Egg coming to end - cash to savings now?

Lendusapund

Hi

Abbey exp Jan 06
M & S exp Jan 06
Egg exp end sep 05

Hi
Ive been moving the cr limits to Egg then savings acc. Now my egg is about up, Ive asked for extension - no. Ive attempted Virgin & Lloyds - no. Yesterday Natwest said Yes but by the time they get their fingers out, will be to late to clear off Egg (1/10/05) so Ill have to use my savings/stooze pot.

If I get a Natwest, how do I now get the credit limit fund to savings? Egg charge me now Im out of the special deal so its not worth paying the charge for the 5% interest? Or is it?

Advice please much appreciated.

Thanks
RichT

Reaper

Lendusapund wrote:

If I get a Natwest, how do I now get the credit limit fund to savings? Egg charge me now Im out of the special deal so its not worth paying the charge for the 5% interest? Or is it?

The Egg balance transfer fee was only introduced for people who got the card recently. You are probably ok. If not from memory I think it only applied during the 0% periods anyway (I may be wrong) in which case it still doesn't apply.

If so just BT between NatWest -> Egg -> Bank, leaving nothing on your Egg card.

Lendusapund

Hi
The only thing is that by mid-sep I will have to make transfer from stooze pot as dont thing Natwest will be ready by then (to ensure Egg doesnt chg me interest etc). So - if eggs clear and at the end of its free 0% & nil charges, ...

Regards

smartsaver

Thats the way I understand it. Wouldn't hold ur breath for Nat West. They gave us a piddley £700.00 (the lowest ever) when I've got 18k with MBNA... Unless you bank with Nat West - then you might be luckier..

Lendusapund

Hi Everyone
Dont mean to stretch this out too much but, avoiding transfer costs (as that would eat all my profit), how to I get money into stooze pot now that my Egg 0% period (and free tfr period also) has finished?

I realise I can still play the game with the 2 existing cards Ive got - these expire end Jan, however I was playing with 3 initially. I didnt swap egg card for new card as I was getting turned down by Lloyds & Virgin . (Hope to be more ready for swapping next 2 cards rather than paying out of stooze fund).

Thanks
RichT

Bargain_Rzl

1) If your Egg T&Cs are the same as mine, there is no balance transfer fee EXCEPT during the 0% periods.

2) I was in your situation very recently. Applied mid-July for Virgin credit card, got an online confirmation of acceptance, but Virgin wrote to me a week later rejecting me. By this point I only had a little over 4 weeks to go before my Egg 0% ran out. I applied to Lloyds TSB (knowing I'd get accepted as I have had an exemplary banking record with them since I was 12) but I took a while to submit my application as I had my purse nicked (with my Egg card in it) and had to wait for the new one so I could instruct the correct number for the BT. Once everything was going through, I only had a week left on Egg 0% so I decided to pay the balance from my stooz pot. I phoned up Egg to ask whether, once the BT went through, I could get it transferred back to my current account and they said yes. Went through last week (LTSB messed up the BT and it took ages!) so I phoned them up and the cash went into my current account a couple of days ago.

HTH

Lendusapund

Hi

So, if my Eggs no longer free for moving cash to the stooze pot, what other free method can be used? As I said earlier, any charges would simply wipe my profit clean.

Thanks
RichT

YorkshireBoy

Lendusapund wrote:

So, if my Eggs no longer free for moving cash to the stooze pot, what other free method can be used? As I said earlier, any charges would simply wipe my profit clean.

If you're a pre-May 1st applicant (you should be if your intro period ended on 1st October), you can continue to do fee-free BT's even after your introductory period ends.

You then have two choices:

1. Put your Egg card into positive balance and then SBT from your current account. You may have to do the SBT in 2 stages due to the 95% rule. After reading of someone elses plight on the Fool website, I'd advise doing the SBT's by the online balance transfer function, rather than calling them up and asking for a BACS payment to your current account.

2. SBT from your current account and then pay back with the BT to your new card. This way will incur a small amount of interest, but if you time it right this should be kept to a minimum. This method also doesn't "draw attention" from Egg's "unusual transactions department"!

Lendusapund

Thats great news YB - thanks. Id been looking on the Egg site but couldnt find anything which was especially for early cards.

I'll follow your advice & get going again.

Thanks
RIchT