stoozing question

Jasonc_3

I have an egg card and have BT'd my credit limit into my current account.
I am about to recieve a capital one card shortly (18 mth BT free). Is it possible to transfer my credit limit on the Cap. 1 card onto the egg card, which would put my egg card into credit and then BT the balance into my current account?

What sort of charges am i likely to pay?

Should i tell Cap 1 i want to transfer the balance to another card or tell egg i want it transferred to them?

Grumpy_Old_Duffer

I'm in the same sort of boat!!


I have BT'd my Credit Limits from Egg & Virgin 'elsewhere' and want to use them as 'mules' for BT'ing the Credit Limits from Unison & Capital One. The Egg (£7.5K) & Virgin (£5K) Credit Limits were BT'd at the beginning of March, as soon I received them, and I have just received Credit Limits from Unison & Capital One (18 monther :j).

If I BT the Unison & Capital One Credit Limits to Virgin & Egg (the 'mules'), then BT from these to 'elsewhere', will I be incurring any costs because this will then be my 2nd BT from the 'mules'?

Capital One - the paperwork shows a Credit Limit of £1k minimum to £25K maximum; are they therefore saying I have a Credit Limit of £25k, or somewhere between £1k and £25k ... yet to be determined after I've sent them the Credit Agreement back .

Reaper

Jasonc wrote:

IIs it possible to transfer my credit limit on the Cap. 1 card onto the egg card, which would put my egg card into credit and then BT the balance into my current account?

Yes

What sort of charges am i likely to pay?

Neither Egg nor Capital One will charge you.

Should i tell Cap 1 i want to transfer the balance to another card or tell egg i want it transferred to them?

Tell Capital One you want to "Balance Transfer From Egg". Do that and they will send money to Egg.

Longpockets

Jasonc
Which of the egg offers have you used as a BT. Is it the introductory 9 month one or the anniversary 5 month one. The reason I ask is that I think the anniversary 5 month offer only applies in the anniversary month, if you go outside of the month and then put the card into credit with your Cap1 BT then the offer will have effectively ended. If you then SBT the money it will be treated as a BT with normal interest payable. I don't think the 9 month introductory offer works like that but I'm not sure.

Can anyone else add to this?

Joe_Bloggs

@Longpockets
That would be my take on things too as a green card holder for several years.
J_B.
PS remember when your egg anniversary month is. Try to bump up your credit limit well before then. You may be occasionally reminded 11 months in advance by Egg, or one month late.

Hobo_2

G_O_D, yet to be determined@ Cap One

Grumpy_Old_Duffer

Hobo wrote:

G_O_D, yet to be determined@ Cap One

Yuup! I found the 'yet to be determined' on another document (hidden away!!!) within the pack.

Jasonc_3

Tell Capital one you want to "balance transfer from egg"

Sorry if i'm being stupid but shouldn't that be balance transfer to egg snd not from?

If i said i wanted to balance transfer from egg wouldn't they try to transfer something from egg onto the Capital One card?

Reaper

Jasonc wrote:

shouldn't that be balance transfer to egg snd not from?

No, assuming you want to move money from Capital One to Egg.

The thing is you are not really meant to be moving money (that would be a cash advance which is very expensive), you are meant to be moving debt. So if you say you want to move a debt from from your Egg card to your Capital One card they will do this by paying money to Egg. If you have a real debt this will pay it off and then you will owe Capital One instead. If you don't have a real debt then you create one on the Capital One card and the Egg card will have a positive balance.

I know it's a bit hard to get your head round, but debt moves in the opposite direction to cash.