Egg credit Card/Egg Money Card.

HGLTsuperstar

Yes it does, it is for all intents and purposes a regular Mastercard

student100

Hmm. I took the plunge and applied for Egg Money. Got accepted instantly with a limit of £500. This compares with £1500 on both of my other two cards (Nationwide and Accucard).

It'll be OK for most spending but I'd have liked a bit more for flexibility (I wasn't planning to "pre-load" the account, simply use it as a credit card, so there's not much room to manouver... and will have to rethink what I do when car insurance (about £500!) etc comes up for renewal...

I'm planning to close the Accucard so I might see if Egg can then offer me a larger credit limit. Has anyone requested a limit increase on Egg Money and been given one?

The_Boss

student100 wrote:

Hmm. I took the plunge and applied for Egg Money. Got accepted instantly with a limit of £500. This compares with £1500 on both of my other two cards (Nationwide and Accucard).

I applied today and it said they will contact me within 72 hours. Oh well, a credit search wasted methinks. If you get an instant acceptance with a low limit, then I think my application will be binned.

littletj

sorry if this is a daft question but if you do as martin suggested and opened egg money and bal transfered to a 0% card so you have a positive balance on egg money earning you interest....when the interest free period is up how do you get your cash out to pay off the credit card?
sorry to ask but i got confused ...looked at egg website but it just goes on about spending on the card....i wont want to spend i will want to withdraw the money out!

YorkshireBoy

littletj wrote:

sorry if this is a daft question but if you do as martin suggested and opened egg money and bal transfered to a 0% card so you have a positive balance on egg money earning you interest....when the interest free period is up how do you get your cash out to pay off the credit card?

Think about it...this is just a reversal of the initial transaction, ie ask Egg Money to BT from the 0% card. This will have the effect of moving your +ve balance cash from Egg Money to the 0% card.

...looked at egg website but it just goes on about spending on the card...

See section 9.3 (2nd bullet point) of the Egg Money Credit Agreement.

See also How do I make a withdrawal (2nd paragraph).


PS: Why keep the money with Egg for 4% AER when you can get much better elsewhere?

littletj

thanks for that.i couldn't find it on egg.
must have been looking in the wrong places!
i guess you are right and i should move the money and get a better rate ,even if it is just for the 6 months...
will look round martins site for ideas .
thanks again.

hilary1

I've had my egg money card today and my egg cc aniverary in in june so do I then transfer 1k to egg money then to bank for the 5 months 0%? so then owe the money to egg cc.


As I understand it from differnt threads - if you have a poisitive balance on your egg money and do purchases they actually take the money straight from your positive balance - yes? with no free 56 day epriod on purchases?

What happens if you have a positive balance which you are in the process of transfering to your bank and you do purchases aswell to get the cashback, which is why I've had egg money really as they pay more back than egg cc.

God this is so confusing:o

grumbler

hilary1 wrote:

...aniverary ...epriod ...God this is so confusing

:rotfl:

hilary1 wrote:

I've had my egg money card today and my egg cc aniverary in in june so do I then transfer 1k to egg money then to bank for the 5 months 0%? so then owe the money to egg cc.

You cannot transfer between two Egg cards. You can transfer directly from Egg Card to a current/savings account, although AFAIK they introduced a fee for balance transfers recently.

As I understand it from differnt threads - if you have a poisitive balance on your egg money and do purchases they actually take the money straight from your positive balance - yes? with no free 56 day epriod on purchases?

Yes. This is why I never have positive balance on my Egg Money for more than a few days.

What happens if you have a positive balance which you are in the process of transfering to your bank and you do purchases aswell to get the cashback, which is why I've had egg money really as they pay more back than egg cc.

I think if a purchase happens when you have a negative balance, you have interest-free period. If a transfer transaction makes your balance negative, you start paying interest on this negative balance stright away and have interest-free period on futher purchases.

hilary1

So Grumbler, when you've stopped :rotfl: :rotfl:

Egg Money.
What is classed as a neg balance? is it only whne you dont pay your balance in full or can you go into a neg balance by accident if you have a positive balance but happen to buy something when you are tranfering to the bank and they try to take the money for a purchase? Would it be better to just use the money card for purchases.. I have always paid balances in full and never used a card for actual credit purposes.

Just reading the tc (the ones I undstand anyway) it seems that on a new card you get 0% on purchases and bts until Oct 06. Have just emailed them to confirm this. Also looks like capped bt fee until Oct aswell on egg money?

Egg cc
I take it that I should consider a bt to bank at June anniversary from this card only? The only thing is is that I only have 1k credit on both cards which is a bit annoying and to pay a bt fee might not make it worth bothering with a bt anyway.

Your opinion is appreciated.

PS I've stoozed my A&L card free of charge today so I must be learning slowly.

grumbler

hilary1 wrote:

So Grumbler, when you've stopped :rotfl: :rotfl:

How :rotfl: can :rotfl: I :rotfl: stop :rotfl: ?

...whne ... tranfering .. undstand

hilary1 wrote:

What is classed as a neg balance?

I think it is a balance shown with minus or 'DR' suffix.

is it only whne you dont pay your balance in full or can you go into a neg balance by accident if you have a positive balance but happen to buy something when you are tranfering to the bank and they try to take the money for a purchase?

No. If you pay your balance in full you always have negative (or zero) balance. This is absolutely the same as with a current account with an overdraft. When you are overdrawn you have negative balance. With a credit card it is normal when you are always overdrawn and it is free if you use card for purchases only and pay balance in full and on time. Egg Money is the only CC that made positive (CR) balance normal too.
If you transfer money to your Egg Money account and the amount is bigger than the current negative balance, you create the positive balance this way. Then every purchase or cash transaction make this positive balance smaller. If the balance becomes negative as a result of some cash transaction, interest on this negative balance is charged from the day of transaction. The same is for all consecutive cash withdrawals made when balance is negative. However, interest is not charged on all purchases if you later pay the resulting negative balance in full and on time.
If you have a positive balance and want to transfer money somewhere, you can always check your current balance before the transfer and predict what the balance will be after the transfer. I think you are right thinking that unpredictable accidents can happen if you transfer money and make purchases at the same time, particularly if you use secure messages for transfers. For example:

Balance=+£100(CR) > transfer £100; purchase £50 > balance=-£50(DR), no interest if paid in full.

Balance=+£100(CR) > purchase £50; transfer £100 > balance=-£50(DR), interest is charged on £50 from the day of transaction until paid in full.

Would it be better to just use the money card for purchases..

Absolutely - unless you need to use this card as a 'mule' to transfer money from some other CC to a current account.

Just reading the tc (the ones I undstand anyway) it seems that on a new card you get 0% on purchases and bts until Oct 06. Have just emailed them to confirm this. Also looks like capped bt fee until Oct aswell on egg money?

Never heard about 0% and BT fee for Egg Money

Egg cc

I don't have this card, so check everything I say.

I take it that I should consider a bt to bank at June anniversary from this card only? The only thing is is that I only have 1k credit on both cards which is a bit annoying and to pay a bt fee might not make it worth bothering with a bt anyway.

If '1k credit' is '1K credit limit', then you are right. There is no point in using anniversary offer unless you need to borrow money. 2% fee for 5 months is in fact 4.87% APR. It is very difficult to make profit by borrowing small amounts with such APR. Only if you have much bigger limit you can make some profit. For example, £50/£5000=1%=2.41%APR