Am I better off with Egg Money card instead of Egg card?

ferry

I currently have a negative balance on my Egg Card of £3.5k and dont pay it off in full each month.
Would I be better off with the Egg Money card instead in view of this @ 7.9% APR.
My Egg card carries a 16.9 APR...

Thanks for any advice.

Ferry

clio

Ferry
you may not get the 7.9 %, i didn't i got the 16.9% APR and you'll only find out afterwards the rate you got. so if you did not get the lower rate and closed down the card, you,ve waisted a search . Why not go for an 0% card for 12 months or better ?

ferry

Thanks Clio I guess you're right,last thing I need is another search on my file especially as that rate isn't guaranteed..

Ferry

clio

ferry
So what you going to do?? why not think about a 0% card and transfer that balance from egg. Virgin/Mint/Barclaycard have some good offers on.

ferry

I'm taking a close look at the Mint card 0% for 13 months and lower varible APR than I'm on now...

I hear Mint give very reasonable credit limits too.

Ferry

Moggles_2

ferry wrote: »

I hear Mint give very reasonable credit limits too

'Don't know where that notion has come from. Mint are certainly not known for generous credit limits.

To maximise the 0% period, 15 months is currently available to new customers from Virgin. There's a 2.98% handling charge

Paul_Herring

ferry wrote: »

I currently have a negative balance on my Egg Card of £3.5k and dont pay it off in full each month.
Would I be better off with the Egg Money card instead in view of this @ 7.9% APR.
My Egg card carries a 16.9 APR...

You would have to be VERY lucky to get a £3.5k limit on Egg Money. Look elsewhere.

jamesd

Normal maximum limit for Egg Money is apparently twice take-home pay, according to the Egg underwriting person who was correcting my limit upwards after they failed to find my credit record when setting the original limit.

Paul_Herring

jamesd wrote: »

Normal maximum limit for Egg Money

... which you won't get unless you've been a customer for a while, and even then you need to pass an interview (mine was by telephone) with an underwriter ...

is apparently twice take-home pay, according to the Egg underwriting person who was correcting my limit upwards after they failed to find my credit record when setting the original limit.

benf90

It wouldn't really matter if the OP applied for the Egg Money card and got a high enough credit limit anyway, because Egg don't transfer negative balances between the two types of cards.

The only way they'd be able to get the balance over to Egg Money would be by transferring it away from Egg first. If they're going to do that they may as well do what other people have suggested and look at 0% BT offers with other card companies.

jamesd

Paul_Herring, since we both got ours in the same way after a discussion with an underwriter and after being a customer for a while I can't disagree.