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Will this balance transfer trick work?
scottysteve
Posts: 7 Forumite
in Credit cards
Hi everybody
As my new Capital One credit card is late and I need to move a balance onto it from Egg (currently 0%) was thinking of doing the following.
1) Egg 0% runs out end of April so pay off before end of April - £1,500
2) When get Capital One card (hopefully middle of May at latest) transfer £1,500 from it to Egg. Capital one balance would then be £1,500 owing, Egg £1,500 owed to me.
3) Get Egg to pay £1,500 into my bank account so I can return it to my savings account.
End result - balance has been transferred from Egg to Capital One and I still have same money in my savings account.
Anybody see any problems with this? Would only have positive balance on Egg for a few days.
As my new Capital One credit card is late and I need to move a balance onto it from Egg (currently 0%) was thinking of doing the following.
1) Egg 0% runs out end of April so pay off before end of April - £1,500
2) When get Capital One card (hopefully middle of May at latest) transfer £1,500 from it to Egg. Capital one balance would then be £1,500 owing, Egg £1,500 owed to me.
3) Get Egg to pay £1,500 into my bank account so I can return it to my savings account.
End result - balance has been transferred from Egg to Capital One and I still have same money in my savings account.
Anybody see any problems with this? Would only have positive balance on Egg for a few days.
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