Balance xfer --> Egg --> bank cc

May 27, 2004 7 Replies

Hi all,



Just after final confirmation before I give this a shot.



I have an application for a new credit card with the usual introductory 0% for 6 months. Unfortunately the card does not allow me to transfer directly to a bank a/c.



I understand from my lurking on the group that it is possible in such cases to :


1) Do a balance transfer to your Egg account, giving it a credit balance
2) Transfer the Egg credit balance to your bank account

Could someone confirm that the above is correct, and advise how you go about getting the Egg credit balance into your bank account - is it done through the Egg Money Manager?



Clarification appreciated.



Brgds,


I've done it (several times) by ringing Egg and asking to transfer the balance to my current account.

Yes, the above is right but its nothing to do with the Egg Money Manager

Instead, you want to go to Move money/Balance transfers/current account / overdraft and enter your bank account details there.

Regards Sunil

Don't forget that Egg will be charging you interest at 16.3% APR if you do this. Wouldn't it be cheaper to apply for a loan from them?

Not if you are transferring a "credit balance" from your credit card..

Regards Sunil

That's worth remembering. Will Egg allow balance transfers to be made from another card which result in a large credit balance on the Egg card account?

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