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

InMyDreams

david78 wrote:

The cashback I have been awarded was for a BACS transfer I made on 24th February. This first showed up as part of my running total on my March statement. I'm hoping this means I'll get it this month.

Well it does say in their info "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." So tbh, I think it looks like you will be waiting until next year anyway.

david78 wrote:

From my reading of the T&Cs cashback on egg money will be paid to the credit card account, not your current account, but I could be wrong.

Yes, that's how I understand it too... it simply says "paid into your account" and doesn't specify different one. Compared to the egg card info, that it specifically states "We pay cash back into the account from which you pay your direct debits to us". And that is what happened, at the beginning of the appropriate month, before my statement was even produced. But then as you point out, they don't have to pay you any interest on that like they potentially have to do by putting into a Money acount.

david78 wrote:

I still think they will wait until your payment due date is out of the way, or even till the end of the month, so as to maximise any interest they may earn on people with -ve balances who can't pay is all off.

mariner99

david78 wrote:

No, not quite. What you do is

• Put £20,000 in account to create a +ve balance
• telephone them and withdraw the money to your current account.
• get £200 cashback.

Balance transfers from another credit account won't work -- it has to be your current account.

**It is important to telephone them; doing it online doesn't work**

I am really confused now.

I have made a BT to EGG money and now showing a healthy positive balance. I have asked egg for a bacs withdrawal to my current account but have been told i can only do a BT which will take 7-10 days?

Is this right?

david78

I think a BT and BACS transfer are the same thing.

You should ring again and ask to withdraw the +ve money to your current account (as per the T&C's). Don't mention BACS transfer to them -- let them set it up how they want. They will setup a Balance transfer for you, and it should give you the cash-back.

Milarky

Just for information, my recently phoned balance transfer went through as such (and shows as: "Balance Transfer, 'uncategorsied'" on my statement) and received no cashback. Much as we thought it might, of course.

MiserlyMartin

Oh how confusing this card appears to be. Is it still worth opening to use for the purposes of SBT's from all your stooze cards?

david78

My transaction shows as "REFUND REQUESTED. GB" and "not categorised" and I have had the cashback credit. No sign of any real money yet though. Tomorrow is my payment due date. Will see what happens after that.

Danni19

I have asked for a transfer to my current account twice, and these have both shown as 'refund requested' and show cashback.

I tried to do the same today, but was told that they could only do such a large amount (mine was £5k, but they said they have to do this for all balances greater than a few hundred pounds) by balance transfer which would take 7-10 working days.

My guess is they have caught on to the cashback being given to us, and also to the fact that lots of stoozers are using the card, to try and make it a little more difficult (i.e. the fact that it will take 2 weeks to transfer a balance!)

DilbertJones

ok i have a question of you dont mind.

I have a loan of £2800 to pay off, i am doing this via my Morgan Stanley limt (5.9%) transfered to egg money (Did this today)

Once the +ve balance is on the egg money card, do I have to do another BT waiting a further 7-10 days? Or could I pay off this loan over the phone via a CC transaction?

Which is likely to earn cashback on this??

HGLTsuperstar

The loan company may not accept CC payment, and if they do may put a % surcharge on it which would cancel out the cashback you gain from Egg

lipidicman

Well I got no cashback when I phoned and moved a +ve balance out to my current account. There was talk at the time (november?) but it didn't happen for me