second stage

monki_man

Hi Guys,

My egg 0% balance transfer hass expired, the anniversary isn't until Decemeber and the limit on that was £4,000. I've recently been granted a HSBC card with a credit limit of £5,000. Do i just create positive balance to Egg for £5,000? or create positive balance for £2,500 each time?

smartsaver

I would and have, many times, created a positive balance on EGG. I have nothad any probs

Richie(UK)

Hi,

As always, check your Ts&Cs for the card in question. Some specifically state that you are not permitted to put the card into a credit balance and that if you do the funds will be returned.

That said, I don't think that Egg do stipulate this. There are certainly many posters here who have created credit balances on their Egg account with no problems.

branney

Richie(UK) wrote:

Hi,

As always, check your Ts&Cs for the card in question. Some specifically state that you are not permitted to put the card into a credit balance and that if you do the funds will be returned.

do companies usually refund the whole payment which put the account in credit, or just the excess? eg. if i owed £100, but paid £150, would I just be refunded £50? if the whole £150 was refunded that could lead to missing a payment or late payment by the time i realised!

the reason i ask is i am thinking of trying for a vanquis card from provident, but want to put some credit in before spending so i don't pay the 59% interest! (don't laugh at me, please)

Richie(UK)

branney wrote:

do companies usually refund the whole payment ...

so i don't pay the 59% interest!

Hi branney,

Well, as I said, it pays to read the Ts&Cs of the card in question. However, as an indication this what Intelligent Finance say:

"You must not transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent."

So, in your example IF would refund the £50 excess.

59%!!! :eek: Is that a typo?

branney

Richie(UK) wrote:

Hi branney,

59%!!! :eek: Is that a typo?

i don't have any history eg. electoral roll or utility bills. i reckon it's my best chance of getting a card and building a profile, then moving to better cards.

i do have wage slips going back 2 yrs with the same employer. bank statements still have my parents' address which doesn't match the wage slips though.

do you think i still have a chance getting the card? sorry to hijack the thread..

Richie(UK)

Hi branney,

Have you tried getting a card from your bank?

Willsnarf1983

branney wrote:

i do have wage slips going back 2 yrs with the same employer. bank statements still have my parents' address which doesn't match the wage slips though.

how much of an effect does this actually have?


Will

branney

Richie(UK) wrote:

Hi branney,

Have you tried getting a card from your bank?

Just called them and I didn't have a note of what dates I had which addresses on my statements, so they didn't even get to the credit check stage! Should I pay the fee to get all my info under the data protection act then reapply with the correct info/dates?

monki_man

Hi there, got a secure message from Egg today after i ask about the t&c of creating positive balance and they told me this..

As you opened your Egg account on the 10th December 2004 I can confirm that any balance transfer's you made would've been charged at the introductory offer rate of 0% APR with no transfer fee which expired on the 1st June 2005, therefore the rate now has reverted back to the standard variable 14.9% APR.

Also any purchases made before the 1st June 2005 would've also been at the 0% interest free rate, therefore it's now reverted back to the standard variable rate of 14.9% APR.

Is there a way which i can transfer my new hsbc credit limit which is 0% to my bank without getting charged? If so can someone tell me a step to step guide please?

YorkshireBoy

monki_man wrote:

Is there a way which i can transfer my new hsbc credit limit which is 0% to my bank without getting charged? If so can someone tell me a step to step guide please?

Step by step guide at http://www.stoozing.com/full.htm

Have a read, and post back with any queries.