible, why would one chase introductory 0% interest rate accounts at all?
    There are only a handful of cards with this feature.[But Egg is not one] For a list of these 'IFP Balance Transferers' see:

    http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1087367702

    .....under construction.... COVID is a [discontinued] scam

  • The 'sort code' is the 'key' since all accounts of the same type have a common sort code. Thus if the sort code you give is not one used for current accounts Egg's system might reject it.


    Not necessarily so. My HSBC savings account has the same sort code as my current account.
  • Milarky
    Milarky Posts: 6,352
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    Good point, 'Batman' [MM]!! I was speculating this kind of transfer would not work based on Sort Codes as 'identifiers', since one eight digit 'bank account' number is indistinguishable from another eight digit savings account number but in general the Sort code provides further 'information' about the account.

    Egg told me - in answer this very question - that they checked that requested transfers were made to 'valid' accounts. From what you've said, I now doubt that their system would stop a payment to a FD savings account. When they told me that account numbers were validated, I assumed they must have a 'list' of all sort codes and check against this....

    So, modify the last answer to...

    "It may work. There is no reason why it should not. But there is no way of knowing in advance. Make a 'test' transfer of £100 and wait two days. If the money arrives in the savings account, follow up."

    To other Moneysavers.. Please advise of...

    Any experience of successfully making a balance transfer from Egg direct to a savings account? Please Identify the Organisation/Bank, the Sort Code in that case, and whether you happen to know if  the Sort Code is the same or differs from a current account [if offered] by that Organisation/Bank?

    Thanks in advance... ;D
    .....under construction.... COVID is a [discontinued] scam
  • Galstonian
    Galstonian Posts: 1,292 Forumite
    I would urge caution, if Egg do somehow detect the transfer direct to savings and decide this contravenes their terms (which it does) there is nothing to stop them terminating your account. I don't think they would be able to share this information with other lenders but personally I don't want to jeopardise my Egg account. I am not saying don't do it, just make sure you weigh up any risks first. If your account is indistinguishable from a current account then I see no risk but otherwise I'd continue to take the more circuitous route via a current account.
  • Milarky
    Milarky Posts: 6,352
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    This was Egg's actual reply:
    "You can transfer a balance from another credit or store card, a loan or even an overdraft. Our systems will validate the details to ensure the transfer is to a valid account."

    I'd asked them - straight out: 1) could you transfer to a savings account rather than a bank account? 2) would this cause a problem for their system? 3) Would a savings account be precluded because it has no 'overdraft' facility unlike a current account?

    You will note that they rather skirted the 'what would happen' issue in favour of a bland reply...
    .....under construction.... COVID is a [discontinued] scam
  • Galstonian
    Galstonian Posts: 1,292 Forumite
    Its probably not up to the first line support people and they will always repeat the terms and conditions when in doubt.
  • Tr@cker
    Tr@cker Posts: 532 Forumite
    Does anyone know who the parent bankers are for ' egg ' products ?
  • Some more questions (I’ve enjoyed the answers a lot, guys!):

    - Do you know how long a transfer from the cc to the account takes - or if it varies depending on the cc / bank account combination?
    - How do you know how “picky” a particular company is in regard to accepting new applicants? I have read comments around, about various companies, but I was wondering if there is already a list of preferential lenders somewhere…
    - I have read in the T&T for Cahoot savings’ account that the interest accrued is paid every year. This means in effect they are not compounding the interest at all. What do other providers normally do in this respect? Is a provider paying the interest every time in fact compounding the interests, or is the monthly rate scaled as to achieve the same *yearly* compounded interest (i.e. same as for Cahoot, the money you would end up with if you left everything in for one year is the same - slightly better in fact as you get the money into the account immediately and jam today is better than jam tomorrow).

    On credit scoring:
    - Does the number of bank accounts normally affect credit scoring decision?
    - Do saving accounts show up in credit scoring searches?
    - Isn’t it advisable to make applications as close as possible to each other, so that they can’t affect each other (as not yet on file)? For instance one would make applications A, B and C on the 01/09/2004 and then wait for three months (an optimal waiting time may be determined), rather than applying to A on the 01/09/2004, B on the 01/10/2004, and C on the 01/11/2004.

