How to use a Mule?

Cuppa

Hi all. Been lurking for ages and have been tarting since November 2004. great site! Anyway, relative newbie alert, sorry if the answer is elsewhere.

I am ready to do a BT from my new M&S card via Egg Card into my bank account. My question is, what steps in what order? I have only used the Egg as a mule whilst in my introductory 0% period.

Do I transfer the amount from M&S onto Egg first giving a positive balance and then transfer that into my bank?

or

Do I transfer the money from Egg into my bank and then pay off from M&S?

My Egg card was set up in November 2004 so expect not to be charged the 2% fee. I am also not a) within my 0% first 6 months, neither b) in my anniversary period.

Advice please?

Regards,

Cuppa

fatboyonadiet

I think either but would recommend the first way, you may incur some interest charges the second way depending on timescales.

Welcome to MSE too!

Clariman

Cuppa wrote:

Hi all. Been lurking for ages and have been tarting since November 2004. great site! Anyway, relative newbie alert, sorry if the answer is elsewhere.

I am ready to do a BT from my new M&S card via Egg Card into my bank account. My question is, what steps in what order? I have only used the Egg as a mule whilst in my introductory 0% period.

Do I transfer the amount from M&S onto Egg first giving a positive balance and then transfer that into my bank?

or

Do I transfer the money from Egg into my bank and then pay off from M&S?

My Egg card was set up in November 2004 so expect not to be charged the 2% fee. I am also not a) within my 0% first 6 months, neither b) in my anniversary period.

Advice please?

Regards,

Cuppa

There is a step-by-step guide with diagrams on this site (which is supported/sponsored by Martin Lewis).

http://www.stoozing.com/full.htm

Although the website's focus is Stoozing (i.e. exploiting 0% credit card offers to make money) rather than tarting, the SBT diagrams on the page above should help.

Clariman

deepee_2

Does Balance Transfer Fee apply if you transfer from Positive Balance.

pinkonion

deepee wrote:

Does Balance Transfer Fee apply if you transfer from Positive Balance.

If it did you could just have it sent to you then pass it to them!

Cuppa

Thanks everyone, I'll take a look at the link.

Cuppa

So,

to reiterate. My Egg card is currently on £0. M&S Card currently on £0.

1) Request a BT with M&S to put it at

Egg (+£xxxx) and M&S (-£xxxx)

2) Request a SBT with Egg to my bank to put it at

Egg (£0) and M&S (-£xxxx)

Egg going to be OK with me putting it into positive? Assume as not in intro period or anniversary that I need to do it this way. Surely can't be charged interest or a fee as not getting into negative.

Sorry for being thick on this one, the others I did were all in my intro period so straightforward.

YorkshireBoy

Cuppa wrote:

So,

to reiterate. My Egg card is currently on £0. M&S Card currently on £0.

1) Request a BT with M&S to put it at

Egg (+£xxxx) and M&S (-£xxxx)

2) Request a SBT with Egg to my bank to put it at

Egg (£0) and M&S (-£xxxx)

Egg going to be OK with me putting it into positive? Assume as not in intro period or anniversary that I need to do it this way. Surely can't be charged interest or a fee as not getting into negative.

Sorry for being thick on this one, the others I did were all in my intro period so straightforward.

Your logic seems OK, although I've yet to carry it out this way, ie putting Egg into credit first, as I'm still in my introductory period.

However, there is a school of thought (on here recently) that says in order to avoid attracting too much attention, depending on size of positive credit, it's best to put your Egg into a standard negative balance first by transferring off the M & S BT value from Egg to your bank. Then bring in the M & S money to "repay" the amount. This way you WILL incur interest charges, but if you time it well, these will be kept to a minimum. This should stop those awkward telephone calls from Egg asking you to explain your transactions, or checking for possible money laundering!

HTH
YB