Best Cashback Cards Article Discussion Area

grumbler

Little_Penguin wrote:

AMEX Blue also gives up to 1% cashback (2% for new cardholders)

Even if you spend £3K during first 3 months :rolleyes: you get 1% cashback on first £2K and 2% on £1K. If you can spend much more than £2K during 3 months you will be better off with Amex Platinum ...

mr_fishbulb

The "lear more about cashback" link when you are viewing your statement says:

Egg Money gives you 1% cash back on everything you buy. And 2% cash back on all purchases from 16 November - 10 December 2005.

Get at least 1% cash back on all purchases guaranteed until 2007, paid into your account each March up to a maximum of £200 in each 12 month cash back period. Cash back is paid as long as your total cash back earned over the year is more than £5.

Each month you can check how much cash back you've earned on your monthly Egg Money statements.

Your cash back amount is calculated over each 12 month statement period commencing from the March statement in each year to the February statement the following year.

If you close your Egg Money account you will not be paid any cash back earned.

The bold bit is the important part - my february statement will be done on 13th March - it's less than £2 I'll be losing, but bearing in mind the only reason I chose an egg money card was to get the cashback and now I lose out I'm a bit p'eed off!

MrBen_4

Is there a minimum salary needed to be given the Egg Money card?

grumbler

MrBen wrote:

Is there a minimum salary needed to be given the Egg Money card?

However, if you satisfy these requirments, this doesn't guarantee that you will be accepted.

MrBen_4

grumbler wrote:

However, if you satisfy these requirments, this doesn't guarantee that you will be accepted.

There was no reference to any minimum salary required. However, just to be on the safe side I overestimated it ever so slightly. What I should be earning within the next 2 months anyway. I was given a credit limit of £1,000 does this mean I can't make purchases over £1,000 per month? If this is the case and I would want to buy something for £2,000 I would have to preload the card with £1,000 before making the purchase?
Thanks again!

grumbler

MrBen wrote:

... I was given a credit limit of £1,000 does this mean I can't make purchases over £1,000 per month? If this is the case and I would want to buy something for £2,000 I would have to preload the card with £1,000 before making the purchase?

Some credit cards block single purchases exceeding credit limit - even if you preload the card. I don't think that it is the case with Egg Money, but I cannot guarantee this. Anyway, you can pay £2000 in two transactions. I think you will be able to increase the credit limit after a few months of using your card without faults.

MrBen_4

grumbler wrote:

Some credit cards block single purchases exceeding credit limit - even if you preload the card. I don't think that it is the case with Egg Money, but I cannot guarantee this. Anyway, you can pay £2000 in two transactions. I think you will be able to increase the credit limit after a few months of using your card without faults.

Sorry, just to clarify paying the £2000 in two transactions means paying a minimum £1000 onto the card before the statement date so the card is not over £1000 negative balance? The £1000 can then be carried onto the following month as it is below the credit limit? - and then paid off. What happens if I have £2000 negative balance on the card at statement date? They have special powers to deduct the amount from my bank a/c and close the Egg Money credit card?

grumbler

MrBen wrote:

.. just to clarify paying the £2000 in two transactions means paying a minimum £1000 onto the card before the statement date so the card is not over £1000 negative balance?

Not before the statement date, but (at least) before the second transaction. You can spend £2000 only if you preload your card with £1000. You can go below your £1000 limit, but you'll be punished hard for doing this.

What happens if I have £2000 negative balance on the card at statement date? They have special powers to deduct the amount from my bank a/c and close the Egg Money credit card?

They don't have 'special powers' to take money from your current account unless you authorise them (Direct Debit for full payment). However, as I've told above, it is very bad idea to go over your credit limit. This will be costly (£20 fee) and you will ruin your credit history.

P.S. See some explanation how credit cards work here:
http://www.barclaycard.co.uk/Customer_Service/Guide/credit_card.html
http://www.channel4.com/4money/borrowing/guides/credit_card_guide_091003_page1.html

oscarhugo

mr_fishbulb wrote:

The "lear more about cashback" link when you are viewing your statement says:



The bold bit is the important part - my february statement will be done on 13th March - it's less than £2 I'll be losing, but bearing in mind the only reason I chose an egg money card was to get the cashback and now I lose out I'm a bit p'eed off!

I always assumed [and made an !!!!!! of u and me] that the cashback would be CARRIED FORWARD to the next year.

But maybe I'm wrong.

I don't have an eggmoney card anyway.

I have an Amex Platinum.

Martin's article says "Make sure use pay off in full by Direct Debit" [or words to that effect.]

But I've always found (and have just gone on to the Amex website just now to check) that YOU CAN'T pay off Amex IN FULL by direct debit -- it only lets you set up a DD to pay off the minimum. Please correct me if I'm wrong. But I don't think I am (and, some years ago, when I had an Amex Blue, I did in fact set up a DD only to discover this fact & have it confirmed by Amex Customer Service. So I cancelled the DD p.d.q.)

Any comments Martin (if you're reading this) ?

grumbler

oscarhugo wrote:

...YOU CAN'T pay off Amex IN FULL by direct debit

I don't remember, probably you cannot set up a DD for full payment online, but you certainly can do this by phone. I had Amex Blue while they paid 1% flat cashback and always paid balance in full by DD.