the new egg money card

Hi All,
Thank you for your comments. Basically I dont mind the difference of £20, after all the £66 itself is a bonus!!!

Keeping within Egg means I dont need to bother too much about the transfer from the Savings a/c to Green ! Less hassle still good value a free £66 !!!

If I have to really shrewd I might settle for ICICI with 5.4 % !

I've just arranged to pay £6000 into my Egg blue card from another CC. I only have a credit limit of £2000 (I had a higher limit, but lowered it to get a higher limit on my Egg green.).

Should I SBT this to my current account, and do I need to do this in three 0.95*£2000 = £1900 chunks and one £300 chunk, or can I SBT this to my current account all at once.

Or should I just wait until the card becomes the money card on the 16th?

Any advise would be most welcome.

MSE_Martin wrote:

A couple of clarifications on this

1. This card does have Section 75 protection - both as its a credit card and the way its structured and because Egg have confirmed it
2. There will be no cash withdrawal when you are abroad - unless the overseas bank itself charges you a fee.

Martin

Do you mean there will be no cash withdrawal charge whilst abroad?
i.e no 2.75% fee?

Is the fee still charged for other non sterling transactions?

Paul_Herring wrote:

All this presumes Egg will allow you to balance transfer between their two cards directly (as opposed, say, via a current account)

Paul Why Not The EGG Money operates like an account so when you have a credit balance you should be able to pay up any card or account. Having said I looked at the small print:

9.3 You can ask us at any time:

to pay off an amount you, or your Additional Cardholder, owes to another UK lender and transfer it to the Account, as long as the amount transferred would not make you go over the Credit Limit and is not used to discharge your or your Additional Cardholder’s indebtedness to any part of the Egg plc group of companies; :silenced:

to transfer (by direct bank transfer using the Bankers Automated Clearing Services ("BACS")) an amount from your Account directly to a specified current account held by you or an Additional Cardholder as long as the amount transferred would not make you go over the Credit Limit. These transfers normally take up to four business days to arrive.

Please can someone clarify the "indebtedness" part please

Paul_Herring wrote:

Assuming no compounding (remember that ICICI [should] pay interest monthly) £88.77 - 59.18p/d. This also assumes you've already gone through the hassle of opening an account, and they've paid you interest.

ICICI does pay Monthly I checked with their Rep.

The lack of section 75 'protection' of the consumer credit act 1974 weakens this card as a purchase card. There is precedent for credit products being exempt such as credit card cheques. See here for the financial ombudsmans take on cheques. Can this excuse for cheques apply to cards ?

@Martin I'm glad you have removed your shackles and feel able to comment. once more. In my humble opinion you don't have to sign confidentiality agreements as clueless financial journalists will ask your opinion anyway. There is no need to beat the company in announcing the news but once the news is made public you can unleash what you have found out. Egg jumped the gun this time and went splatt in the knowledge that they had you and many others gagged. This may be idealistic thinking on my part.

It is not uncommon for egg terms and conditions to have dates before and after certain dates. There were terms and conditions for the Egg Money Card that applied for those that applied before the 8th September. These had 0% purchase deals as well.
J_B.