Egg Money 4% Positive Balance

caveman38

Are there any restrictions or catches to having a large positive balance with EM card. At 4% it is one of the best rates available at the moment.
For stoozing it would most probarly be the best way to BT to EM and leave it there.

TERMIN8TOR

I'm not 100% sure on this, but I believe you loose in cc protection for purchases if in positive balance... Shoudn't be a problem if all you are doing is wanting to save...

apt

Although Egg hasn't moved the 4% rate on positive balances it is a variable rate. So if Egg decides to reopen Egg Money to new customers it may well cut the 4% rate considerably. The 1% cashback is also not guaranteed so may be reduced at some stage.

YorkshireBoy

apt wrote: »

...it may well cut the 4% rate considerably. The 1% cashback is also not guaranteed so may be reduced at some stage.

If at least one isn't cut this month I'll eat my hat!

drink-stella

Is it possible to do a balance transfer from a 0% card to egg money for a greater amount than your egg money credit limit is?

Ie if owe egg £100 now and have a credit limit of £1000 can I do a transfer to egg from a 0% for say £2500 merely so I can withdraw the cash?

YorkshireBoy

drink-stella wrote: »

Is it possible to do a balance transfer from a 0% card to egg money for a greater amount than your egg money credit limit is?

Oh yes!

Max Egg Money positive balance is £99,999.99 (with no single transaction deposit maximum).

caveman38

YorkshireBoy wrote: »

If at least one isn't cut this month I'll eat my hat!

For non stoozers, surely the 1% cashback is the big pull. I can't imagine they would touch that. Maybe the 4% is vulnerable.