Cash withdrawl from Egg Card?

WSO

Sorry if something similar has been posted before...

I know it is possible but I'm not brave enough to try it as I don't want to incur any unexpected charges. So if you have withdrawn on your Egg card from the ATM a few questions:-

Does Egg charge for the withdrawl? (I think they don't)
Does the ATM levy a charge for the withdrawl? (I think they might)
Is interest charged for withdrawls on a negative balance? (A no brainer, it will be)
Even if balance is paid off in full? (This is where I'm unsure)

My problem is that I'm trying to encourage the OH to put all his card spending on the Egg card to get the cashback - but while he still has his debit card to get his day to day cash for bus and places that don't take cards he will use that as he knows I'll ask him for less cash at the end of the month. If he only needs to take one card it would be easier, but I don't want to pay for needing the day to day cash either.

magentadreamer

Hi, I'm assuming you mean the EggMoney card?

I've just had a look on the egg site and it doesn't appear that you'd get charged for using it at ATM's. However some ATM owners do plonk on charges but Egg wouldn't charge you for using it like a cash card.

WSO

Yes sorry, I do mean the Egg Money (I've been with them since 2001 and its morphed several times - Boots Advantage > Green > Blue > Money - I forgot there was more than one!)

I was thinking along the same lines as you with regard to ATM charges... but the interest charges are the bit I don't quite understand. I can't see them charge interest when the money is drawn while the account has a positive balance, but I'm guessing if you use it like a classic credit card (which I do) then you would get charged interest.

Just wondered if anyone using it the "classical way" has tried a cash withdrawl and what they got charged for using it.

magentadreamer

I thought you meant Egg money - I've just got one to preload my "walking about" money on thought I might as well gain a bit of interest on it.

YorkshireBoy

WSO wrote:

Just wondered if anyone using it the "classical way" has tried a cash withdrawl and what they got charged for using it.

If you make a cash withdrawal which creates a negative balance you'll be charged interest (on that amount at the rate specified on your credit agreement) from the date of the withdrawal until your account is repaid in full.

You'll also pay some interest on your next statement as well, which will be charged for the period from the date of the previous statement until you repaid the balance in full. If you have a full payment DD set up, then this figure could be significant.

Egg do not charge a fee for making a cash withdrawal - whether your account carries a positive or negative balance.

Egg Summary Box: http://new.egg.com/visitor/0,,3_79827--View_1682,00.html

WSO

Thats what I thought but wasn't sure... best not withdraw cash on my Egg Money card then since I use it the classical way and pay off in full (min then a top up payment) to avoid interest on purchases - even if I am on 6.9%...

You post made me think YB... If I switch to pay balance in full (which I did to avoid missing payment days like I've done twice now) - will they take the full amount at the time of the statment (say £350) or the amount outstanding at the time of the payment (say £500)... if it's the latter I will need to change it back again!

YorkshireBoy

WSO wrote:

Thats what I thought but wasn't sure... best not withdraw cash on my Egg Money card then since I use it the classical way and pay off in full (min then a top up payment) to avoid interest on purchases - even if I am on 6.9%...

You post made me think YB... If I switch to pay balance in full (which I did to avoid missing payment days like I've done twice now) - will they take the full amount at the time of the statment (say £350) or the amount outstanding at the time of the payment (say £500)... if it's the latter I will need to change it back again!

I'm not sure what you mean here, but when they produce your statement, they have calculated the interest due on your cash advance(s) to that point only. The longer you leave it before making a full payment will determine how many more days interest (sometimes called 'residual' interest) will be charged on your next statement.

If you're making a full payment by DD, then this is the worst case scenario because this payment won't be collected until around 20 days after your statement was produced.

WSO

I have established that the way I use my card (pay it off by DD) will have to change if I want to draw on my card (so is a no go).

However, I have just changed my DD to pay off in full this time around as opposed to minimum only with an additional one off payment. My statement is for £350 ish but I've put more on it since then... will they take £350 as per the statement or all the spending I've done up until that point? Sorry I know it's off topic but having seen the summary box you linked and what you said to got me thinking...

YorkshireBoy

The full payment DD will take the amount specified on your online statement, ie '£350 ish'.

WSO

Thats what I was hoping you'd say. Thank you.