EGG Money

DilbertJones

Any idea when the statement runs from on Egg Money?

I am going to be using it as my new cashback card, but before I do I have BT'd £2800 from Morgan Stanley onto it to pay off my loan, it would be best to wait till this is cleared wouldnt it before I start spending on it?

I have a £800 limit if thats any use & i will be transfering all of the £2800 back out of egg money

YorkshireBoy

robodan wrote:

Any idea when the statement runs from on Egg Money?

That will depend on the date that YOU selected for your payment due date when you applied for the card. As the card offers a maximum 50 days interest free, then your statement date will be around 20 days before your payment due date.

I am going to be using it as my new cashback card, but before I do I have BT'd £2800 from Morgan Stanley onto it to pay off my loan, it would be best to wait till this is cleared wouldnt it before I start spending on it?

It's best not to mix up your muling and normal spending activities with this card. Mule your £2.8K first and then start to use the card for spending. The worst case scenario is that you go into a negative balance with your BACS transfer of the +ve balance (due to purchases made) and therefore incur interest.

Milarky

YorkshireBoy wrote:

It's best not to mix up your muling and normal spending activities with this card. Mule your £2.8K first and then start to use the card for spending. The worst case scenario is that you go into a negative balance with your BACS transfer of the +ve balance (due to purchases made) and therefore incur interest.

That's a good point YB. It's a difficult trick to pull off correctly. Any positive balance moved by balance transfer (or BACS) off the Egg Money should never take the balance below zero. So if you are using the card for spending at the same time you need to allow for transactions not yet showing on the account - or else only move money on a 'quiet' week. It's OK if you leave it a few days before moving (say, to be sure of a postive balance) since you do earn interest on this, but thereafter it's best to move the full credit balance. (Also being able to take out up to £500 cash to pay in elsewhere on the same day is very handy in clearing smaller in-credit balances - but only in multples of £10, so not 'exact-change')

DilbertJones

Brilliant thanks for your help