Egg money and M&Smore - quick question?

vicbenjake

Hello
I've just had my card through from egg money and I'm waiting for my card from M&S to arrive.
When they arrive can I just check that I phone up M&S and ask for x amount to be paid into my Egg money account, and then when it arrives do I pay this into my current account to then pay off my loan or can I pay off my loan direct from my egg account?
Is it that simple?
Do I then keep my Egg money account open just in case I need it for anything, or should I close it?
Thanks Vicki

[Deleted User]

Yes, you may need to imply to M&S that you have a debt on your egg money card, without lying of course.

You could transfer direct from egg to your loan if your loan has a unique sort code and account number (which egg will ask you for) - my cahoot loan did but not all loans do.

I'd keep egg money open for future use. Many posters keep a low limit so as not to damage their credit profile. I like a high limit as the interest rate is low vs other cards and overdrafts and it's sometimes useful for managing my cashflow.

vicbenjake

Brilliant, it is to pay off mine and my husbands cahoots accounts and we have both got sort codes and account numbers so that great.
Do i need to speak to M&S to arrange the transfer or can i do it online/ in writing, I just dont want to get flustered about pretending I have got a debt.
Thanks
PS Is it worth keeping a couple of quid in the egg account or is ok to be left at zero?

GlennTheBaker

Dont worry, my mum did exactly what you're planning. She did the balance transfer over the phone and they just asked for the details of the card she was transferring the 'debt' from. There was the usual 'Do you have card protection' questions but they are easily fielded.

Egg Money can be left with a nil balance, no problem.

[Deleted User]

Not sure whether you can do it online; I phoned them. Just start by saying you want to transfer £x to another credit card and take it from there.

I would use the egg money card once in a while (for petrol or something) to show you've not forgotten it. Remember there is 1% cashback which is a plus.

wayoflife

yer the cashback is a good incentive

plus the deals are quite good, with the instant cashback...unlike most deals which arent actually deals lol