Will this work?

Shinds

Hi all,

I'm a bit new to all this stoozing business so I need some advice please

I have 10k limit on my new Egg card and that has all ready been SBT into an account. (just this week)

Now I have 6k limit with my MBNA card which is 0% until June 1st 2005. - Now can I balance transfer 6k off my Egg debt onto my MBNA card and which will then in affect free up another 6k on my Egg card to Stooze.?

Thanks.

smartsaver

Yes you can  - welcome to the world of stoozing  8) As for the EGG card  ;D How valuable is that  ;)

Shinds

Thank you Smartsaver

Cheers!

Any other little tips I can do at this stage? - As they won't increase my credit limit for now?

Reaper

Other tips? Well there are lots of variations on this, but if you want to stooze more and have reached your credit limit the obvious course of action is to apply for another credit card and do it all again.

Be wary of getting too carried away doing this as applying for lots of cards in a short period of time might have an effect on your credit rating, and there has been talk of the credit card companies starting to be stricter about the overall credit they allow you in comparison to your income.

By the way, don't cancel your Egg credit card when the interest free period is up, there are more tricks you can do with it - but one thing at a time.

smartsaver

Thank you Smartsaver

Any other little tips I can do at this stage? - As they won't increase my credit limit for now?

I would take it slowly - read the posts and try for another card in a month or so to keep ur credit rating in tact - very important if you are here for the long haul.  ;)

Shinds

Thanks guys.

God! - Just called MBNA and they want to charge me a £35 admin fee to do a Balance Transfer ;(

So I might as well just SBT the MBNA 6k straight into my current account.

I always thought they only charge the £35 (or 2%) to do a SBT not just for a normal balance transfer from another card.

Damn!

[Deleted User]

Like Shinds, I too have just got my egg card and a 10K limit. (Must have been a "job lot") I am still a newbie, but one who is wanting to dip my toe in water of stoozing. I have never done it before. I have transferred balances from an interest-bearing credit card to one with a 0% deal, like so many of us have now done - but still can scarcely believe this can work - just to check, all I have to do is -

go to the egg site, click on "balance transfer", then select "current account/overdraft", fill in the account details and the amount.

By doing that, I transfer "real money" to my current account, leaving an interest free debt with egg, there will be no fee, and I can move the "real money" by cheque etc from my current account into a savings account (ISA just about full) or into another savings account?? I am sure that more experienced users of the site than me have now done this often and would know if there was any problem; I have looked at the egg terms and conditions but can't spot anything.

If this does work, is it not the proof, if proof were needed, that the world has gone completely mad? ???

Clearly, I will hardly be able to retire on the proceeds but it seems to be a surprising consequence of the banking system that "the likes of us" can relatively easily take advantage of "them" like this!

Yours hopefully but sceptically!!

WR

mary

go to the egg site, click on "balance transfer", then select "current account/overdraft", fill in the account details and the amount.

By doing that, I transfer "real money" to my current account, leaving an interest free debt with egg, there will be no fee, and I can move the "real money" by cheque etc from my current account into a savings account (ISA just about full) or into another savings account??

Yes, you can. No problems. Straightforward.

I'm about 4/5 months down the same road as you.
Very green to start with, but gaining in confidence.

You don't have to move the "real money" by cheque from your current account as it would be quicker if you had an online bank account and therefore you can do it all online.

[Deleted User]

Thanks! It is official. I am speechless!

Perhaps Martin should password protect this site so that only the already insane can get access :P - the banking industry is doomed!

I'm off to earn money for nothing 8)

Astounded of Edinburgh
AKA Wild Rover

Hobo_2

WATCH OUT!! On egg BT page at bottom be sure to decline on Card protection tick box at bottom of screen or you get a letter confirming paymen activation for this.

[Deleted User]

!!!!

Sneaky eh?

Thanks Hobo - you are worth your weight in tattie scones - and I like tattie scones!

WR