Egg ARRRGGGHHH

Chadsman

YorkshireBoy wrote:

From the Egg "small print"...

===============
4. Interest and Credit Charges

4.1 For customers who apply ****between**** 1 May 2005 and 30 May 2005.
===============

Ah but between does not include the boundaries
Which plonker wrote that line for them :rotfl:

YorkshireBoy

Chadsman (et al)

Sadly, I think we're wishful thinking here. Wouldn't it be great if, due to a mis-print, they'd left a loop-hole?

I've just come off the phone to Egg (for the sixth time today), and they have told me each time that the new T & C's came into operation at midnight last night.

Despite the six calls today, I can't find a single customer service operator who has not been fully briefed about the new T & C's.

On a personal note...

I wanted to get my wife's application in today when I saw that the offer ran until 1st Feb 2006. However, as I see it now with the new T & C's, Mrs YB's stoozing routes are as follows...

1/ She applies for as many cards as possible between now and the end of my Egg intro offer on the 1st Oct 2005, and BT's them all to MY Egg card (and I'll move it onto ING via current account).

2/ She still applies for an Egg card in her own name. Her credit history is perfect but, but due to her salary, I think she may only be offered £4K a time credit limit on any cards she applies for (already been given £4K with Virgin and we expect £4K with Cap One 18 month offer). So, maybe she should BT 3 new cards at £4K each to her Egg card with a £4K limit and then SBT the whole lot (£16K) in one go to ING via our current account.

With option 2, I wonder if Egg will allow such a build up of credit before she SBT's the one transaction? Maybe we need to do this very quickly? What do the experts think?

YB

PS: I would have thought this major development would have generated more discussion than the current 12 posts! Is everyone away for the weekend?

mary

My anniversary month starts May 1st, i.e. today. Does that mean I'm okay and the fees only apply to new customers? So, do I, don't I, go for my £10K balance transfer off to the savings account or ....

loan8r

4.3 If you applied for your Card from 1 May 2005 we may charge a handling fee of 2% (maximum fee £50) of the amount of:

Oh dear Egg has gone the way of bt fees, this is not good for us.
And if they keep applying it each month when they re-write the t&c's Egg's new cards wont be much good to tarts / stoozers.
It does make a pre may 1st 2005 card worth having and keeping though, unless they make the fee applicable to earlier agreements.
In which case I guess a lot of cutomers will be closing their accounts.
It's a sad day for the MSE's.

Cheers, M.

YorkshireBoy

mary wrote:

My anniversary month starts May 1st, i.e. today. Does that mean I'm okay and the fees only apply to new customers? So, do I, don't I, go for my £10K balance transfer off to the savings account or ....

I was told today that the changes are not retrospective and only apply to "brand new customers only", but don't take my word for it! Give them a ring on 08451 233233 to be sure.

Everest

Hi Everyone, been using the site for a while but first time I have ventured into actually posting anything.

1. Will Egg's altered terms and conditions affect old customers?

2. On a more general note: what's to stop someone from balance transfering from one credit card at 0% to another card that has no existing debt on it (ie. a balance of £0) thus taking the card into a positive, and then calling the card company up and asking them to transfer that positive amount into your savings account / current account?

Thanks.

Pete

loan8r

Hi Pete
welcome to the chat forum, this is the place if you want good advice and support!

1. Will Egg's altered terms and conditions affect old customers?

Not at this time according to previous posts, if you have a particular reason for asking this question it would be best to phone Egg and check.

2. On a more general note: what's to stop someone from balance transfering from one credit card at 0% to another card that has no existing debt on it (ie. a balance of £0) thus taking the card into a positive, and then calling the card company up and asking them to transfer that positive amount into your savings account / current account?

This is what people are talking about when they say using a card as a "mule" it seems Egg is the favourite for this (or was).

HTH

Cheers, M.

Everest

Thanks for your help loan8r!

Aside from previously not charging BT fees, what was the other advantages of the Egg Card as a 'mule'? Are you prevented from muling other cards even though they too might not have BT fees?

Martin Lewis deserves a knighthood...services to screwing CC companies.

Pete

YorkshireBoy

Everest wrote:

Aside from previously not charging BT fees, what was the other advantages of the Egg Card as a 'mule'? Are you prevented from muling other cards even though they too might not have BT fees?

The "mule" carries (routes) BT's from other cards through to your current account. It was (is?) possible to put your Egg card into credit and then transfer this "positive" balance to your current account. As far as I know Egg was (is?) the only card that allows this.

There are other ways such as asking for the positive balance to be transferred to your current account, but more and more credit cards are now returning funds that place your card in credit back to the originating card.

I did a search for "mule" in the "search chat forum" (from the search box at the top of this page). The link below will take you to the results...

http://forums.moneysavingexpert.com/search.html?searchid=336301

You might also like to search for all "Egg" related posts (although I suspect there will be quite a few!!).

HTH
YB

loan8r

Hi again Everest.

I assume from your question you want to stooze a card that does not have the SBT facility (see below)
The main problem with most CC's for stoozing is getting your hands on the cash without incurring fees and interest, the only way to get cash from most cards is to get a "cash advance" this is charged at a higher interest rate than any other way of borrowing and usualy incures a 2% fee on top, also 0% offers NEVER include cash advances.

the solution came with the SBT, Super Balance Transfer, this was introduced so people with debts to freinds, catalouges, and other places that could not be balance transfered could still be payed off.
It works by the credit card transfering the cash to your current account and you then pay off the debts!
I am not sure how many but there are only a small number of cards with this facility Egg being one.
So if you had a CC with a 5k limit 0% on BT's but no sbt facility you could not stooze it as you could not get the cash into savings.
so as long as you have an Egg card you BT from Egg to your new card effectively putting your Egg card 5k in credit then you request Egg to SBT to your current account and hey presto 5k in cash to do with what you want.

HTH

Cheers, M.