Halifax One Card - can you 'stooze' with this card?

nh

Are you in the anniversary period (5mths 0%) or the intro period (six months 0% when you first open the account)?

In the anniversary period you can only BT at 0% in the first month, so if it is not the first month, and you BT from Halifax to Egg, you will only be paying off the debt you already have with Egg, and won't be able to SBT into your bank account.

If you are in the intro period, I think you can do as many SBTs into your bank account as you like, so even though you are £10k or whatever in debt to EGG, ring Halifax, get them to BT £10k from Egg and then your Egg balance will be £0. Then you can SBT the £10k into your bank account from Egg.

You will owe £10k to Halifax and £10k to Egg and will have to pay the minimum payment on both.

Grumpy_Old_Duffer

zcaprd7 wrote:

EDIT(Wealth warning): I am getting concerned now - if you really can't get your head around this I wouldn't do it - we are talking about a lot of money here and the risks of getting it wrong will cost a lot more than the rewards of getting it right.

Thanks for your justified concern 'zcaprd7'.

As with anything concerning money I'm always 'over' cautious, BUT I am beginning to understand that I am using Halifax to, in effect, pay-off Egg.

Egg is still in it's first intro. month, so I've still got time to BT without incurring any fees.

Reaper

All the answers above are correct. I'll just summarise it for you without adding anything new to make sure you've got it.

We'll use your figures - you have £10k debt on your Egg card and now you want to use your new Halifax One card to also move £10k to your bank account.

1) Phone up Halifax and say you want to Balance Transfer the £10k debt from your Egg credit card. Give them the card details.
2) To achieve this Halifax will simply pay Egg £10k, making the balance £0.
3) Go onto the Egg website and say you want to Balance Transfer £10k from your bank account overdraft (it doesn't matter if you don't really have one).
4) To achieve this Egg will pay £10k into your bank account. Now your Egg debt is back to £10k

That's it. Now both your Halifax and Egg cards have £10k debts on them and the money is yours to stick in a savings account.


ADVANCED STUFF

Right, don't read any further until you are happy with the above. I don't want to confuse you. There is no need to know any of this yet, but it will be handy for the future.

1) You do not need a real debt on your Egg card to transfer to Halifax. If you didn't have one they would still pay that £10k and you would simply end up with a positive balance which you could then move on to your bank account.

2) The above suggestion is slightly naughty! Technically Halifax's T&C don't allow it although Egg's do.

3) Egg also do a 5 month 0% deal starting on the anniversary of when you first took out the card. Don't try passing money through it during months 2-5 of this as it kills off the offer.

zcaprd7

Grumpy_Old_Duffer wrote:

Thanks for your justified concern 'zcaprd7'.

As with anything concerning money I'm always 'over' cautious, BUT I am beginning to understand that I am using Halifax to, in effect, pay-off Egg.

Egg is still in it's first intro. month, so I've still got time to BT without incurring any fees.

Didn't mean to offend in any way - I just didn't want you to do this and then get a nasty shock when your statement comes through...

Grumpy_Old_Duffer

zcaprd7 wrote:

Didn't mean to offend in any way

None taken .... I just find MSE to be soooo useful for the free advice given by everyone.:beer:

oscarhugo

"I'm worried that lots of people on here are trying to do quite complex things and can hardly string sentences together."

If you "didn't mean to offend in any way", zcaprd7, perhaps shouldn't said you have bit "hardly string sentences together" that about -- oops! I can't manage it either!

zcaprd7

oscarhugo wrote:

"I'm worried that lots of people on here are trying to do quite complex things and can hardly string sentences together."

If you "didn't mean to offend in any way", zcaprd7, perhaps shouldn't said you have bit "hardly string sentences together" that about -- oops! I can't manage it either!

I didn't mean to offend Grumpy_Old_Duffer in any way.

And I prefer not to be quoted out of context:

"I don't mean to sound patronising in any way bit I'm worried generally (not specifically you) that lots of people on here are trying to do quite complex things and can hardly string sentences together - I would hate to be responsible for anyone losing money..."

oscarhugo

Oh I see -- you didn't want to offend Grumpy Old Duffer. But you didn't care who else you offended. Right. I've got it now. Fair enough.

zcaprd7

Yes, you've got it now.

Walletwatch

oscarhugo wrote:

Oh I see -- you didn't want to offend Grumpy Old Duffer. But you didn't care who else you offended. Right. I've got it now. Fair enough.

Not sure what the fuss is about, oscarhugo. I think zcaprd's statement was a balanced one, and comes across as a well-meaning one. You see what you want to see...