Have I messed up my stoozing?

Walshy

Hi all

I applied for my new Egg Card in February which gave me 0% on bal trans until 01/10/05 and 0% on purchases until 01/08/05.

I did a SBT to my current account for the majority of my credit limit, and have just purchased a couple of items on the card.

I've just remembered Martin's article about not making purchases on cards where you have BT'd. So are these purchases going to cause me problems in the future - especially with the 0% on purchases finishing 2 months before the 0% BT - because of the order that Egg applies payments to my account.

Hope you understand what I'm trying to say and hope someone can clarify.

Thanks in advance.

Clariman

By making a purchase on your Egg card you have effectively made 1/8/5 the date when you start paying interest. Unless you pay off the whole balance including the balance transfer amount by 1/8/5 you will pay interest between 1/8/5 and 1/10/5.

smartsaver

No on this occasion you will be fine as purchases are 0% free until 1/08/2005. I think you have cut the time of your 0% stoozing though as your purchase will attract interest before your balance transfers and the purchases will be paid off last.

Make sure your balance is paid off or transfered to another card by 01/08/2005 to avoid interest. As a personal rule I never use cards with BT's for purchases to avoid confusion.

Hope this helps

Chadsman

Clear the balance on the card no later than 31/7/05 then do another BT for (almost) up to your credit limit to your current ac.
Hey Presto... no interest
Alternatively if the sum total of purchases on the card is not much the interest will be pretty low and you could end up losing more interest than you save while the funds are making there way from one ac to another and back again.

deemy2004

I'd say to clear the balance on your next statement, wait for the statement to show its clear and then do an SBT on the egg. That way you can time it better.

smartsaver

I think the 0% deal might end now on 01/08/2005 as you have made a purchase on the card - even if it is paid off. I would send a secure message to EGG asking them to clarify to be sure.

dave_ave

I have the same timescales as Walshy but in my case I BT'ed the entire credit limit. A month ago I made the minimum payment (£200). I then made some purchases to take the balance back up to the maximum credit limit. Am I in the same boat?

Margaret_Millne

Don't Egg have a time limit during which you can actually do the balance transfers to get them at 0%. Not sure what it is but I don't think clearing the whole lot in July then doing a new balance transfer will make it interest free.

smartsaver

There is no time limit for EGG BT's during the 0% period but the purchase time is shorter so if you make a purchase you cut the 0% time back to to time for purchases.

If a purchase is made then the whole balance cleared I would send EGG a secure message to check the date the 0% deal ends.
Dave-ave you are in the same boat...

YorkshireBoy

smartsaver wrote:

There is no time limit for EGG BT's during the 0% period but the purchase time is shorter so if you make a purchase you cut the 0% time back to to time for purchases.

Was this for applications made before today as I've just applied and been accepted today for 0% on both BT's and purchases until 1st October.

Walshy

YorkshireBoy wrote:

Was this for applications made before today as I've just applied and been accepted today for 0% on both BT's and purchases until 1st October.

Yes, Egg have changed their 0% offer so that both purchases and BT's now expire at the same time.

Thanks to everyone for taking the time to reply to my initial question. I'm now contemplating what to do next!