Egg Money Card - Cashback Query

david78

I think by asking Egg to transfer the money into an egg savings account, they benefit by getting cashback on the amount transfered, thus adding to next year's cashback pile. Its a well known loop-hole.

You may be lucky and get this extra cashback on the money transferred to your current account anyway.

Personally, I have withdrew mine as cash from an ATM machine (fee-free) and paid it into my bank on the same day. Now its on route to Icesave.

On your second point, it could well be worth spending on your 0% card for a while to build up a stooz pot, especially in the early months. Towards the end of the 9 month period it is better to switch back to the spening on Egg Money to get the 1% cashback. I would use the 0% card for 5 or 6 months, then switch to the Egg money card.


D

YorkshireBoy

david78 wrote: »

You may be lucky and get this extra cashback on the money transferred to your current account anyway.

I believe Egg have got wise to this (last summer?), and now insist on doing a balance transfer from your current account instead. There were early reports of Egg CSA's not being fully briefed on the loophole, and the odd BACS payment (which you need) slipped through, but the main 'guaranteed' cashback route is via an internal transfer to Egg Savings.

On your second point, it could well be worth spending on your 0% card for a while to build up a stooz pot, especially in the early months. Towards the end of the 9 month period it is better to switch back to the spening on Egg Money to get the 1% cashback. I would use the 0% card for 5 or 6 months, then switch to the Egg money card.

As a rule of thumb, a basic rate tax payer, getting 4% net (=1% per qtr), would be better slow-stoozing the 0% card until the last 3 months of an introductory period. Then either switch to another 0% on purchases card or the 1% cashback card (Egg Money in EL's case). Obviously as savings account interest rates rise, it may be more profitable to use the 0% for a little longer.

EagerLearner

Thanks all - will make a note for myself to stop using the 0% card in late August then and revert back to the Egg Money card for cashback if I have no other 0% cards on the horizon...