Egg card queries

pioneer31

My egg card was activated in December 2004 and is about to run out (1 Sept). My question is, what is it useful for now?

I hear people saying that you should never ditch an egg card but I can't see it's use outside the 0% period?

I'm aware of the anniversary offer which I suppose will kick in Dec 2005 but won't they try and impose a 2% fee? (I'm not subject to the fee at the moment, I got in before they changed the rules )

sicker

Maybe the 2% fee is not applicable to your card. It was only imposed on more recent application I think. Worth phoning Egg and asking because on my anniversary I got a max credit limit free balance transfer to my current account (then onward) for 5 months.

John

Milarky

sicker wrote:

Maybe the 2% fee is not applicable to your card. It was only imposed on more recent application I think. Worth phoning Egg and asking because on my anniversary I got a max credit limit free balance transfer to my current account (then onward) for 5 months.
John

Spot on - the OP's anniversary deals should be free of any fee - and he should get them for this year [December 2005-April 2006] and next [December 2006-April 2007]. He should also consider carefully timing requests to boost his Egg card credit limit in the run up to these periods [thus making the balance transfers more valuable] and he should understand the principle that what Egg actually allows him [or anyone] to do is transfer a balance 'from' [i.e. pay money into] a bank account, as well as other credit cards he holds. The other use of an Egg card, of course is to act as a 'mule' for balance transfers 'to' cards* which won't allow him to transfer cash directly to his bank account as Egg does.

*This being done outside months 2,3,4 and 5 of anniversary periods - when balances should not normally be repaid to Egg so as to benefit from the ongoing 0% deals themselves.

pioneer31

Milarky wrote:

Spot on - the OP's anniversary deals should be free of any fee - and he should get them for this year [December 2005-April 2006] and next [December 2006-April 2007]. He should also consider carefully timing requests to boost his Egg card credit limit in the run up to these periods [thus making the balance transfers more valuable] and he should understand the principle that what Egg actually allows him [or anyone] to do is transfer a balance 'from' [i.e. pay money into] a bank account, as well as other credit cards he holds. The other use of an Egg card, of course is to act as a 'mule' for balance transfers 'to' cards* which won't allow him to transfer cash directly to his bank account as Egg does.

*This being done outside months 2,3,4 and 5 of anniversary periods - when balances should not normally be repaid to Egg so as to benefit from the ongoing 0% deals themselves.

Thanks Milarky. I'm just slightly confused at the last bit.

Are you saying that outside the promotional period I use another card to put the Egg in credit before quickly dumping the 'credit' into my bank?

smartsaver

pioneer31 wrote:

Thanks Milarky. I'm just slightly confused at the last bit.

Are you saying that outside the promotional period I use another card to put the Egg in credit before quickly dumping the 'credit' into my bank?

You got it in one.. Commonly known as using EGG as a mule as Milarky has already said

Milarky

pioneer31 wrote:

Thanks Milarky. I'm just slightly confused at the last bit.

Are you saying that outside the promotional period I use another card to put the Egg in credit before quickly dumping the 'credit' into my bank?

Yes, I think you're right there. If by that you are saying take advantage of the card in that way - but only during the eight months when the Egg card is not being used to carry a 0% balance itself [Sorry, at first I read that to mean something different from you]

rach83

I find my egg card handy when it comes to car insurance. If you buy car insurance from Egg you can put the whole premium on your card and get 0% for 12 months. Last year I got a very good deal on my insurance with them and they also were running a £50 cash back promotion at the time. I was a very happy bunny. I have searched high and low this year and I still can't beat my renewal :j