Egg Money advantage?

edited 30 November -1 at 1:00AM in Stoozing: Free Cash from Credit Cards
5 replies 936 views
Tipco_2Tipco_2 Forumite
1 Post
My first post so excuse me if I'm a bit thick!
I don't see the advantage of raising a cash loan using Egg Money card as a 'mule'.
It seems to me that you still pay a balance transfer fee to get money onto the Egg Money card. Surely roughly the same fee applys if you transfer from an Egg or Post Office Credit Card, direct to Bank account?
:confused:

Replies

  • Not all cards will transfer direct to a current account though, hence using the Egg Money as a mule.
  • stevemcolstevemcol Forumite
    1.7K Posts
    and then egg don't charge BT fees if you're in credit.
    Apparently I'm 10 years old on MSE. Happy birthday to me...etc
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    stevemcol wrote: »
    and then egg don't charge BT fees if you're in credit.
    They don't charge any fees if you have (or will create) a negative balance with your transfer either. However, they will charge interest (from day one) if your transfer creates, or increases, a negative balance.
  • I reiterate the other replies

    From my knowledge the only 3 cards you can transfer direct to current accounts are:

    Egg Money
    Virgin Money (run by MBNA)
    MBNA

    but Egg also pays in credit interest for positive balances and cashback on all purchases, so its worth having this card

    Another thing is if you use the egg card you can keep 'channeling' funds through it, therefore you can get as many cards as you like and bt them as you wish (providing you follow the unwritten stoozing rules
    of not applying for too much credit at once)

    .....your lucky about 1000 people havnt replied singing Eggs praises! the Egg card was the first of its kind and still is market leading
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
  • They don't charge any fees if you have (or will create) a negative balance with your transfer either. However, they will charge interest (from day one) if your transfer creates, or increases, a negative balance.


    Just another point I agree completely with Yorkshire boy. From my understanding the APR on an Egg card is 7.9% (if you are accepted for this rate) which is very very low for a credit card, so even if you did have to transfer creating a negative balance it is the best card to do it with
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
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