Egg Anniversary Questions

path29

Hi

I've been an Egg cardholder since year dot, but am unaware of this 'anniversary' offer they have. Can anyone explain it?


Thanks


Pat
___

urbanfrit

Try here:

http://forums.moneysavingexpert.com/showthread.html?t=169

path29

it doesnt really explain how the egg anniversary thing works though. thats the info i'm looking for...

Reaper

Very briefly - you can do balance transfers during your anniversary month and they will be at 0% for 5 months.

Read this thread for more details.

Milarky

Path29,

It's really very simple. Each year, in the anniversary month that you took out the Egg card [green], you are allowed to request a balance transfer up to 95% of your credit limit at 0% interest for that month and the next four months. So, you just transfer the money to your current account - move it to a higher interest-paying savings account and make the minimum pays of 2% of the reducing balance. Alternatively [if you have real debt to service] balance transfer the same amount of debt to Egg and service this at 0% interest instead of what your were paying.

Some points to note - other posters please add

Only transfer in the first month - not during months 2,3,4, or 5.

Set your direct debit payments to Egg back from 'full' to 'minmum' amount straight away. [This can be reset to 'full' once the deby has been repaid to Egg]

Egg are very flexible, and you may ask for a 'reasonable' credit limit increase online in the run up to or at the time you make request for a transfer. [By 'reasonable', probably the lesser of £2000 or 40% of your existing limit]

Min transfers are £100, Max of all transfers are 95% of your 'new' credit limit.

When repaying the final balance at the end of the five months, take note of the last date and pay this by debit card ideally against cleared funds in your current account [as this is the quickest payment method]. Otherwise you must arrange another payment or balance transfer from another credit card [if you can arrange one] and initiate this at least two working days earlier.

HTH

Any questions?

ds3727

If you had the card before they intorduced the 2% balance transfer charge can you still do a super balance transfer during your anniversary month free of charge.

YorkshireBoy

Milarky wrote:

other posters please add

* Do not make purchases with the Egg Green card during the 5 month anniversary period. Use another card. This is due to the "order of payments" repaying the lowest interest rate first (ie your BT).

* You can BT up to around 99% of your limit, by doing a 2nd "95% of the remaining 5%" BT.

Reaper

* Because only BTs in the first month apply you can not use the Egg card as a "mule" during the 5 months. So sort out another SBT card before you start, the Egg Money card for example.

joe13

ds3727 wrote:

If you had the card before they intorduced the 2% balance transfer charge can you still do a super balance transfer during your anniversary month free of charge.

yes you can, this is my anniversary month and I have just SBT to my high interest savings account with no charge. Egg even kindly rang me to remind me that I was able to do this. This has to be one of the best cards around as the anniversary offer is every year and it allows SBT's.

YorkshireBoy

joe13 wrote:

This has to be one of the best cards around as the anniversary offer is every year...

Just a minor point. I obtained my Egg card earlier this year and my anniversary offer is "guaranteed" until 2007. Earlier applicants (not sure what the cut-off date was?) have their's "guaranteed" until 2006.

KathrynPenguin

Yes, its my anniversary this month and I have had this card for years now so I am only guaranteed until 2006. And I have a stupid low credit limit because I asked for it a couple of years ago. Got turned down for an increase - maybe I asked for too much, I'll try again for a lower amount.