Having a Blonde Day!!

ShakyStoozer

Hi,

Like lots of other people I'm new to this and could use some help from you stalwarts.....I get the logic of how it works, but can't get my head around why the Egg money route is better than the super balance transfer route. Is it just that there are only a limited number of compaines that will allow a super balance transfer??

Am hoping to tie this in with my plans to switch to an offset mortgage so I can join the mortgage free roll of honour so any help is gratefully received.

Thanks! x

:j

CannyJock

ShakyStoozer wrote: »

Is it just that there are only a limited number of compaines that will allow a super balance transfer?

Yup, they're limited. Egg Money card can be used to route balance transfer from any card. If you get a chance of a SBT without any additional fees is the quickest way to get the money into your current account.

Steve1981

CannyJock wrote: »

Yup, they're limited. Egg Money card can be used to route balance transfer from any card. If you get a chance of a SBT without any additional fees is the quickest way to get the money into your current account.

Am I right in that SBT go straight to account (as said above)
Egg Money takes the transfer from another card - then transfers into account? - basically adding an extra link in the chain - but offering the facility to put money in to your bank account from cards that dont offer a SBT?

CannyJock

Steve1981 wrote: »

Am I right in that SBT go straight to account (as said above)
Egg Money takes the transfer from another card - then transfers into account? - basically adding an extra link in the chain - but offering the facility to put money in to your bank account from cards that dont offer a SBT?

Yup, SBT is direct to account and doesn't count as a "cash withdrawal" so no horrendous interest.

On the Egg Money side you transfer the balance from any other card onto it, once the funds have cleared and are showing on your Egg Money account, giving it a positive balance, you then "transfer an overdraft" from your current account onto the Egg Money card which removes the positive balance and puts the money into your current account.