Plastic loans

sonofsmallface

Hey guys, I'm pretty new to tarting and what not, but eager to give it a go and willing to closely study and follow instructions so I figure I should be alright. The only question I have at the moment is ine the process of plastic loans, when you transfer balance from another account to create a positive balance on your Egg Money card, will the other card charge you interest for your debt with them even if it's a new card with 12 months interest free or not? Or does it vary from card to card?

sonofsmallface

Hello, somebody out there has got to have the answer. I just want to make sure i understand the process fully before I do anything.
Can anyone help?

luckyfool

sonofsmallface wrote: »

Hello, somebody out there has got to have the answer. I just want to make sure i understand the process fully before I do anything.
Can anyone help?

It's treated as a balance transfer, so you are charged their balance transfer rate. If that is a 0% special then you are charged nothing in interest, just their standard minimum payment.

sonofsmallface

So say for the sake of argument I have an Egg money card and an MBNA credit card with 0% on balance transfers, I transfer FROM MBNA TO Egg; MBNA aren't going to hit me with loads of interest?

YorkshireBoy

sonofsmallface wrote: »

So say for the sake of argument I have an Egg money card and an MBNA credit card with 0% on balance transfers, I transfer FROM MBNA TO Egg; MBNA aren't going to hit me with loads of interest?

Correct, although you've picked a bad example because the MBNA card will pay cash directly into your current account (at 0% interest, but 3% fee, for x months).

Before doing anything, read this article...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards


EDIT: You're balance transferring from Egg to MBNA. The cash goes the other way, ie from MBNA to Egg.