Life of balance

davidcampbell

received a letter today offering 6.9% on life of balance transfers to my BOS credit card.

i have a personal loan at 8.7% @ 5k so moving it would be benficial and allow me to overpay as well where possible . credit limit at the moment is only 2k, (although it was up to £3.5k until 2months ago when i reduced it myself.)

problem i have is i think i need to go through egg in order to complete the transaction as BOS wont accept transfers from loan companies

so i need ( i think) to do it as follows ....

loan company to egg
egg to BOS

is this right? problem is egg card will need enough credit to acomodate the transfer as well.

whats the likelihood of me having two credit limit increase requests accepted in a short space of time?

egg just now is £1.5k (what they gave me on opening account and havent ever requested any higher) so will need another £3.5k ~ on there plus another £3k ~ on BOS card. is it going to be worth it for 1.8% decrease?

or is there another way around this? cant think of any myself but all this balance transfering stuff does hurt my head so maybe im just missing it.


thanks

DC

stuwilky

Ring BOS and ask what they will increase your limit to - then transfer the full amount to your egg card (effectively putting your egg card in credit)

Then you can either pay your loan of directly with that (if they accept credit card payments) or SBT it into your bank account and pay the loan off from there.

davidcampbell

thanks stu.

was thinking need egg credit limit matching BOS. didnt consider putting it into credit. so simple

thanks again :T