Egg relaunches cashback credit card

Former_MSE_Dan

the_fox_leigh wrote: »

Hi there, my first post at MSE, have one question that I couldn't find the answer to:

Will the re-introduction of Egg Money Credit Card allow you to have a positive balance, with the option of transferring the balance back to your bank account?

Thanks in advance to anyone who knows
Leigh

Hi fox leigh

The new version of the card will NOT allow positive balances, but you WILL be able to transfer a balance to a bank account.

Hope this helps

Dan

never-in-doubt

MSE_Dan wrote: »

Hi fox leigh

The new version of the card will NOT allow positive balances, but you WILL be able to transfer a balance to a bank account.

Hope this helps

Dan

Is this what is called a super BT?

Former_MSE_Dan

yep, exactly

the_fox_leigh

MSE_Dan wrote: »

Hi fox leigh

The new version of the card will NOT allow positive balances, but you WILL be able to transfer a balance to a bank account.

Hope this helps

Dan

Sorry, I'm a bit confused. How can you transfer your Egg Money balance to your bank account if you are not allowed a positive balance?

Basically I am interested in stoozing, without using the slow spending route. Will this be possible?

Thanks again

Former_MSE_Dan

it will make it slightly tricker than before, but there will be a way.

Say you want to stooze £3000. So you transfer £3000 from Egg to your bank account, meaning

Bank Account Balance: +£3,000
Egg Money balance: -£3,000 (basically a £3k balance on the card)

The get a 0% Balance Transfers card, and transfer the egg money balance to it.

This will leave you with:

Bank account balance: +£3k
Egg Money: £0
0% card: £3k debt, but at 0%


We'll rejig our stoozing article for when egg money is officially open again, but this is my initial thoughts on the best way to still stooze.

Dan

the_fox_leigh

MSE_Dan wrote: »

it will make it slightly tricker than before, but there will be a way.

Say you want to stooze £3000. So you transfer £3000 from Egg to your bank account, meaning

Bank Account Balance: +£3,000
Egg Money balance: -£3,000 (basically a £3k balance on the card)

The get a 0% Balance Transfers card, and transfer the egg money balance to it.

This will leave you with:

Bank account balance: +£3k
Egg Money: £0
0% card: £3k debt, but at 0%


We'll rejig our stoozing article for when egg money is officially open again, but this is my initial thoughts on the best way to still stooze.

Dan

Many thanks Dan. I'm guessing Egg don't charge anything for the super BT.

Mozette

MSE_Dan wrote: »

Hi jago,

The £1 fee will just be for new customers, it won't affect existing cardholders.

Dan

Hurrah!!! I've had an egg card since day one and an egg money card since it was introduced.

wizk1

Will the super balance transfer be worth it at the moment? Considering that interest rates on savings are pretty cack right now.

duggie1982

Some account like abbey have a good interest rate in savings

patrick78uk

MSE_Dan wrote: »

Hi jago,

The £1 fee will just be for new customers, it won't affect existing cardholders.

Dan

I am also an existing Egg Money Mastercard holder. Do I also enjoy the new benefits the new Egg Money World Matercard introduced? i.e. Purchase protection, Extended warranty, Price promise, Travel accident insurance and Missed event cover?