Egg Card Balance Transfer and some more?

Robboswife

Good Morning,

I am new to the board and I am looking for some advice please.

I recently applied for an Egg card to do a balance transfer which was approved and I was given a credit limit of £10,000!

I only want to transfer £3000 so this is fine but I am also looking for a loan for £6000. Is there any way i can use the remaining £7000 without it being classed as a cash transaction? Can I transfer it between different bank accounts as overdrafts?

Thanks in advance for your help

Lou

YorkshireBoy

You can transfer overdrafts (up to 95% of your available credit limit) to this card at the same 0% rate for x months.

See the FAQ:
http://new.egg.com/visitor/0,2388,3_11084--View_1765-bID_ECBalTraFAQ-dva_1,00.html#whatbalancescanitransfer?

and the Small Print:
http://new.egg.com/visitor/0,,3_11087--View_1068,00.html (see condition 9.3)

You can action the transfer from your secure area online once your account is set up.

Robboswife

Hi,

Thanks for your reply, sorry if I am asking silly questions but I just want to clarify.

I don't have these balances outstanding, I just want the cash at 0% for the specified time period so I would want to transfer 2500 to one account and 3500 to another, would I still be able to do it?

Thanks again

Lou

ryandj

It should be possible.

YorkshireBoy

Robboswife wrote: »

I don't have these balances outstanding

Neither did I, when I transferred £14,250. Did you read condition 9.3?

would I still be able to do it?

Yes.

Robboswife

Hi,

Yes I did, as I understand it I can try but they could say no. Am I right?

I am worried that they will then charge me for a cash transaction, but I guess if the say no then it doesn't matter anyway? and if they say yes they have agreed to it as a balance transfer.

It all becomes clearer, I just need to wait for my card to arrive and then go for it.

Thanks for your replies, I almost made an application for a loan so you have saved me some money.
Thanks again
Lou

YorkshireBoy

Just remember that in 15 months time you will have far more available/used credit than you have now showing on your credit file (if you make only the minimum 2% payments each month).

This will be taken into account when you approach your next lender to switch any remaining balance, so could affect acceptance/credit limit offered.

At it's extreme, your cheap loan now may suddenly become 16.9% APR or higher. Make your plans early.

Good luck.