Egg BT Limit

Gambler

Does the 95% of credit limit apply to new customers only?

Thanks

YorkshireBoy

Gambler wrote:

Does the 95% of credit limit apply to new customers only?

Thanks

No, it applies to pre-May 1st customers as well.

Also, just to correct you, it's not 95% of credit limit - it's 95% of "available" credit. ie as a pre-May 1st customer, you can do a further (S)BT of 95% of the remaining 5% fee-free. This way it is possible to get to around 99% (which is where I am )

Milarky

I dunno, but are you asking this because of the amount you want to borrow from Egg - such as an anniversary deal for existing customers - OR because of the amount your wish to move through the card? If the former, then you'd ask for a larger credit limit beforehand anyway. If the latter you'd break down one transfer into two [say BT to Egg, then BT a larger amount from Egg to 'Card A' and finally BT the difference to Egg again]

Gambler

It's my partners card, £10K limit but only £6.5K in use at present. 0% period ends on 1st September and I'm just trying to SBT some cash into current account. I am going to apply for Virgin card to then transfer the egg balance.

YorkshireBoy

Gambler wrote:

It's my partners card, £10K limit but only £6.5K in use at present. 0% period ends on 1st September and I'm just trying to SBT some cash into current account. I am going to apply for Virgin card to then transfer the egg balance.

Their system will limit your first SBT to £3,325, leaving £175 available on the card.

If you wanted to "max out" as far as possible, you could then do another SBT for £100 - just leaving the £75 on the card for any unforeseen's such as a DD failure penalty or a forgotten small purchase etc.

Milarky

YorkshireBoy wrote:

It's not 95% of credit limit - it's 95% of "available" credit. ie as a pre-May 1st customer, you can do a further (S)BT of 95% of the remaining 5% fee-free. This way it is possible to get to around 99% (which is where I am )

YB, there are various ways to get 99% aren't there - depending on your actual CL? [The minimum BT is £100, always]

For example, to get within 1% of the limit you need a first transfer of 'T1' such that:

T1 + 95% x (CL - T1) >= 99% x CL

i.e. 5% x T1 + 95% x CL >= 99% x CL

i.e. T1 >= CL x (99% - 95%) / 5%, >= CL x 4%/5%, >= CL x 80%

So, your initial transfer must be for at least 80% of your Credit Limit, so that the 95% of the remaining 20% which you can transfer is 19% of that amount, and takes you to 99% overall. [For '99.5%', the first BT must be for 90%, I've just worked out!]

[Gambler, You could just wait for your Virgin card, of course, to super balance transfer direct to there, but I assume you'd prefer to have the Egg card's unsused limit sat in your bank now, for the next 5 weeks?]

Gambler

[Gambler, You could just wait for your Virgin card, of course, to super balance transfer direct to there, but I assume you'd prefer to have the Egg card's unsused limit sat in your bank now, for the next 5 weeks?]

That's a good point thanks milarky, as I'm not too fussed about the next 5 weeks.

Good news is I've just upped to limit to £12K, worth trying for £15K??

Gambler

[Gambler, You could just wait for your Virgin card, of course, to super balance transfer direct to there, but I assume you'd prefer to have the Egg card's unsused limit sat in your bank now, for the next 5 weeks?]


When applying for the virgin card do I request a BT for the full £12K limit?

YorkshireBoy

Milarky wrote:

For example, to get within 1% of the limit you need a first transfer of 'T1' such that:

T1 + 95% x (CL - T1) >= 99% x CL

i.e. 5% x T1 + 95% x CL >= 99% x CL

i.e. T1 >= CL x (99% - 95%) / 5%, >= CL x 4%/5%, >= CL x 80%

So, your initial transfer must be for at least 80% of your Credit Limit, so that the 95% of the remaining 20% which you can transfer is 19% of that amount, and takes you to 99% overall. [For '99.5%', the first BT must be for 90%, I've just worked out!]

I'll take your word for the calculation's - I'm not a "morning person"!

Milarky wrote:

[Gambler, You could just wait for your Virgin card, of course, to super balance transfer direct to there, but I assume you'd prefer to have the Egg card's unsused limit sat in your bank now, for the next 5 weeks?]

I'd probably go the BT from Egg to Virgin route, rather than the Virgin SBT route for 2 reasons...

1. Chances are you'll get a "mis-informed" MBNA rep who insists on adding a £35 fee for the SBT.

2. Saves the need to bring the stooze pot back from the savings account through the C/A to settle Egg before 1st September.

YorkshireBoy

Gambler wrote:

When applying for the virgin card do I request a BT for the full £12K limit?

Up to you with the limit, but don't forget you are limited to 95% for the (S)BT.

I've advised people on here before to apply by phone for the Virgin card - apparantly (I've not checked myself), there's no option to request a BT from your overdraft with the online application.

The phone application was totally stress-free for me, and it gives you chance to check and double check all the T&C's - especially the £35 BT fee that they sometimes charge in error.

mountainofdebt

Just as a matter of interest hubby had a positive balance on his egg card and we tried to transfer this positive balance plus 95% of his credit limit in one go....which got refused so we had to do it in 2 separate transfers.