Egg/Abbey advice

nikkig_3

Please can someone suggest what to do.
A couple of weeks ago I applied online for an Abbey card, which I subsequentley found out was part of the MBNA group - with whom I had previously had a card but fell out with them re charges! I phoned them up the day after applying and said to cancel my application. Then applied for an Egg card which I got with 0% till 1st September and a 10k limit, on Tuesday this week when I received the card I did a balance transfer for £4400 to my current account to pay of 2400 overdraft and 2000 to pay off visa. Yesterday I received a letter from Abbey saying my application was successful and with a 7k limit and 0% for 9 months! What should I do? get this card and pay off egg? I do not want to stooze as think would get in a mess!

grumbler

nikkig wrote:

...I do not want to stooze as think would get in a mess!

It is so easy!
Just move money to A&L online saver and do not spend it. Even if Abbey charge you £35 for balance transfer to Egg you can earn about
£7000*5.35%*9/12-£35=£245
Add part of your £5600 limit left on Egg card and you will earn more.
Of course you must be strong enough not to spend money!
P.S. And do not forget to setup DDs for minimum payments to both Egg and Abbey.

realaledrinker

Less 20% (or 40%) tax..

grumbler

realaledrinker wrote:

Less 20% (or 40%) tax..

Yes. How could I forget about this? :mad:

Fatboy_NSS

Though you could put 6k into an ISA (3k now and another 3k on Weds before anyone gets confused), so it wouldn't be less 20% tax!

steveb1967

good call fatboy
always try tax free savings
steve b

xbox

grumbler wrote:

P.S. And do not forget to setup DDs for minimum payments to both Egg and Abbey.

Quick (thick!) question:

EGG - DD for minimum payment

Website tells me that "the next payment is due 1st may - or next working day"

Does this mean that the DD will take monies out of my account on the 1st, or that funds will be taken earlier to ensure that they have the monies by the 1st if that makes sense?

Thanks in advance

Reaper

The money will come out of your account on that day.