Always have a SBT handy or the system fails

A question about : Always have a SBT handy or the system fails

Hi

This may be a silly or obvious question but here goes.

I have been stoozing for 7 months or so now and had an EGG card which has now finished its 0% period. As I change cards and add cards, what is most important, shouldn't I always make sure I have a SBT card so I can get to the money?

I know looking at this first, the answer is not necessarily, as I should try to get new cards to cover existing cards, so that all I ever do is BT's and not SBT's, but a recent failed application has meant that I may not be able to cover a previous card in time and thus have to give the money back until I can get another card to bump my stooz back up.

Therefore unless I have a SBT card handy, my next card will not allow me to get to it's funds, unless my next card is an SBT card, thus dictating that even though there are better offers out there, I must apply for what ever SBT I can get hold of. Or have I got it wrong somewhere?

Any answers appreciated.

Best answers:

• You should certainly hold onto your Egg card both for the repeat offers and so you can use it as a mule for other cards that do not allow SBTs. Furthermore as you did not take it out recently it has no BT fees on it.
  While in theory it is nice to just keep rotating debts onto new cards it is not always possible as the existing debt can make it hard to get new cards. Your Egg card will allow you to restart stoozing if you find you have to pause for a moment.
  I plan to do just that as my stooze level is so high I doubt I can get any more cards with good limits to replace them. Instead this time round I plan to just pay the bulk of them off, cancel them, wait until the cancelation is registered by the CRAs and then start applying again, routing the money through my Egg card.
• Thanks for the info, but what would happen if I used my EGG for a SBT now, that it is outside the 0% offer period, ie say I took out an RBS card and BT to the EGG for an imaginary Ј10,000 debt on the EGG(if they allowd that much of course), and the straight away SBT from EGG to current account?
  Would I be charged anything other than BT charges by RBS, ie would EGG charge for anything?
• Yorkshire boy, are you sure egg no longer charge a balance transfer fee? On the 16th July the email to say that the egg statement was available said that the conditions of the card change from 1st August.
  Condition 7.2 says that 2% fee on balance transfers max Ј50
  Hope you are right and I am wrong :confused:
• Hi YorkshireBoy thanks for replying in the other link about second stage of stoozing. Can you tell me what is meant by 95% rule? Is it the 95% maximum limit of your limit on Egg side?
• Thanks guys for all the info.
  A couple of questions though YorkshireBoy (thanks for all your answers on All my posts in case I haven't thanked you yet), you keep saying bear in mind 95% rule, well I have a Ј12,000 limit with them so to clarify that means I deal with 95% of Ј12,000, yes?
  Using the positive balance method how would that effect me transfering the money into my current account, ie if I got Ј12000 out of RBS and put Ј12000 on my EGG which also happens to be its limit, would I then only be able to take 95% of that? But what about the positive bit left on the EGG? I notice in the past when I got Ј25000 out of FD and put it through EGG that even though I was way in credit with EGG I had to do it in 3 goes because they wont let you transfer more than your limit in one day.
  Also you mention the money laundering department, what difference would it make to, them or you, if they saw what you were doing and realised it was nothing dodgy, or is this dodgy in their eyes?
• Ok YorkshireBoy got it all clear now.
  But one thing...... .......you'll be thinking I'm "The Posting Pest", come to haunt you, keep banging on about this, but I'm curious.
  The money laundering department, what difference would it make to, them or you, if they saw what you were doing and realised it was nothing dodgy, or is this dodgy in their eyes?
  Surely they are already interested in me after what I did with Ј25,000 from my FD.
  Sorry I promise I wont ask anymore about this after this one YorkshireBoy.
• I haven't found this to be a problem. I have passed large (20k - 25k) sums of money through Egg on a many occasions involving big positive balances.
  Generally they phone me, but it is nothing to do with money laundering. They just want to make sure that, as the BT instruction was done via the internet, it really was me that requested it and not some hacker.
  All I had to say was "Yes I did" and the transaction went through. No questions asking me to explain why I wanted to do it at all.
  Indeed I have not heard of anybody on these forums ever being asked money laundering questions by Egg. Feel free to correct me anybody if you have had the third degree!
• How did you wriggle out of that one?