egg money - cashback earned when paying off another ccard? 30 October 2009 at 11:59PM edited 30 November -1 at 1:00AM in Credit Cards 9 replies 1.2K views

plzhelpmesave!

Just a quick question, if you guys can help pls

My 0% Virgin card is up at the end of november. We have about 5k in savings and were planning to use this to pay off my card - £3k balance.

BUT could DH use his egg money card (credit limit £3.5k) to pay off my virgin card? he clears his off every month so we would transfer enough money into his account to meet egg money payment....

I'm just after the extra £30 in cashback - even though its a bit messy doing it this way!

thanks in advance for any replies

opinions4u

They don't pay cashback on balance transfers.

If only .... !!

M_Thomson

opinions4u wrote: »

They don't pay cashback on balance transfers.

If only .... !!

The OP isn't asking about balance transfers. To answer the OP's question you can't pay off a credit card with another credit card. So there is no oppurtunity to earn cashback.

LeedsBS

egg monnieessss!!!

opinions4u

M_Thomson wrote: »

The OP isn't asking about balance transfers. To answer the OP's question you can't pay off a credit card with another credit card. So there is no oppurtunity to earn cashback.

Did i misread the thread title in some way?

egg money - cashback earned when paying off another ccard?

Hank_Marvin

I used my mint/cap 1 card too pay off my asda card it came up as a purchase on my statement..

jonesMUFCforever

M_Thomson wrote: »

The OP isn't asking about balance transfers. To answer the OP's question you can't pay off a credit card with another credit card. So there is no oppurtunity to earn cashback.

I've read the post - to me it does seem that a balance transfer is what they intended to do.
However other posters are correct there is no cashback on BT's in fact they would be charged a BT fee.

surreysaver

M_Thomson wrote: »

The OP isn't asking about balance transfers. To answer the OP's question you can't pay off a credit card with another credit card. So there is no oppurtunity to earn cashback.

Of course you can pay off a credit card with another credit card - that's what a balance transfer is!

YorkshireBoy

plzhelpmesave! wrote: »

I'm just after the extra £30 in cashback...

Then the best chance you've got is to pre-load the Egg Money card (with the £3K payment for Virgin). You then call Egg and ask them to transfer this amount to your Egg Savings account (I assume you have one?), but you must maintain a positive balance to avoid any fees. And finally, you settle the Virgin card by making a payment from your Egg Savings account.

This Egg Money to Egg Savings account BACS transfer (which you MUST request by telephone/secure message) has previously resulted in cashback being generated for many of us (£200 per year ). However, and here's the rub, often (but not always...it seems to be pot luck) the cashback is clawed back the following month.

You win some...you lose some!


Disclaimer: The above assumes you have the 'old' Egg Money card, not the new annual fee product.

M_Thomson

surreysaver wrote: »

Of course you can pay off a credit card with another credit card - that's what a balance transfer is!

Thanks for that gem of information. :rolleyes: I am aware of what a balance transfer is. The way I read the post is that the OP wants to use the Egg money card to directly pay off the other card to earn the cashback. IE call the credit card and quote the Egg Money number and pay the other card as if they are making a purchase with it (Egg Money). I was pointing out that you cannot do that. And why would you use the Egg Money card for balance transfers when you can pay anything from 12.9% APR upwards?