Egg blue/money cashback bonus

charlie12

Hehe, that would have been one massive loophole - though I believe cashback is capped at £200/year.

I would have thought that Egg are aware of this since the Fool member's activities, maybe it's not a priority for them to fix it at the moment due to the £200 cap? Who knows...

hammodt

I found a page on the website which says my cashback is "1% on all purchases"... if the BACS transfer is for a purchase, then surely they'd have to give you the cashback?

Anyway, this loophole is worth trying!

David

Milarky

Another point that occurs is that there need be nothing unusual and that you don't need to ask for a 'balance transfer' when phoning up anyway [or do you?]. You could simply be withdrawing £100 of your 'own money' [since they encourage you to deposit and have a credit balance] to somewhere else. In other words, people would legitimately be asking Egg to make BACS payments for all sorts of reasons from what is now a 'demi savings' account

charlie12

You're quite right, Milarky, it is completely normal to request a BACS withdrawal which Egg wouldn't class as unusual, despite the odd "side effect" of paying out cashback on these transfers.

Going by the Fool member's situation, I think Egg closed his account due to the large number of high value "mule" transfers discovered (after being flagged due to an error causing him to exceed his limit by a very large amount), rather than the fact that he was earning cashback on them.

I've recently withdrawn a large sum from my positive Egg Money account, done via SBT. I could have gone the BACS route to earn a reasonable cashback sum but I decided to play it safe. I may well have gotten away with doing the BACS transfer and earning the cashback, but for me, keeping my two Egg accounts was more important and I didn't want to take that risk.

michaels

Probably a nominee for post of the month but I have to admit if I'd spotted this I'd have kept stumm until I had my 200 quids worth of cashback safely banked...

david78

I don't think Egg will want to close my account as I put all my spending on it.

As explained above getting the money out via BACS is what you are supposed to do with this card.

I probably could have waited until 16th November and got £60 casgback!

lipidicman

Anybody know if this loophole is still open? If not, I am going to try it and will let you know

Careful_ly

I did a transfer to my current account this week from egg money over the phone, it shows online as a balance transfer, so loophole probably closed, but my statement date is 3.12 so will update when I see that.

Careful_ly

Statement online today.Cashback muddled due to balance brought forward from last statement date being wrong. Stated brought forward 31p actual from last statement £13.49
Had to work cashback out by adding statement up
BUT HAVE NOT EARNED ANY CASHBACK ON BALANCE TRANSFER.
so appears loophole closed

dishmop

I assume they give you cashback because you are moving your money out of their bank where they are paying you 4% and its cheaper for them if its not there.


Who or what is ING?

I wonder what would happen if you moved the money to Egg saver account?

Ah. Just researched ING, but they are only talking about less than 4%