EGG - A stupid question ?

KOALA99

Hello anyone out there !, I've got an Egg card @ 24% APR. I have a balance of £6500, which is a hefty amount of interest, circa £120 per month. So, I'd like to transfer cash from my Bank account to the card and back to my account, to take advantage of the 0% offer. According to the Egg rules
Egg Card interest rates are 0% fixed
"on Transferred Balances put on the Account until 1 August 2008 at a monthly rate of 0% fixed until 1 August 2008, and thereafter at a variable annual rate of 16.9%;" I read this as 12 months at 0% - does that sound right ?
The other bit is, how do I actually do this from my bank account to egg and transfer the money back again. Is there anyone who can explain this in words of one syllable to a simpleton ?
The method is explained on this page, but can anyone advise further ?
http://www.moneysavingexpert.com/cards/egg-card-loophole
Many thanks
Pete

pandapaws

Hiya! Nice idea if you can make it work!

Are you sure that the T&Cs that you are looking at are the ones that apply to YOUR account? I know Egg do an annual balance transfer deal which gives 5 months, but I've never heard of them doing 12 months when you've already got the account, unless it is a special deal that they specifically agree with you over the phone.

I've just taken a new Egg card to get the 12m 0%, and these look like the terms that I got, so I'm just wondering if you've somehow ended up reading their current T&Cs for new customers rather than the ones that were applied to your account when you opened it?

If your credit rating is good, it might be easier to apply for another 0% card altogether and say bye-bye to Egg - 24% is ridiculous!

Nancy888

Hi

The T&Cs you're referring to are for new customers - you'll need to wait for your anniversary month for the 0% to apply to you...so pleased don't be duped into moving your money just yet

KOALA99

Thanks to both of you for taking the trouble to reply. Yes, I think you're both right, though I've emailed Egg and wait to hear what they have to say.
I have an excellent credit rating, but large amounts of credit cards mean that I now have trouble replacing existing credit. ( so presumably my credit rating is actually average ! - or if I can't get more credit it must be poor !
I applied 2 days ago , online for the Asda credit card - - I hardly dared look at the screen to see the result - I bet you all know the feeling ! - I was accepted !!! And then I looked at the credit limit £500 !
The problem as Im sure is the same for everbody is where to go next - ie
is it worth applying and leaving a credit search footprint !
Pete

pandapaws

It might be worth a try, I've heard that searches only sit on your credit file for 6 months (please someone correct if wrong!).

I'm the same as you in that I have an excellent credit file i.e . no missed payments etc, but loads of credit and loads of searches bring it down to the gutter!

I've recently had several outright rejections, but Egg gave me 3500 a couple of weeks ago and Citi card gave me £500 (!). The same happened last year - everyone else said no, but Mint gave me £4,300 and Virgin gave me a whopping £10k, so they obviously all have different criteria - a knockback from one doesn't mean the same from another.

Good luck!

HairyHandofDartmoor

Try M&S they are doing 5.9% for the life of the balance with no fee for balance transfers.

Egg would charge you a fee anyway to do a balance transfer, so it may not be worth it. You need to find a card that doesn't charge a fee, most of the 0% ones do, so I've gone for low life of balance offers for my debt. This also means you don't have to keep applying for new cards which can adversely affect your credit rating.

KOALA99

Thankyou pandapaws and hairyhandofdartmoor ( a moniker I find a little disturbing ! )
Well Egg have come back to confirm that the Balance transfer rate is my standard rate viz 24%, which sounds quite reasonable - after all you've got to have a bit of bubbly at the shareholders meeting. After I've transferred
my debts from Luigi at the local mafia @ 50% per week I should be quids in.
Moving on, does anybody know much about footprints ?
I've got two in the last week, nothing else in the last 6 months ( checked
experian online today ) - one for Mint - Rejected, and one for Asda Card
- accepted for 500 quid !. The whole subject of footprints seems quite ambiguous. Should I apply for other 0% cards - getting a footprint every time, and at what point/number do the footprints give you a fatal handicap on your application ? Oh and has anyone any personal card recommendations for 0% deals?
:rotfl: :rolleyes: :j

pandapaws

I don't know anything about footprints - sorry! I know I must have dozens, and it has obviously affected my ability to get credit, but I wouldn't have thought 2 would do too much harm.

Have you checked your other credit file? There are 2 main credit reference agencies - Experian and Equifax (plus there's another one that isn't used so much and I can't remember the name of!). Some companies use one, others use the other, and some use a combination of the info from both, so even though one looks good, there might be something on the other?

Also, is there a chance that it is something on your credit scoring (seperate from your credit history). That's where the banks look at all the answers on your application form and allocate points for each answer. While it is illegal to lie, there are certain things that you can sort-of fudge around a little without lying. For example, I changed banks about 6 months ago to Halifax but I still also have and use the HSBC account I opened 10 years ago. Because I know that length of time with bank makes a difference to the credit score, and also that having an account with the big banks score more highly than the old building societies, I always give my bank details as HSBC. It isn't a lie- I do have the account, it is just a slight improvement on the truth!!! Do be very careful though, as lying would adversely affect your file and you could get in a lot of trouble - I'm not recommending that. If you're unsure about anything I'm sure you could post the questions and possible answers on here and people would be happy to say what you could or shouldn't say.

I think Martin has a really good article on the best 0% deals - I'm not very good at links but I'm sure it should be quite easy to find from the home page. Good luck!