Egg Money question

LeroyBoyce

I've just ordered my Egg Money card, to use it as a 'mule' to move around balance transfers.

The screen flashed up this message:

7.2 We will charge:
£2 for any payment made to the Account other than by Direct Debit, debit card, BACS, CHAPS or transfer from an Egg Savings Account;
2.65% commission on all Transactions which have to be converted into sterling (see Condition 9.2 of the Egg Money Conditions);
a handling fee of 2.5% of the amount of each gambling transaction (minimum fee £2.00);
£2 for each paper statement; and
if you ask us for any non-standard service, an amount which we will tell you before we provide the service.

So, just to get this straight: Let's say I get a card "A", and I wanted to make a BT from the Egg card, it is going to cost me £2?

That's not too bad, if so! However, when I shift this sum to my current account, I'll be charged a 2.65% handling fee "for convertion to sterling"?

Could someone, who is perhaps using the Egg Money card in the same way, just confirm this please?

Many thanks,


L

skystar

The £2 it refers to is if you make a payment to the Egg money by any other way than listed i.e. cheque. I think a BT from another card uses bacs (it certainly looks like that on any cards I have).

The 2.65% handling fee is if the card is used abroad and therefore the transaction would be converted from the local currency e.g. euro to sterling.

Hope this helps

Milarky

Balance transfers 'to' Egg Money (i.e a payment from then that puts a 'balance' on the card) are enitrely free at the moment. Such payments from EM to AN Other account are made by BACS. But, as with most cards, any 'debit' balance resulting from the transfer is charged interest on a daily basis, of course. (Does not apply if you merely draw off the 'positive' balance - as when muling)

The main thing about EM is that withdrawals are fee free - and likely to stay that way - because they encourage you to put a positive balance on it in the first place - and few banks would charge you just to withdraw your 'own money'

LeroyBoyce

That's great.

Many thanks for your help.