Free Cash Loophole for ALL Egg card customers

Singer56

Which bank gives the best deal on a Business Account?

Sorry if I have posted this on the wrong forum!

JCJ

daveedson1948

I have applied this morning (25/02/09) by telephone for this account. However, on enquiring, I was informed that the moneyback deal will not apply as application will take approx. 5 days to complete and acceptance of the application will therefore not be completed by the "deadline" (which Citibank advise as 28/2).

nzseries1

MSE_Dan wrote: »

...(remember it's ONLY for Egg credit cardholders)....

Dan, this appears to be wrong. It says Egg CUSTOMERS, not Egg CREDIT CARDHOLDERS. Therefore, as the holder of an Egg Savings Account, I should be eligible for this.

Forgive me if there's some small print I haven't read somewhere.

coolforcash

daveedson1948 wrote: »

I have applied this morning (25/02/09) by telephone for this account. However, on enquiring, I was informed that the moneyback deal will not apply as application will take approx. 5 days to complete and acceptance of the application will therefore not be completed by the "deadline" (which Citibank advise as 28/2).

If the offer only applies to Egg customers and you applied by telephone how would they know you were eligible anyway (i.e. is it not through the link on the egg website?)? Is there any way you could take the required documentation into a branch to complete the application?

alexnznz

Will I be able to deposit leftover cash in euros to this account?
Quite often when I return I end up with a hundred or so euros. It takes ages to find them when I need euros again..

michaels

1) I did this offer last year for 100 usd = I paid my partner 100USD on paypal, waited for the account credit from citibank and then refunded the paypal transaction - paypal do not charge you any fees for this so 100 USD all intact.

2) I already had a citibank GBP current account. You only get 1 debit card and have to ask citibank to link it to the correct account each time you want to use the different currency accounts. Main difficulty comes when you fly back from Europe and go and get some cash out at the airport without remeberign to switch the card back to your GBP account and get charged a high out of currency loading.

3) Exchange rate between citi accounts is not competitve any more - you get charged 2.something % over market.

4) I think citi T&C suggest you need to keep a total positive balance of £2k with them or you get charged a monthly facility fee of 20 usd/15 eur for having these accounts

5) I asked whether the promotion was available for both USD and EUR accounts - someone was looking in to it for me but never got back with an answer.

6) There are very few citibank branches in the UK, mostly in London

thepearce

After seeing this offer elsewhere on MSE I called citi to ask if there were any charges on the account, and/or if a specific balance needed to be maintained. I was told there would be no charges..... but it would not surprise me if this was incorrect advice.

Waiting to see what Martin/MSE find out from citi about the delay in opening accounts. I had assumed it was instant otherwise I would have done this a week ago.

MSE_Martin

nzseries1 wrote: »

Dan, this appears to be wrong. It says Egg CUSTOMERS, not Egg CREDIT CARDHOLDERS. Therefore, as the holder of an Egg Savings Account, I should be eligible for this.

Forgive me if there's some small print I haven't read somewhere.

We've been round the houses trying to find the info specifically on this for the last two days. Officially we've been told cardholders were sent the email, and it only applies to them, but we've seen some literature saying egg customers. However just in case we have gone with the more conservative interpretation.

Martin

Former_MSE_Dan

Hi folks

After a fun morning on the phone, i have added this into the OP

Important Update 11.24am Wed 25 Feb.
A few people report below being told by Citibank staff its too late to get the applications done in time for this deal. We've re-checked this with Egg/Citbank press office and its confirmed (in writing) that, as long as the postal part of your application reaches it by 27 February, you will be eligible for the free cash offer. So if you want to do this apply ASAP, and consider using registered delivery. Thanks for the feedback though - it's best we're kept on our toes!

Former_MSE_Dan

Alfie_E wrote: »

I’m not sure I understand this. The Citibank website says, “fee-free purchases abroad in US Dollars or Euros with your Citi Visa debit card.” While you’ll lose a little in the exchange rate when initially transferring pounds into the Citibank account. This won’t be 2.75%, will it?

Hiya,

If you make a Euros/Dollars purchase while you are in the UK (ie. online/over phone) then the 2.75% is charged.

Dan