    TIA
  • Milarky
    Milarky Posts: 6,352
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    StarX,

    You're asking the 'right' questions at least.... Not sure if we will have all the answers however..

    I would say all transfers should take the same time to pass between credit cards and the destination accounts - two working days (WD)*, which is the standard 'BACS' cycle. Different providers will take different amounts of time to 'process' a transfer for 'payment' however - that's the problem.

    And it has always taken my payments from Egg (technically BTs 'to' the Egg Card) 2WD to arrive at my bank account - or another credit card - so they get a 'star' for that!

    When using the Egg card for intermediate (or 'super') balance transfers the optimum period is going to be 4WD therefore - You request a transfer 'from' Egg on Monday, and you could in principle request a BT 'to' Egg on Wednesday even though (see previous) you won't know the Egg card is in funds on Wednesday until this is updated on Thursday Morning.

    By waiting one day, to see the Egg Card actually in credit, however, you are certain of avoiding any interest from Egg. This is the 'recommended' way, but it means your transfer is then bound to run over a weekend. A small inconvenience.

    [Tr@cker,
    Egg is owned by the Prudential. I'm not aware of any product tie-ins to another bank, but I believe they use RBS for the money transfers etc]

    StarX,
    On savings account interest: The rate you should use to compare all accounts is the AER which effectively compounds interest if paid monthly to the return it would produce after 12 months. Whether an account pays interest monthly or yearly, therefore two accounts with the same 'AER' should be just as good as each other.

    On 'which' cards? There is no 'definitive' list of credit card issuers - perhaps there should be? - but to an extent it will always depend on personal factors, making a 'list' more problematic. For instance, the cards you already have may facilitate [or sometimes prevent you!] gaining further, or newer cards from the same issuer.

    There are some companies like Barclaycard and Capital One who seem to 'pigeonhole' their customers and once they have given you a card aren't too quick to give you another.

    Most other 'banks' seem more relaxed about applying for new cards or 'upgrades' which allow you to re-qualify for the same basic offers. MBNA stand out here - they 'only' allow you to have upto 5 concurrent cards I've read here, but that's 4 more than Capital One!.

    From what you've said, therefore, maybe an MBNA [or MBNA 'branded'] card is the next one to go for... After them you might be looking at a particular card for particular features [eg cashback]. Note that whilst MBNA do the 0%  transfers they never offered 0% on purchases.

    Anyway that's all for now.

    Good luck, and keep posting questions  :D

    * some banks will describe 'Mon-Wed' as 3WD, not 2WD i.e. 'Mon-Tue-Wed'
    .....under construction.... COVID is a [discontinued] scam
  • mrtickle
    mrtickle Posts: 187
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    When using the Egg card for intermediate (or 'super') balance transfers the optimum period is going to be 4WD therefore - You request a transfer 'from' Egg on Monday, and you could in principle request a BT 'to' Egg on Wednesday even though (see previous) you won't know the Egg card is in funds on Wednesday until this is updated on Thursday Morning.

    By waiting one day, to see the Egg Card actually in credit, however, you are certain of avoiding any interest from Egg. This is the 'recommended' way, but it means your transfer is then bound to run over a weekend. A small inconvenience.

    This is a bit confusing for newbies (me!), do you mind if I expand it just to check if I've understood it correctly?

    The goal is to use Egg to do a SBT between another card and bank account with the money ending up in the bank account (say £1000, with other balances starting at £0 for example)

    on Monday, request a transfer [of the "debt"] 'from' Egg. Starting balances:
    Other card balance: £0
    Egg balance: £0
    bank account: £0

    On Wednesday (visible Thursday), the debt has arrived at the other card:
    Other card balance: -£1000
    Egg balance: £1000
    bank account: £0

    Then you request a BT [of a different "debt" - this one in your bank account] 'to' Egg, and 2 days later (perhaps after the weekend) you have:
    Other card balance: -£1000
    Egg balance: £0
    bank account: £1000

    Is that correct? Which of the transfers are done using Egg's system and which are done using the other card's system? TIA
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