Balance Transfer Process

andyf1873

I currently have an Egg Money card and intend to use it for stoozing

I understand the whole process except for one area ... the balance transfer!

If I say to the company that Im taking a new card out with that my egg account is £3k in debt (when it isnt) wont they need proof of this?

I suppose what I want to know is who carries out the actual balance transfer & specifies the amount?

Also what card would you suggest I use for the process?

YorkshireBoy

andyf1873 wrote: »

If I say to the company that Im taking a new card out with that my egg account is £3k in debt (when it isnt) wont they need proof of this?

I've never been asked for proof of 'real' debt. However, be warned that the Ulster Rugby Card (run by BOI) does indeed ask for proof in the form of a current statement. You should also be aware that some card issuers, eg LTSB, stipulate the (in your case, Egg Money) balance to be transferred must be a "debt that you owe". If LTSB had a good offer you'd have to think about that one because 'deception to obtain a pecuniary advantage' is in fact fraud!

I suppose what I want to know is who carries out the actual balance transfer & specifies the amount?

You'd ring your new 0% card provider and ask them to transfer a balance from your Egg Money card, and in doing this they'd send the money to Egg. You'd specify the amount, so long as it was within your available credit limit (which may be limited to 90%/95% in the case of HBoS/MBNA respectively).

Also what card would you suggest I use for the process?

Start at the top of this list and work down.

andyf1873

Hmm.... Iv already gone and applied for the Ulster Rugby Card, how do I now stop this?

Also does the Norwich & Peterborough card carry out the transfer process free of charge?

Cheers

King_Weasel

I've done quite a few BTs over the years (including Norwich & Peterboro) but I've never heard of being asked for proof of debt before, so it seems you've been unlucky, andyf1873, in finding the one that does. I must watch out for that one. Can't think why they want to know, though. No need to worry about stopping the process - just don't return the signed agreement when they send it.

I reckon you've made a good choice with Egg Money. They'll pay you 4% while you're in credit AND pay 1% on your spending. So it's still worth it even when there's a BT charge, especially for a decent interest-free period. The only downside is the psychological one: it's too easy to forget it's still your own money you're spending and not a free gift from the card company.

Better luck second time round.

YorkshireBoy

King_Weasel wrote: »

No need to worry about stopping the process - just don't return the signed agreement when they send it.

I wouldn't recommend doing that. The credit agreement will have a cancellation slip, which should be signed and returned under the CCA statutory 14 day period. It'll save any grief down the road if the account finds it's way onto your credit file and is NOT marked as settled.

However, since the card also has 6 months 0% on purchases, why not keep it and do some slow-stoozing?