Egg money card

dbk85

I would like to transfer my balance from my credit card at 0% for 12 months into my current account via my Egg money card. Am I correct in transferring the balance from the credit card onto my egg money card, which will put me in credit by about £1750 on my egg money card and then transferring from egg money into my bank account.

KiKi

So at the moment you have a balance of 0 on your credit card, and you'd like to take out the max amount on your credit card, and put the money in your bank account to gain interest/pay something off?

I think that's what you're saying?

If so, yes you can - but remember that it's a balance transfer TO your credit card, not from it. You're transferring a supposed negative balance from your Egg Money card onto your 0% credit card, which will effectively put your Egg Money card in credit. Which you can then put into your bank account.

HTH
KiKi

dbk85

I have a credit limit of £2000 on my halifax credit card and they will give me 0% on balance transfers for 12 months. I want the money to come from my halifax card into my egg money card so I can transfer the balance from egg into my current account with Lloyds TSB, so I can pay off my loan. My balance with egg is £0. Do I just need to give my egg card number to halifax and ask them to do a balance transfer of £1750. My egg card will then be £1750 in credit which I hope I can then somehow transfer into my current account, and my halifax card balance will be £1750 at 0%. Please advise

YorkshireBoy

dbk85 wrote: »

Please advise

What you are proposing is entirely possible, and you seem to have it sussed. Go ahead.

stinky_onions

Well ya learn somethng new everyday...
I never knew that you could b/t to a card which would deliberately put it in credit, although now I actually think about it, I've done it a few times in the past, but only by a few pence and that was quite accidental This puts a whole new slant on things now.

Moggles_2

Originally Posted by stinky onions
I never knew that you could b/t to a card which would deliberately put it in credit

Caution: this does not apply to credit cards in general, only Egg Money.

Moggles_2

Originally Posted by stinky onions
I never knew that you could b/t to a card which would deliberately put it in credit

Caution: this does not apply to credit cards in general, only Egg Money.

YorkshireBoy

Moggles wrote: »

Caution: this does not apply to credit cards in general, only Egg Money.

...and, I understand, old LV cards (although the subsequent withdrawal has to be made by cheque).

stinky_onions

so what's the difference between an ordinary egg card, which is what I think I have, and an egg money card?

sniperpenguin

Egg Card = Bog standard Credit card

Egg Money Card = Lower credit limits... 1% cashback, pays 4% interest TO YOU when you are in credit, can withdraw cash for free when in credit.

KiKi

dbk85 wrote: »

I have a credit limit of £2000 on my halifax credit card and they will give me 0% on balance transfers for 12 months. I want the money to come from my halifax card into my egg money card so I can transfer the balance from egg into my current account with Lloyds TSB, so I can pay off my loan. My balance with egg is £0. Do I just need to give my egg card number to halifax and ask them to do a balance transfer of £1750. My egg card will then be £1750 in credit which I hope I can then somehow transfer into my current account, and my halifax card balance will be £1750 at 0%. Please advise

Yes - tell Halifax you want to do a balance transfer TO your credit card, and and give them the Egg details.

(It's worth checking with the Halifax whether or not you can still make purchases whilst you have the 0% BT offer without paying a penalty. What you don't want to do is make purchases on that credit card, go to pay it off, only to find out that any money you pay back is going to the BT *first*.)

HTH
KiKi