Help: Whats the best way of doing this *driving me mad*

JMU-95

Hi, this is driving me mad (here at work) trying to figure this out. Whats the best way of transferring £2000 out from Egg temporarily so that I can take advantage of my Anniversary month (May).

I have:

Barclaycard: £2000 Limit: 2000
MBNA Platinum: £2200 Limit £2500
Egg: £2000 Limit: £6000


I had thought of doing a SBT from Egg to my current A/c in May so that I can pay off Barclaycard and MBNA and incur no fees at 0% for five months. But I can't figure out how to move the Egg balance temporarily, so that I don't get charged on it in my Anniversary period.

Any ideas of how to move the £2000 from Egg? I know I can increase my limit with Barclaycard and MBNA to cover everything but if I moved the Egg balance to MBNA to make it £4200, then when I transfer it back to from MBNA to Egg I will get charged the 2% fee! (£84) Is there anyway around this?

Thanks

Galstonian

You will get charged the fee on the first transfer (£2k cash going from MBNA to Egg, £2k balance going from Egg to MBNA). Subsequent transfers (cash from Egg, balance to Egg) will be free.

Perspective is everything

zcaprd7

I would increase the limits on MBNA and Barcaly card and see where you are then.

My hunch is to pay off Barclaycard with Egg (at the standard rate now) then try for an existing customer deal of 2.9% from Barclaycard for the whole balance to Egg, clear Egg and put any extra in a savings account (or pay off MBNA?).


When your Egg anniversay month comes round you can stick it all into your current account and decide what to do with it then...stooze, pay off MBNA or pay off Barclaycard (2.9% plus the fee isn't bad though).

JMU-95

Will this work to avoid fees? Increase Barclaycard Limit by 2000 then BT £2000 from Egg to Barclaycard then in May SBT £6200 to my current a/c and pay off by Bill Payment.

zcaprd7

NO, you will still get a fee from Barclaycard, but a one off 2% fee isn't 'that' bad if you can get a 2.9% life of balance transfer.

I'm sure you'll get it back from stoozing the extra Egg money?


What rates are all the debts at?

JMU-95

hi the debt is at:

Barclaycard: Standard Rate
MBNA: 1.9% until June
Egg: Standard Rate.

I tried Barclaycard for the 2.9% LOB last week but they said that that promotional rate was over.

JMU-95

Ok, phoned Cahoot whom I have a card with (no balance owing) and they confirmed via email that:

"I can confirm that there is no charge applied by cahoot to transfer your balance onto your cahoot credit card".


So this could be a possible option.

BT £2000 from Egg to Cahoot. (no fee)
When Egg is zero, BT £6200 from Egg to Current Account.
Pay off other cards with SBT cash.
Phone Barclaycard to see if they will give me the 2.9% LOB offer (when I don't owe them anything)

zcaprd7

Yes - had you mentioned your other card before...but we got there in the end!

You just need to tidy the £2k off the Egg card.

The 2.9% LOB approach would have worked - technically you could stooze it for 'some' gain - enough to pay back the 2% charge and some, I would guess.

TonyB

zcaprd7 wrote:

Yes - had you mentioned your other card before...but we got there in the end!

You just need to tidy the £2k off the Egg card.

The 2.9% LOB approach would have worked - technically you could stooze it for 'some' gain - enough to pay back the 2% charge and some, I would guess.

The 2.9% disappeared quite some time ago now 5.something% come on kid catch up!!!!!

zcaprd7

Really - oops - my GF did it the other day so I thought it was still current...do they offer any other exising customer deals?

JMU-95

zcaprd7 wrote:

Yes - had you mentioned your other card before...but we got there in the end!

You just need to tidy the £2k off the Egg card.

The 2.9% LOB approach would have worked - technically you could stooze it for 'some' gain - enough to pay back the 2% charge and some, I would guess.

Oops, blonde moment ... sorry. and thanks for all your help (and patience)!