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Egg blue/money cashback bonus
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david78
Posts: 1,654 Forumite
in Credit cards
At start of last month I had £3000 credit in my egg blue account. This was money from my MBNA card on route to ING (stooz money but borrowed at 1.9%). At some time in the month the card became an egg money card earning 4% as it had a +ve balance.
I decided to move this to ING to get 4.75% instead, rang up and got it transfered.
Now my statements out and Egg have given me £30 cashback on the transaction, 1% of £3000!
How long before they spot this and delete it I wonder.
I know this used to be a feature with the egg blue card but you would have thought they would have sorted it out for egg money. Otherwise people will be moving money in and out like mad.
I decided to move this to ING to get 4.75% instead, rang up and got it transfered.
Now my statements out and Egg have given me £30 cashback on the transaction, 1% of £3000!
How long before they spot this and delete it I wonder.
I know this used to be a feature with the egg blue card but you would have thought they would have sorted it out for egg money. Otherwise people will be moving money in and out like mad.
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Comments
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You might be interested in this thread on the Fool website...david78 wrote:How long before they spot this and delete it I wonder.
http://boards.fool.co.uk/Message.asp?mid=9564372&sort=whole#95647520 -
But my case is different. The egg money card is designed to have a positive balance. Egg enchourage it!
Yet when you BT the balance off they pay you cashback!
Come on you moneysavers, there's a real opportunity here.0 -
I don't think Egg give cashback for BT's do they? I don't have Egg Money, but Egg Green give 0.1% for BACS transfers to a current account (reference the earlier link).david78 wrote:Yet when you BT the balance off they pay you cashback!
The point of my post was to highlight what can go wrong when they spot these transactions.
I know they encourage positive balances, but they're not going to take too kindly to paying you 1% to put your money somewhere else.
At best you may get a phone call, or they'll plug this "loophole". At worst, they'll close the account as in my link above.0 -
YorkshireBoy wrote:I don't think Egg give cashback for BT's do they?
YES! They give 1% for transfered made by BACS and setup over the phone. This is how you are supposed to do the transfer with the Egg money account. You can use the on-line SBT facility but it isn't mentioned in the T&Cs as a method for withdrawing cash -- you 'phone them and they do it by BACS.
Its probably a loop hole they will plug soon.0 -
Hi,
This sounds a bit weird... cashback just for transferring money by BACS?
How long did it take for the cashback to show?
DavidWhat shall I put here?
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I did the transfer on 24th September. It showed on my next statement, 7th October.
I've only just found out as I went on line to arrange payment of my balance (I've since spent on the card to the value of about £25. Total cashback for the month is showing as £30+).
I think YorkshireBoy's point is they might 'phone me to query the transfer. But I have spoke to them already to sort it out. I met some resistance along the lines of "but we pay you 4%, why not leave it there", but after some persistence, explaining "I needed the money in my current account now so I could write a cheque" the lady arranged the BACS transfer. I didn't expect cashback - I thought the loophole would have been closed with the new Egg money card and the upgrages they have made to the website.0 -
david78 wrote:YES! They give 1% for transfered made by BACS and setup over the phone. This is how you are supposed to do the transfer with the Egg money account. You can use the on-line SBT facility but it isn't mentioned in the T&Cs as a method for withdrawing cash -- you 'phone them and they do it by BACS.
Its probably a loop hole they will plug soon.
An (S)BT and a BACS transfer, while being technically similar, are treated differently by Egg. You'll only get the cashback when you do a BACS transfer, as you did by telephone. For some reason a BACS transfer gives "purchase" cashback.0 -
Yes BACS is different, I know. But why pay cashback? If someone transfers some money in and out of the card continuously they get cashback on each outward-bound transfer.0
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david78 wrote:But why pay cashback?
A system flaw most likely.If someone transfers some money in and out of the card continuously they get cashback on each outward-bound transfer.
Yes, although Egg will catch on soon enough and take action - like the guy on the Fool website.0 -
Theoretically, you could cycle the maximum £99,999 5 times a month - and make £5K a month at it. Certainly beats the more conventional ING stooze pot!
Sadly, I fear it'll only be a matter of time before they plug this "extraordinary" loophole (and close the accounts of those exploiting it).0
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