Balance transfer card that allows transfer to bank account?

peteoheat

I'm looking for a balance transfer card with 6 months or more at 0% that allows me to do balance transfers to a bank account. Egg allows this but I closed my egg account in Jan and you have to wait 12 months before you can reapply apparently. I'm struggling to find another card that allows it.

GentleGiant_2

I was about to say Egg LOL Not sure, but have you asked an exisiting card that you have whether they allow it (even if they do not publish the fact)

peteoheat

I don't have any cards at present as I paid them off in Jan hence closing the Egg account. I only need the 6months interest free because I'll be paying off the balance again next Jan.

I was sure that Egg allowed me to reapply after 3 months last time hence I closed the account knowing that I might be reapplying around this time of year. But I spoke to them yesterday and he said it's a year now.

Had I known this I would have kept the Egg account with a zero balance and bounced the money from a 0% card through it into my bank account.

YorkshireBoy

Cards with 'super balance transfer' capability are denoted by a 'red blob' in this table:

www.stoozing.com/0fees.htm

In summary though, it's MBNA (directly) or Mint (via their cheques).

Don't forget that, if your Egg Card account was run well, you may be accepted for the Egg Money card (shouldn't be a 12 month wait, but check with them first) and you can route 0% BT cards through this to your current account.

Kaz2904

Is the egg card different from an egg money card then? Are you able to have both open at once?
I've just opened up an Egg card and been given a limit of £5500 so was thinking that I ought to try and use it to pay off some of my mortgage. Trouble is I don't know how to get the money out of it as I have no other cards or debts.
My sister has got an egg card, could I balance transfer to that?
My original intention was to open up the egg card to use as a mule and then bt through it but the limit is just fab. I was thinking about opening an MBNA card or a Tesco card so that I paid a lower bt fee though as I notice the egg card are charging 3% for new ones and 2.5% for anniversary offers. Hmm, I don't know really. Any ideas?

YorkshireBoy

Kaz2904 wrote: »

Is the egg card different from an egg money card then?

Yes, in lots of ways. Different benefits, features, credit limits, intro offers, cashback. Entirely different products intended for entirely different markets.

Are you able to have both open at once?

Yes.

I've just opened up an Egg card and been given a limit of £5500 so was thinking that I ought to try and use it to pay off some of my mortgage.

Don't think of it as paying your mortgage off. Think of it as temporarily transferring some of your mortgage debt to a cheaper rate. It may only be a short term thing so don't risk not being able to get the money back quickly.

Why? If you fall foul of the T&C's they may remove the 0% rate and then this part of your mortgage will be on 17-18% APR (typical).

Don't forget also, that you will have to pay BT fees to shift this debt every 6-12 months or so.

Finally, budget for the 2-3% minimum payments each month.

Trouble is I don't know how to get the money out of it as I have no other cards or debts.

See condition 9.3 (second bullet) in the small print.

My sister has got an egg card, could I balance transfer to that?

No, but then again you don't need to. See above.

Hmm, I don't know really. Any ideas?

Check out the stoozing board on this site, and research www.stoozing.com before embarking on your plan.

Kaz2904

Thanks so much for your answer. I shall have another look at the stoozing board.
I would reduce my mortgage overpayment monthly to be able to clear the cc bt and if anything went wrong then I would be able to draw savings out to clear it quickly.

I thought I was able to transfer to a bank account but then thought I must be mistaken as someone mentioned egg money- I got a bit confused there.

I think I would still be better off using my egg card as a mule for the time being and getting cards that have a lower bt fee.

YorkshireBoy

Kaz2904 wrote: »

I think I would still be better off using my egg card as a mule for the time being and getting cards that have a lower bt fee.

Since the Egg Card charges a 3% BT fee during the introductory period (automatically applied - even for transfers from a positive balance*), won't your plan include 2 lots of balance transfer fees for each single cash movement you initiate?


* People have been known to challenge this with Egg and have been refunded, but...

1. It's not guaranteed, and

2. Creating large positive balances on the Egg Card may attract the attention of Egg's 'iffy transaction' department.

Personally, and with so many other options available, I wouldn't risk it.

peteoheat

I see, this Egg Money card is something new to me. So it's not a 'credit' card as you have to put your own money on it before it can be spent.

So I could get this and the best 0% card I can find. Transfer balance from the 0% card to my Egg money card and then on again into my bank account?

My Egg card was always well run so I think they should be o.k with giving me the Egg Money Card.

YorkshireBoy

peteoheat wrote: »

So it's not a 'credit' card as you have to put your own money on it before it can be spent.

Yes it *is* a credit card, and no you don't have to put your own money on it first.

It's best summed up as a credit card that charges you 7.9% APR (typical) when you're in debit, but pays you 4% AER when you're in credit.

Guide for stoozers here:
http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1126159522

Guide for conventional use here:
http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1126208648

So I could get this and the best 0% card I can find. Transfer balance from the 0% card to my Egg money card and then on again into my bank account?

Yes, except you have your 'from' and 'to' the wrong way round. You'll transfer a (ficticious) balance 'from' Egg Money 'to' the 0% card, thereby creating a positive balance (of cash) on Egg Money.

Kaz2904

oh, I thought Martin always advised to open an egg card to use as a mule. Should I have opened the egg money card then?
Off to read the T&C's to see if I can build up a slow stooze pot with it instead.