This can't be right, can it? (Egg Money cash back)

mary

YorkshireBoy wrote: »

Mary,
So, what would I do? I'd BT from a current account that you've BT'd from before...and preferably the one your DD collects from. Of all the BT's I've done, I've never had a call from Egg for a BT from my DD current account. I'd also do the transfer in two sub-£10K tranches.

Apologies for being dim, but how do I BT from a current account. I've only ever BT'd from the new credit card (in this case Lloyds (again)) to Egg Money, then to Egg Saver and then to Megabucks Savings Account elsewhere.

Do I have to send them a secure message, or just do it online? Egg has a DD with my Lloyds current account.

I think I need the "idiot guide" here!!

YorkshireBoy

mary wrote: »

I think I need the "idiot guide" here!!

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#canitransferbalancestoeggmoney?

mary

"Yes, you can transfer balances from credit, charge or store cards, loans or overdrafts. There is no charge to make a balance transfer and you can ask us to transfer any amount as long as it’s less than 95% of your available credit limit."

If I have a positive balance of £14.8K, presumably I can transfer the whole amount, not just 95%, since it's my money in the first place (okay, well Lloyds!)

YorkshireBoy

mary wrote: »

If I have a positive balance of £14.8K, presumably I can transfer the whole amount, not just 95%, since it's my money in the first place (okay, well Lloyds!)

Yes. Your available credit limit is the total of your positive balance available plus your credit limit.

As I said before though, keep the BT's under £10K. This should avoid any embarrassing phone calls from Egg's 'iffy transactions department'.

[Deleted User]

I've been reading this thread but am confused. Is the Egg 1% loophole still open? i.e. I can balance transfer money onto the card, and when I move the money off I get cashback.

Reason I ask is I've just opened an Egg Moneycard (after 40 minutes of grilling on why I wanted the card). Hee hee - I certainly wasn't going to admit my stoozing intentions!!

smarmo

Hi, I started stoozing in 1998 but stopped a couple of years ago when it began to get expensive and difficult and interest rates dropped.

However, MINT has offered me 6 months at 0% with at £60 fee (£7400 credit limit) and it would be 'rude' not to take it!

Stupid as it may seem, I have forgotten the drill.

Thanks to this thread I think I have remembered but would someone be good enough to confirm this still works.

Call Mint and give them Egg Money card details.
Money arrives Egg Money and I transfer off to wherever.
Pay Mint back in six months.

So the question really is whether the Egg Money part still OK - assume no problems putting money on and getting it off again? Egg Money credit limit 15k and I have no cash back issues to worry about.

Thanks for help.

S

sicker

Sorry, [Deleted User], you will only get 1% cash back on money you spend not transfer. You will however get 4% on the positive balance paid monthly.

John

sicker

smarmo, works just as you have described. The fee does however limit the profit you used to be able to achieve.

John

KDH_2

Am I right in thinking that transferring a positive Egg Money balance to a current account can be done in 3 ways?

According to Egg FAQ
"[FONT=Arial, Helvetica, sans-serif] How do I make a withdrawal?
You can make cash withdrawals from cash machines that accept MasterCard. You can withdraw a maximum of £500 per day. It’s worth noting that when you purchase travellers' cheques, these will register as a cash advance and will affect the amount of cash you can withdraw that day. We will not charge you a fee or interest for cash withdrawals when you have a positive balance. However, if a withdrawal gives you a negative balance you will be charged interest on the negative amount, but we will not charge you a fee.

You can also make a withdrawal by BACS (four day electronic transfer), to do this, please call us on 08451 233 233 and we'll arrange it for you."

So 2 ways are to use card as cashcard £500 at a time or request withdrawal by phone?

OR the 3rd way is to use the overdraft transfer to a current account even if the overdraft does not actually exist.

Hoping to try this soon so I want this to be clear in my mind (...............Sorry to appear dim)
[/FONT]

mary

Yes, I've just done the 3rd way - carried out a £9.5K transfer to my current account for a non existant debt - as recommended by Yorkshire Boy. It's gone through a couple of days ago, and no questions asked. Will send the remaining £5K through on Monday in a second batch.