Egg Money Application

spike9

I have an Egg Green card with a large credit limit and applied for a money card which I thought would now be of more use. I said that I would just like to transfer some of my limit to it and then intended to close the green although I didn't tell them that. I was asked to phone them and was invited to enter an honest discussion of my finances which would last about 25 mins ! I politely declined . However I still wish I could have the money card as I am now concerned at putting the green into positive balance. Anyone any thoughts on how the "chat" would have gone ? I have stoozed quite a bit over the last 15 months or so.

HGLTsuperstar

You made a big mistake! Egg Money "pre-approval chats" are fairly common, basically you just sing the praises of the card then they approve you. Its just because the online instant decision maker can be a bit overcautious, so errs on the side of rejection. This is your way to appeal that. So go along with it, dont mention moving your Egg Green limit until you've got the Money card, then yes you're right Egg green should be consigned to the scrapheap.

YorkshireBoy

As an existing Egg Card holder, I was accepted for Egg Money automatically - and given a very good £5K limit without a credit search.

Like the OP, I had a very healthy Egg Card limit (£13K) which I wanted to increase to £15K for my anniversary offer.

Before Egg would grant the increase, I had to undergo the "honest discussion of my finances" interview. In my case this lasted a full 30 minutes and covered every aspect of my finances - debt, savings, investments, mortgage, salary, other income, job type, job security, employee benefits (salaried/sick pay etc), number of dependants. It was gruelling (but not in an unpleasant, or unfriendly way) and left no stone unturned. However, helped by adequate preparation on my part, the outcome was successful and they even let me keep the £5K limit on Egg Money!

spike9

Thanks Yorkshireboy. There's no way I'm going through that carry on when I already have a 15k unused limit with them and wasn't asking for any increase. To my mind they simply didn't like how I'd been using the card !

YorkshireBoy

spike9 wrote:

There's no way I'm going through that carry on when I already have a 15k unused limit with them and wasn't asking for any increase. To my mind they simply didn't like how I'd been using the card !

You give up too easily!

Just explain to them that you want to keep your Egg Card for it's 'anniversary benefits' and other balance transfer features, which will be used in your overall 'debt' management plan, and that you intend to put all your spending (including substantial work expenses) on your Egg Money card - it worked for me!

PS: A poster on the stoozing website has been offered a 'specially selected' fee-free anniversary BT by Egg this month, so all may not be lost here.

msaquib

Hi,

Has anyone transferred there Egg Visa limit to the Money card?

I currnntly have an Egg Visa with a limit of £7000 and Egg Money with a limit of £3000. I would like to transfer 5k from Visa to Money.

Is it possible? Thanks in advanvce. Mo

Jazzking

When I called to cancel my Egg green card I asked if I could transfer the limit from green to my Egg Money card which has a lower limit.

Egg said that this was no longer possible since Egg Money and Egg green are totally separate, although if I was an old Egg blue card holder then it would have been possible

I think it just depends who you speak to and how they're feeling, but that's just my experience...

Alex

lisyloo

I have a £3K limit on Egg money (had £15K on Egg visa but closed it).
I wanted to increase the Egg money limit to £5K but was turned down (and was turned down on appeal as well).

I have a very good credit rating but I was told that it simply isn't that type of card.
It is designed for you to load up when you get paid and then spend on it through the month - kind of hybrid debit/credit.

I want to use it as a credit card for MAX cashback.

I am going to try raising it slowing i.e. asking for £3500 but I'm going to wait 3 months so I don't get affected by previous rejections.

EagerLearner

Thanks all - I was wondering the same thing (ie: want to get max cashback so want a higher credit limit). My Egg Card has 4k limit, Egg Money only £800. Have asked them this morning if this can be 'swopped' round as I don't even use the old Egg Card (never have). It's a waiting game now...

EagerLearner

HGLTsuperstar

Well it can be done with a £800 limit, as if you spend up to that, pay straightaway, and then free up your £800 spend again. If you're using it for cashback you'd be clearing the balance each month anyway; this way you clear it as many times a month as necess. Also you can preload to go into positive balance, if say you wanted to spend £1000 in one hit, pay £200 into Egg money, max your £800 limit, clear the total £1000 and you get cashback on the whole sum.

mpazza

lisyloo wrote:

I have a £3K limit on Egg money (had £15K on Egg visa but closed it).
I wanted to increase the Egg money limit to £5K but was turned down (and was turned down on appeal as well).

I have a very good credit rating but I was told that it simply isn't that type of card.
It is designed for you to load up when you get paid and then spend on it through the month - kind of hybrid debit/credit.

I want to use it as a credit card for MAX cashback.

I am going to try raising it slowing i.e. asking for £3500 but I'm going to wait 3 months so I don't get affected by previous rejections.

I have always found saying I am about to go on holiday to USA works well for increasing credit limited, hire car company will sometimes put $1000 security on your card, cost of tickets etc.