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barclaycard paying off barclayloan
Andybez38
Posts: 1,773 Forumite
in Credit cards
Having sucessfully negotiated a decrease on my current APR on barclaycard to 9.9%. My plan now is to pay off a £14000 barclayloan taken out in May 2004 at a rate of 13.9%. over 7 years, with my barclaycard.
Im planing on sending my Egg card a positive balance using the barclaycard (2.5% transfer fee) at (6.9% till paid off). Then transfering the positive balance to my current account. Thus paying off a 13.9% loan with a 6.9% barclaycard using egg money card as a mule card. In theroy this will work but will it save me money doing this.
Im planing on sending my Egg card a positive balance using the barclaycard (2.5% transfer fee) at (6.9% till paid off). Then transfering the positive balance to my current account. Thus paying off a 13.9% loan with a 6.9% barclaycard using egg money card as a mule card. In theroy this will work but will it save me money doing this.
I came into this world with nothing and I'm gonna leave with nothing.
0
Comments
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The idea is correct and the use of a mule card is often used by Stoozers.
However, I'm not sure that the standard Egg card allows positive balances, they may just send the funds back to the source or query the transaction on money laundering suspicions.
But if you have the Egg Money card this is designed for positive balances and would be perfect for the transaction that you have in mind.0 -
Im sorry i do indeed have the egg money card (mastercard) to use as a mule card to enable me to get the funds transfered to my current account.I came into this world with nothing and I'm gonna leave with nothing.0
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I think your sorted with Egg Money then - the transaction should be fine, Happy Days :beer:0
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