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

david78

Cashback credited to Egg money account Today, 31 March 2006.

This includes the cashback from my withdrawls so I'm happy.

Afahmaep

david78 wrote:

Cashback credited to Egg money account Today, 31 March 2006.

This includes the cashback from my withdrawls so I'm happy.

Just got paid £99.00 for a £9900 BT I did from Amex RED to Egg Money and then BACS to Egg Savings
Pay Amex back today (5.9% with NO BT Fee) and I reckon I'll still be up £50 or so with the interest charged by Amex against the interest earned in Egg savings plus the Cashback. I won't know for sure till I get my Amex statement on 10th April and work it all out.
21/03/06 £10,000 Amex RED to Egg Money at 5.9% (No fee)
24/03/06 £ 9,900 Egg Money to Egg Internet 3.60% Nett.
31/03/06 £ 99 Cashback credited to Egg Money

InMyDreams

Cashback into Egg Money received here too. For all cashback due including March's statement. What a bonus!

Unfortunately probably a day or to late for this month's payment to take it into account... full balance due on 3rd so probably already been processed with old amount.

IMD.

merulok

It would seem that the BACS transfer cashback loophole is now widely known at Egg and is unlikely to be exploitable for much longer.
I was told today that it was now company policy to transfer positive amounts over £1000 by balance transfer rather than BACS because BACS transfers over that amount are treated by their system as purchases and thus generate cashback (!)
I suppose a few people might still get lucky but it looks like this little bonus will become difficult to obtain. Nice while it lasted though!

nearlyrich

I got my £236 this week too.

tubster

Hi
I am a stoozing virgin - I have a new egg money card and two other credit cards that I don't use with pretty large credit limits (but usual interest). I don't have any debts so I think my credit score is OK. I also have a lot of unused current accounts with various banks chasing Martin's offers like free wine, barclays £100 etc, which I think might give me a waiver on a lot of the BT fees for the 0 per cent cards. My questions are, stoozing-wise: 1/ would it be a good idea to cancel my unused credit cards? 2/ close or keep open the bank accounts? 3/ Do I just apply for a 0 per cent credit card and BT whatever credit limit I can get over to the egg money account, or do I actually have to really run the debt up on the egg money card? After that, do you just keep trying to open more 0 per cent cards? Sorry if this is obvious, just starting out and need some help with the specifics!
Any advice appreciated
Tubster

YorkshireBoy

tubster wrote:

1/ would it be a good idea to cancel my unused credit cards?

Yes.

2/ close or keep open the bank accounts?

It shouldn't matter, although if the accounts have large overdraft facilities this could affect credit limits offered on any new cards you apply for.

3/ Do I just apply for a 0 per cent credit card and BT whatever credit limit I can get over to the egg money account, or do I actually have to really run the debt up on the egg money card?

See Martin's Middle Route article.

After that, do you just keep trying to open more 0 per cent cards?

Yes.

tubster

thanks yorkshire boy. I'll give it ago!
much appreciated
Tubster

central

I asked to do a BACS transfer for 5500 after balance transferring onto the egg money card. I emailed them to request and they emailed me back to say that they had to have the funds in the account for a full 5 days before BACS transfering.
They pointed me in the direction of the move money option, hoping that I would do it that way. The 5 days elapsed, and I secure messaged them again re requesting the BACS tarnsfer, and it was completed with not problem

HGLTsuperstar

Ooh central! Same story, same amount, but went through by phone there and then with no probs. However no cashback showing so guess the loophole closed!