Best Balance Transfers Discussion Area

ninnoodle

Thanks, YorkshireBoy - I just thought the interest seemed an awful large amount - £32 is normally the amount for a whole month, not 8 days worth (date between last statement from NW and date of payment from Virgin). Should I cancel my direct debit to NW now or do they need this to be able to pay off the interest (as there is £120 in the account in credit, wondered if a direct debit serves as 'my permission' for them to take the money off)?

YorkshireBoy

The £32 is probably the 'estimated interest' (which would be correct had you only made the minimum payment by the due date). The 'actual interest' won't be known until your next statement is produced...and it will be less than £32 (probably around a 1/4 of this, ie £8) so you should get a cheque back for around £112.

Re cancelling the DD, I never cancel a DD until I've received notification that the account is closed.

cashing_in

I also had done CC balance transfer and I would always like to clear my CC debts as fast as possible.

Amy83

Moggles wrote: »

Unfortunately, not. Mint belongs to the same stable as NatWest.

In addition, only a few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates (Please see #758 above)

So if I do a balance transfer to my new Egg Money account (which has a £500 credit limit and is currently at zero) from any credit card LOB offers I get -I won't be charged a cash withdrawal rate/fee by the credit card I transfer the debt to, it'll only be the amount I've transfered plus the transfer fee? Is that right?

Thanks again, and sorry if these sound like novice questions - I've been reading all about it but want to confirm I'm right before I go ahead with it.

YorkshireBoy

Amy83 wrote: »

So if I do a balance transfer to my new Egg Money account (which has a £500 credit limit and is currently at zero) from any credit card LOB offers I get -I won't be charged a cash withdrawal rate/fee by the credit card I transfer the debt to, it'll only be the amount I've transfered plus the transfer fee? Is that right?

You're transferring a ficticious debt from Egg Money to the LOB card. The money goes from the LOB card to Egg Money.

The LOB card may charge a BT fee (usually 2-3%, but sometimes fee-free) for taking on the debt, but Egg Money will not charge a fee for withdrawing the money off the card.

Do not use the LOB card for purchases after you've BT'd to it, and do not use the Egg Money card for any purchases until you've extracted your money from it.

Amy83

Thanks, I know where I want the £££ to go to but as it's ficticious like you said, I get confused with the 'to' and 'from' bits.

I won't be using the credit card or the Egg Money card after I've done this anyway, but thanks for the heads up.

Moggles_2

Amy83 wrote: »

Thanks, I know where I want the £££ to go to but as it's ficticious like you said, I get confused with the 'to' and 'from' bits.

You're not the only one believe me but, like so many things in life, it all sounds more complicated described in words, than it actually is when you come to do it. You'll be fine.

Amy83

Moggles wrote: »

You're not the only one believe me but, like so many things in life, it all sounds more complicated described in words, than it actually is when you come to do it. You'll be fine.

I hope so, thanks... I always seem to make everything I do much more complicated than it needs to be, so we'll see :rotfl:


I’ve just called Barclaycard (I’m an existing customer) and they’ve offered me a Life Of Balance transfer at 6.9% with no BT fee.

Basically, if I use this to transfer a (non-existent) balance from Egg Money to Barclaycard would the only thing I pay on top of the amount transferred be the 6.9% per year.

I know it was mentioned here that if you put Barclaycard cheques into a bank account it’s charged as a cash withdrawal, but would the same apply for a transfer from Egg Money, or would this just count as a normal balance transfer, therefore not having any other fees apart from the 6.9%? And there would definitely be no fees when I transfer the positive balance from Egg Money into my Natwest current account?

(hopefully I got the ‘to’ and ‘from’ bits right now J )

YorkshireBoy

Amy83 wrote: »

Basically, if I use this to transfer a (non-existent) balance from Egg Money to Barclaycard would the only thing I pay on top of the amount transferred be the 6.9% per year.

Yes.

I know it was mentioned here that if you put Barclaycard cheques into a bank account it’s charged as a cash withdrawal, but would the same apply for a transfer from Egg Money, or would this just count as a normal balance transfer, therefore not having any other fees apart from the 6.9%?

Just another balance transfer. Barclaycard won't know you don't have 'real' debt, unless they ask for a statement. It does happen with some providers but, thankfully, it's rare.

And there would definitely be no fees when I transfer the positive balance from Egg Money into my Natwest current account?

If you're looking for a second opinion (in addition to the one I gave you in an earlier post), then check out the Egg Money T&C's and FAQ's...

Egg_FAQ wrote:

"There is no charge to make a balance transfer"... (including BT's from your current account using the positive balance on the Egg Money card)

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#canitransferbalancestoeggmoney?

Egg_FAQ wrote:

"we will not charge you a fee"

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#howdoimakeawithdrawal?

Also, there is no BT fee listed in section 7 of the T&C's, and section 9 informs you that BT's from overdrafts are permitted...http://new.egg.com/visitor/0,,3_79778--View_1666,00.html

Amy83

Thanks YorkshireBoy, I wasn't necessarily after a second opinion about the non-charges, I was just trying to confirm it in my slightly muddled head.....now I'll just have to wait for the Egg Card and hopefully it'll be plain sailing from there!

Thanks again