Stoozing: Make Free Cash from Credit Cards article discussion

iereboy

Hi Guys,

Am a newbie regarding this type of transactions.

I have just got an Egg credit card. Can I transfer the money into my current account and then savings account and then get interest?

Once the bill has been generated, pay the money and then do the same thing the next month?

Can you see any problems with that?

Will they charge me to transfer the money to my current account?

YorkshireBoy

iereboy wrote: »

I have just got an Egg credit card. Can I transfer the money into my current account and then savings account and then get interest?

Once the bill has been generated, pay the money and then do the same thing the next month?

Can you see any problems with that?

Will they charge me to transfer the money to my current account?

Yes, yes, significant cost, and yes...in that order.

I think you need to read the stoozing guides on this site and the stoozing website before proceeding. I also think you should familiarise yourself with the Egg Card T&Cs and the FAQs.

What you are proposing is not 'fast-stoozing'.

johnbhoy10

Hello.

Sorry to go over old ground with re to egg money as a mule card but i'm getting conflicting info from egg and what i'm reading. They told me on phone yesterday that i can't have a positive balance on card but i'm not so sure about this. I thought i could according to here and stoozing website. I just need to watch that if i do it that i don't create a negative balance when i move money from egg to current/savings account. I have an older card (approx 5 years) and can see nothing on small print after brief look at their website. Also, am i write in thinking the the way to get money out of egg is by CHAPS, preferably on telephone, so i can confirm with them that their are no fees.

Also, if they didn't accept balance transfer from santander zero are there any implications with the balance bouncing back to santander? I think that's everything but i've probably forgotten something as writing this in a hurry.

thanks

mamazaac

johnbhoy10 wrote: »

Hello.

Sorry to go over old ground with re to egg money as a mule card but i'm getting conflicting info from egg and what i'm reading. They told me on phone yesterday that i can't have a positive balance on card but i'm not so sure about this. I thought i could according to here and stoozing website. I just need to watch that if i do it that i don't create a negative balance when i move money from egg to current/savings account. I have an older card (approx 5 years) and can see nothing on small print after brief look at their website. Also, am i write in thinking the the way to get money out of egg is by CHAPS, preferably on telephone, so i can confirm with them that their are no fees.

Also, if they didn't accept balance transfer from santander zero are there any implications with the balance bouncing back to santander? I think that's everything but i've probably forgotten something as writing this in a hurry.

thanks

I can't answer your question about what happens if funds are refused by egg, but I can tell you that I have used the Santander offer to transfer to my egg card resulting in a credit balance, and then have transferred the credit balance to my current account without any issues or charges. That was a couple of months ago, so don't know if their policy has changed. Hope not as I want to do another one soon!

johnbhoy10

Thanks for the response. I have the Satander zero with fee free bt for 12 months (it's now 6 months i think??) and i have a new offset mortgage with FD so i thought i'd try it anyway.The card has being sitting in the house for 4 months doing nothing! I don't have a big CL on egg money and i can't balance transfer without creating a positive balance on egg. Maybe time to ask for an increase on egg money? I can see why they told me on phone why it can't have postive balance and maybe i shouldn't have bothered calling them. They were asking things like why i would you want to create a positive balance anyway when i was aware that it generated no interest. Sod it-i think i'll try it anyway. Got to start somewhere.

mamazaac

johnbhoy10 wrote: »

Maybe time to ask for an increase on egg money?

If you are creating a positive balance it doesn't matter what your CL is because you won't be going over it:)

johnbhoy10 wrote: »

Also, am i write in thinking the the way to get money out of egg is by CHAPS, preferably on telephone, so i can confirm with them that their are no fees

Just saw this from your previous post. If CHAPS is the same day payment one, you don't want to do this as you will be charged (probably something along the lines of £25). Just do the transfer using internet banking (by BACS). Takes a bit longer but is free. Could telephone too to do this, but you might get into an awkward conversation about why you have a positive balance that way.

simonne15_2

:embarasseApologies if I've posted this in the wrong place. It seems relevant to debit & credit card use.
I've just been communicating with Nationwide- which is the building society many people opened accounts with to use the 'free cash withdrawals abroad' facility using their debit card. They changed the options for that in June 2010 making charges on withdrawals outside of Europe. Now they're changing the rules again and from November 2010 are going to charge a 2% commision on cash withdrawals + £1 cash withdrawal fee. So their max withdrawal of £300 per day would cost £7! Using a credit card would be no better as interest is charged from the moment of withdrawal- ah, you could go to a compiter and do an instant payment to your credit card account I guess!!!???
:undecidedDoes anyone have any suggestions for avoiding -or even reducing- such cost implications please- preferably without ruining the holiday with complex calculations or the need for online transfers on a daily basis? Thanks in anticipation

nobel31

i want to know detail

Applecider_2

wow that looks really complicated!! hows everyone going with this?

stevestan

bit of a risky business with todays interest rates.