Some URGENT egg advice please

michaelm

I had wanted to take advantage of the egg/dixons 10% cashback offer, which expires this Monday (31/07) but did not have enough credit available on my egg card to make the purchase. I wanted to make a one-off payment today to cover the cost of the purchase as I got my wages today. I spoke to an advisor at egg yesterday who told me that if I made a debit card payment today, it would be cleared in 48 hours and would definitely be available to make the purchase on Monday.

However, when I rang today to make the payment, I was told that it was 50/50 whether it cleared by Monday and basically, if I could afford to pay cash, just to go ahead and do so. Is this just egg's way of trying to put me off using their cashback offer?

Can anyone advise me, from personal experience, if I made a payment today (Friday) to egg, would it clear by Monday? This is pretty urgent as Monday is the very latest I can make the purchase with all discount codes applying.

johnmoney05

I did it once using debit card payment on the internet. It did show up the payment on the other day. But that was ages ago....

iamchrisli

why dont you ask Egg to increase the limit to cover your purchase, if ok, the limit would be avaiable to use immidiately.

michaelm

I asked if there was anything else they could do and was told no.

YorkshireBoy

According The Egg FAQ's, it will take 3 days for a debit card payment to hit your account (it used to be a lot quicker but Egg made some changes at the start of the year I believe).

Perhaps the best option will be a CHAPS same day transfer - if your 10% purchase saving outweighs the cost of a CHAPS transfer from your source account. However, you'll need to action this before 15:30 today (I believe).

michaelm

The saving would be £108 but I don't know what a CHAPS transfer is or how to do it.

YorkshireBoy

michaelm wrote:

The saving would be £108 but I don't know what a CHAPS transfer is or how to do it.

A CHAPS transfer shouldn't cost any more than £25 - and may even be as little as £15 or so depending on who you bank with.

You should be able to action the CHAPS transfer via telephone or, at worst, make a short visit to a branch.

Who do you bank with?

iamchrisli

If do CHAPS, you need to weight that whether you could be better off after the fee. If all the cashback wont be over the CHAPS fee, that's not worth to do that.

The CHAPS cut off time is around noon, if you want to do it, need to do it NOW.

michaelm

But egg will still take 3 days to apply it to my account, surely?

lisyloo

No CHAPS is immedaite. That's the whole point.

It's usually used for houses when people want the money immediately before they hand over the keys (otherwise you'd be sleeping in a cardboard box for 3 days whilst money clears).

YorkshireBoy

iamchrisli wrote:

The CHAPS cut off time is around noon, if you want to do it, need to do it NOW.

I suppose each institution will have their own cut-off time, but all my accounts are 2:30 - 3:30pm.