BT off a card and then back on?

Gemmzie

We have an HSBC balance transfer offer ending December 07. They've sent us an offer for another balance transfer (same rate 3.9% at 2.5% fee, for six months) so I'm guessing this is to try and trap us into a higher rate.

However, we have an Egg card with a no BT fee at the moment, so could we move the money off HSBC to Egg and then back to HSBC?
The amount is about £2.5k so the fee would be about £65? Is it worth it?

Thanks

marvin

Gemmzie wrote: »

We have an HSBC balance transfer offer ending December 07. They've sent us an offer for another balance transfer (same rate 3.9% at 2.5% fee, for six months) so I'm guessing this is to try and trap us into a higher rate.

However, we have an Egg card with a no BT fee at the moment, so could we move the money off HSBC to Egg and then back to HSBC?
The amount is about £2.5k so the fee would be about £65? Is it worth it?

Thanks

HSBC might smell a rat and refuse the transfer.

i would do it another way.

transfer the cash from your Egg to you current account, then use that to pay off the balance on the HSBC card then transfer the balance over from the egg card to the HSBC.

Needs careful timing and don't forget you will get interest on the egg card whilst the BT is on the card.

Gemmzie

I'd change the amount slightly but you're right they might do.

Will Egg do a transfer to a current account? (This is a standard Egg card)

So I move £2.5k from Egg to current account, then pay off HSBC from the current, then do the transfer - about three days clearing in between I'd guess.

Milarky

Gemmzie wrote: »

Will Egg do a transfer to a current account? (This is a standard Egg card)

Yes. But call Egg to check there aren't any fees on transfer this month to be sure.

Gemmzie wrote: »

So I move £2.5k from Egg to current account, then pay off HSBC from the current, then do the transfer - about three days clearing in between I'd guess.

Egg on Monday - will show against HSBC Thursday - HSBC Thursday would reach Egg again Monday - so the minimum is 7 days interest to Egg (another 0.3%!)

Why not call up Egg and see if they can offer you better than this though? (I note your Egg credit limit is sufficient) If they offer 1.9% for five months (their standard period) plus fee you're no worse off. If they offer a life of balance at 6.9 even with a fee you're no worse off (because HSBC's rate is at least 8.9 [3.9% plus 2 x 2.5%] pa and only for a short period.

Gemmzie

The problem in that is there's already about £150 on Egg (which would have been moved to HSBC with the £2.5k).

They won't do an offer as we are due an anniversary one in February. Other cards have been unhelpful this time too.