Top Cashback Cards Discussion Area

stphnstevey

CannyJock wrote: »

You earn cashback on your purchases/spending. You can setup a DD to pay back the money that you spend. A DD takes money from your bank account, not a credit card.

Egg Money's a hybrid credit card/savings account, paying interest on positive balances.

Wondering if I could use it to pay some bills, such as mortgage and get cashaback?

lisyloo

You would have to check whether your mortgage company accept credit cards as payments.
On the whole most household bills cannot be paid for by credit card, but there are a few exceptions.

CannyJock

stphnstevey wrote: »

Egg Money's a hybrid credit card/savings account, paying interest on positive balances.

Wondering if I could use it to pay some bills, such as mortgage and get cashaback?

Not for nearly a year it's not

It is however one of the staples of a stoozers wallet. It still works like any other credit card as far as making bill payments.

We've been debating making overpayments on your mortgage with credit cards over on the stoozing site for a couple of years now: http://www.stoozing.com/forum/YaBB.pl?num=1218039089

stphnstevey

CannyJock wrote: »

Not for nearly a year it's not

It is however one of the staples of a stoozers wallet. It still works like any other credit card as far as making bill payments.

We've been debating making overpayments on your mortgage with credit cards over on the stoozing site for a couple of years now: http://www.stoozing.com/forum/YaBB.pl?num=1218039089

Am I missing something?, but can't you just us the Egg Card as a mule and then transfer it to a current account and overpay via DD or debit card?

CannyJock

stphnstevey wrote: »

Am I missing something?, but can't you just us the Egg Card as a mule and then transfer it to a current account and overpay via DD or debit card?

You can, and for those with an offset mortgage that's what they have been doing - again, advantage of offsetting is that you can still get access to the money to repay the card if you're not able to BT it elsewhere. The pot of gold we're all chasing though is the 5% cashback or other reward options if you're able to pay directly.

stphnstevey

With the Amex card, if you spend over £7500 does all of the £7500+ get 1.25% cashback or just the amount over £7500?

mrmajika

stphnstevey wrote: »

With the Amex card, if you spend over £7500 does all of the £7500+ get 1.25% cashback or just the amount over £7500?

Only the amount over £7.5k attracts the higher rate.

tubster

I've been trying to work out the Amex tiered rates with the introductory bonus vs the old Egg money/Capital One paying 1 per cent cashback.

I think the bonus rate isn't included in the tiering, which in effect meants

0 to 2K you get 5 per cent
2K to 5.5K you get 0.5 per cent
5.5K to 9.5K you get 1 per cent
9.5K plus you get 1.25 per cent

Now I spend about 1K a month so for me it is only worth spending on Amex for the the first 3K (to get the best rate and qualify for cashback) then revert to egg money or captial one at 1 per cent. Using the calculator it only works out better with just AMEX if you spend more than 15K AFTER that first 3K over the whole year, ie 18K spend. Does this look right, experienced AMEXers?

lisyloo

I don't think you are right.
I think the initial £2K is included in the tiers i.e.

0-2K is 5% (first 3 months only)
2-3.5% is 0.5%

etc.

I await someone else to confirm or deny.

stphnstevey

I think there is a cap on the 5% cashback of about £100 in the first 3 months or something like that as well. After that cashback uncapped, but like you said, you have to spend alot to get he highest 1.25% tier.