EGG anniversary offer explained

smartsaver

smartsaver wrote:

Thought it worth resurrecting this thread in view of a recent posting....

Ditto - hope it helps ...

Milarky

I BT'd at the very start of the anniversary month and was surprised to be charged interest at the next statement [i.e mid month] on this. This was Egg's mistake -which they eventually put right - but it can happen that they 'leave' your transactions on the 'wrong' rate for a period after your anniversary month is supposed to have kicked in.

I had left £100 under the credit limit, so that the interest charge did not make the thing go over-limit. This is important - leave some small amount availalbe just in case of something like this occurring.

YorkshireBoy

Milarky wrote:

I had left £100 under the credit limit, so that the interest charge did not make the thing go over-limit. This is important - leave some small amount availalbe just in case of something like this occurring.

It's a good point, but Egg's new 95% BT condition should stop this happening now.

david78

Here's another tip for the anniversary offer that's not been mentioned.

If you do the SBT on the 1st of the month, then you will be required to make a minimum payment in the same month. This will leave some unused credit on your card which you can SBT to your current account in the same month. But make sure the unused credit is more than the minimum SBT you can make. If necessary pay a bit more than the minimum with that first payment.

YorkshireBoy

david78 wrote:

Here's another tip for the anniversary offer that's not been mentioned.

If you do the SBT on the 1st of the month, then you will be required to make a minimum payment in the same month. This will leave some unused credit on your card which you can SBT to your current account in the same month. But make sure the unused credit is more than the minimum SBT you can make. If necessary pay a bit more than the minimum with that first payment.

Good point, but the timing of it all depends on your statement date.

My statement date is around the 3rd week in the month, making the payment due (DD collect) date towards the end of the 1st week of the following month. So, here's how I plan to do it next year (assume £15K credit limit)...

1st - SBT £14,250 (95% of £15K "available" credit limit)
3rd - SBT £700 (around 95% of the remaining 5% "available")

The above leaves me with a token £50 of unused credit.

The statement produced in week 3 will show a min payment of £299, which will be collected by DD in week 1 of the following month. I suppose, if I wanted to cancel the DD and pay by other means as soon as I get the statement I might have time to re-cycle this min payment as well but this is simply too much trouble bearing in mind the following...

The second part of my anniversary plan involves holding off applying for any cards for around 4 months prior to my anniversary month. Then, applying for 2 BT cards at the same time (4 weeks before the start of the anniversary month) and timing both BT's through Egg (and onto the stooze pot) in my anniversary month - effectively paying off my Egg SBT twice but leaving the original SBT in place for the 5 month period. If I can time the last SBT for just after the statement date, then the minimum payment due will be "zero" as I will have a slight positive balance at the statement date due to the 95% rule.

The above should net me a further £20-30K stooze, with the Egg due to be settled after 5 months and the other 2 BT cards settled after 9 months - hopefully.

smartsaver

Looks like it's time to resurrect this old chestnut again looking at recent threads.

:beer:

david78

Anyone know when the last quallifying year for the anniversary offer is. The website says "until" 2006. Does this mean the last one is in 2005 or 2006?

(for some people who got their card later than me it says until 2007.)

Best wishes
David.

mary

Maybe send them a secure message

paultw5

As it's the first of a new month tomorrow, (thursday).

bump

sly_dog_jonah

Worth bumping this as the advice above needs to be re-evaluated given the new changes affecting anniversary deals from 1st May 2006. As posters are often pointed at this thread it warrants an update.


I'll set the ball rolling:

• All the advice about multiple transfers during the anniversary month needs to be ignored for a start, as each will be hit for a 2.5% uncapped fee.
• Even if you do only one BT in the anniversary month and pay it off at precisely the right time, the effect of the fees and interest on the fee is equivalent to a 6.4% APR interest rate as discussed here.