Another Egg Money Cashback question

magni

Is there a limit to how much you can prepay each month to Egg Money? I was wondering if it's possible to pay more things using this card to get cashback. So if a large bill comes up like the oil bill, can I first put the money into Egg Money and then use the card to pay the bill? This would mean I get more cashback.

Hope this makes sense and sorry for the stupid question.

sicker

I keep mine at £2000 for this very reason and don't see why you can't prepay as much as you like, afterall Egg will just re-distribute it to some poor sod who will pay them loads of interest.

John

Anwen_2

I think the maximum is approaching a hundred grand, maybe even a million? Lots of 9s anyway!

Not all bills can be paid by CC though, so check before you load the card or you may be unable to pay on time!!

roswell

just pay the off your egg money card anyway then pay EGG MONEY back :-) instead of pre pay used the credit available and keep your money in the bank earning interest.

EG bill comes in 2nd of the month egg money statement due 25th, pay bill with egg money and on the 20th or so transfer money from savings to egg money. you still get cash back on + or - money spent

HGLTsuperstar

roswell wrote:

just pay the off your egg money card anyway then pay EGG MONEY back :-) instead of pre pay used the credit available and keep your money in the bank earning interest.

Agree with the theory but I think you mean BS/high interest saver account, as most banks rate of interest is still lower than egg's 4% gross.

InMyDreams

sicker wrote:

I keep mine at £2000 for this very reason and don't see why you can't prepay as much as you like, afterall Egg will just re-distribute it to some poor sod who will pay them loads of interest.

John

But the maximum cashback you can earn in one year is only £200, which equates to an average monthly spend of only £1,667. After you've spent £20,000 on the card, I don't think you get any more cashback at all.

Granted, if you took out the card just before the deadline, and could spend the whole £20000 in the last month, you'd still get your cashback. But we're only just into the new cashback year (which officially runs from March to Feb statements). If you can reguarly spend more than that, get your self another card!

I wonder how many people won't realise this until *next* March.

Bisoy

I love cash back cards. I have Amex Blue ans Egg Money card but I'm not trying to indulge myself in shopping spree because I have cashback cards. I always wanted to learn to live below my means.

sicker

I agree with you 'inmydreams' but unfortunately I am not wealthy enough to spend £1667 per month, wish I was, and my bills that I can pay by credit card are nowhere near that level either. So I am happy with the cash back that I accumulate.

John

oops_a_daisy

could somebody please clarify for me how the cash back works. I have applied and received a egg money card. I intend to use it for all of my shopping and instead of when I would normally use my credit card. I have set it up for a full direct debit of all negative balances every month. Basically instead of using my credit card or debit card I intend to use my egg money card. Am I understanding this correctly - when I have paid my balance off I will receive cashback on the amount that I have paid off ( totalled up once a year ) and will I get a running total of cashback earned once I start using it.

Thanks for your help

YorkshireBoy

oops_a_daisy wrote:

...when I have paid my balance off I will receive cashback on the amount that I have paid off ( totalled up once a year )

Your cashback is accumulated as you spend, not as you repay.

and will I get a running total of cashback earned once I start using it.

You will see 2 cashback figures in your secure area...

1. 'Cashback this period', ie statement period
2. 'Total cashback to date', ie your accumulated cashback

Cashback is paid to your Egg Money account once a year in March.

oops_a_daisy

thanks Yorkshire boy - was just getting confused with people pre loading their egg card with money. Just got worried that as I am planning to use it as a credit card that I would not get the cashback. I could pre load it but would prefer to keep everything seperate.