Egg Money Positive Balance?

shaunjones_2

Hi everyone,

I noticed the Egg Money card has now been rebadged as the 'Egg Money World Mastercard'. I'm going to require a mule card soon and was wondering if this card still allows a positive balance (as well as allowing transfers to my current account)?

I read that they have scrapped the interest on positive balances, but I can't find any other info about them. The Egg website and T&Cs don't mention anything about being in credit as far as I can see.

I just want to make sure so I don't waste a CRA search and an extra active account getting a card I won't end up using.

Thanks,
Shaun

sillystudent_2

Yep I've got one, had it since late 2008 and it still allows positive balances and transfers to current accounts - in fact the account's in credit atm. Its nowhere near as good as it was originally - cash withdrawals used to attract no charges (if account in credit) and 4% interest on positive balances. Both of these have been scrapped - however for muling purposes then, yes it will still fit the bill perfectly

shaunjones_2

sillystudent wrote: »

Yep I've got one, had it since late 2008 and it still allows positive balances and transfers to current accounts - in fact the account's in credit atm. Its nowhere near as good as it was originally - cash withdrawals used to attract no charges (if account in credit) and 4% interest on positive balances. Both of these have been scrapped - however for muling purposes then, yes it will still fit the bill perfectly

Thanks for that, I guess as long as there's no difference in T&Cs between new customers and existing customers before the changes I should be OK!

CannyJock

shaunjones wrote: »

Thanks for that, I guess as long as there's no difference in T&Cs between new customers and existing customers before the changes I should be OK!

New customers pay a £1 per month fee, existing customers don't

Like sillystudent says, it's still good for muling and 1% cashback but no 4% interest on positive balances any more.

cloudhands

I just called Egg and they confirmed a positive balance was ok but said that transferring money from a positive balance was possible but I'd need to ring up as this was not available as standard. From what I've read I was expecting to be able to do this via the Egg website. The woman I spoke to did sound a bit hesitant so was she making it sound more complicated that it is? Or do they have restrictions on what new customers can do? Thanks

CannyJock

cloudhands wrote: »

I just called Egg and they confirmed a positive balance was ok but said that transferring money from a positive balance was possible but I'd need to ring up as this was not available as standard. From what I've read I was expecting to be able to do this via the Egg website. The woman I spoke to did sound a bit hesitant so was she making it sound more complicated that it is? Or do they have restrictions on what new customers can do? Thanks

You can send them a secure message to request it, they're pretty responsive.

avalanche_3

cloudhands wrote: »

I just called Egg and they confirmed a positive balance was ok but said that transferring money from a positive balance was possible but I'd need to ring up as this was not available as standard. From what I've read I was expecting to be able to do this via the Egg website. The woman I spoke to did sound a bit hesitant so was she making it sound more complicated that it is? Or do they have restrictions on what new customers can do? Thanks

I've had an Egg Card for years done lots of positive balance transfers to my current account with another bank and never had to ring them up.

When I had a positive balance in my Egg credit card I requested all my transfers through their internet site and the money went to my current account with no questions asked.

Last transfer to my current account done this month with money transferred into the Egg card from the Santander 0% offer.

happilass

Hi,
i have asked this question elsewhere and as i'm a newby stoozer it may be silly to you seasoned stoozers but is there a fee for balance transferring a positive balance to a current account with egg money? Sorry if i have asked in the wrong place.
Happi

CannyJock

happilass wrote: »

Hi,
i have asked this question elsewhere and as i'm a newby stoozer it may be silly to you seasoned stoozers but is there a fee for balance transferring a positive balance to a current account with egg money? Sorry if i have asked in the wrong place.
Happi

No - no fee.

shaunjones_2

Hi,
I finally got around to getting an Egg Money card and doing a 0% balance transfer of £4500 to it. I am now in positive balance and I have sent Egg a secure message asking them to transfer it to my bank account and confirm that there will be no fees...

They have replied stating I need to do it as a balance transfer and that there will be a % fee for doing this... does this sound right??

tipsychick

shaunjones wrote: »

They have replied stating I need to do it as a balance transfer and that there will be a % fee for doing this... does this sound right??

Nope that sounds wrong! I think you've found a CSA who's just seen "balance transfer" and assumed a fee will be charged. Either secure message or telephone them, reiterating that it is a positive balance that you're transferring, not a negative one. There should definitely be no fee for this.

It's actually possible to do the transfer without Egg's intervention. When you're logged on to your Egg Money account, if you go to the LHS of the screen, click on "balance transfers", then click on "current account/overdraft", you can move the money out yourself. Doing it this way does mean that you don't have the added security of corroborating beforehand that there won't be a fee though. It's how I normally do it, not that I've had much cause to recently since decent stoozing opportunities have dried up a bit.

Remember to make sure that you stop spending on the card for a few days before and after you do the balance transfer, as if it tips you into the negative, then a balance transfer fee will be charged.