Egg money

Milarky

If you draw out cash from Egg money whilst carrying a balance on purchases between the statement date and the due date, then pay the statement balance in full (but not the cash you have taken out because it won't have been on the statement, of course) then are the purchases treated as paid and therefore interest free - or are they only treated as paid if the whole balance (including the cash-out bit) is paid? Obviously there will be interest on the cash come-what-may, but if it's only £10 drawn out the day before and there are £200 of purchases on the statement, so that £200 is taken by direct debit on the due date, it makes a big difference whether or not the originally itemised balance is treated as 'cleared' or not by this.

Anyone know?

(Logically, if a purchase for £10 was made 1 day before the due date, then the £200 collection would go off the 'other' purchases which relate to a previous period, and all would be fine. The cash isn't itemised on a statement in the same way)

EDIT: This answers it, thanks:

Allocation of payments
The minimum payment will be allocated to interest due, any card repayment protection premium, and charges (in that order) and then between the Revolving Balance and any Transferred Balances (where applicable).

Any amounts over the minimum payment will be applied in the following order:
Transferred Balances on which interest is charged at a promotional rate; and
the Revolving Balance in the following order:

(i) Charges;
(ii) Cash Advances included in your current statement;
(iii) Transferred Balances put on your Account that are not or no longer charged at promotional rates and Purchases included in your current statement (including Purchases at a promotional rate).
(iv) Cash Advances put on your Account after your latest statement date; and
(v) Purchases put on your Account after your latest statement date

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

Since 'iii' gets paid before 'iv', the previous month's purchases ought to remain interest-free up to the due date.

david78

And the last time I withdrew some cash from Egg Money, they treated it as a purchase and gave me cashback.

magentadreamer

david78 wrote:

And the last time I withdrew some cash from Egg Money, they treated it as a purchase and gave me cashback.

That is handy to know, as I've just got one to load up my spending money and food shopping onto. Nice to think I might get cashback just for withdrawing cash at an ATM!