Egg Money DD Question (not same as other one)

jonny2510

Unlike others, when I setup my account, I opted for the "Pay in Full" option, and it was setup in my account when I logged in to do that.

Unfortunately (by my mistake entirely) I put the statement amount in the wrong current account, and so when Egg tried to take the payment (for my first ever statement) it was refused. I noticed this the day after, and moved the statement balance into my Egg Money account from an other Egg account straight away.

I was then charged £16, and when I objected, and explained the situation, they kindly refunded the charge, and said they'd set me for minimum payment only to be take in the future (although said I could change this myself).

This is where my question comes in...

I've logged in tonight to set it to pay full statement balance (under "Your Direct Debit"), and get four options (under "Change your monthly direct debit amount"):

• fixed payment
• the minimum payment due
• full negative balance
• capped amount

Now I'd assume it was full negative balance that I'd need to go for, but when I click the help on it, it states:

Pay the full negative balance.
This will take the full amount of whatever's owing on your Egg Money account. That means no money will be taken if your account has a positive balance.

What I want to know, is will this option take the full statement balance, or the total amount I owe on the card, on the date the payment is to be taken (as this could be unpredictable to plan in advance???)

Could anyone who has it set to take the full monthly statement balance check that the way they have it set up, is worded exactly as above (in case this is some sort of deliberate way to prevent me from simply using this as a normal cc with cashback)?

DesG

I had this concern recently when I changed to Full.


They only took the Statement balance, not the full outstanding balance.

Cheers, Des.

jonny2510

Thanks for that.

Will prob keep extra in the account around the time the payment is due to be on the safe side (in case they try anything on).

mrsplinter

I have egg money and have had my direct debit set up the same way. They definately take only the full balance from the date of the statement. So your direct debit is determined on the statement date. Not the day of payment. Most credit cards have up to 55 days-ish interest free because of the gap between the date of the statement and due date for payment. If a transacation is processed just after the statement is sent out, it will be not need settling until the next round of statements and payments.

Grade_A_Reject

DesG wrote: »

I had this concern recently when I changed to Full.


They only took the Statement balance, not the full outstanding balance.

Cheers, Des.

Yup. This is a real pain especially given the low limits they give out.

I'd like to start each month with a zero balance so set up the DD to pay the full negative balance. By the time the payment date comes due (1st of the month), I've added a load of new transactions to the card since the statement date on the 13th so never get the card balance to zero. The end result is I was constantly making top up payments to keep within my puny £1000 limit.

Scenario was balance on statement day (13th of the month) £700 (for instance) with DD for full balance to be collected on the 1st of the month. I knew I'd spend more than £300 on the card before the payment date so I'd "top up" with say £600. When the DD was collected they'd just take the £100 difference between the statement balance and what I'd paid since when what I really wanted was to completely clear the full balance.

I got so sick of making constant top ups I've changed my DD to pay £1000 a month regardless of the amount owing.

DesG

I can see why it would be a pain in your case, but I really don't want to lose my interest free period, so it suits me for them to _only_ take the statement balance.

The difference is, I have enough of a credit limit for it not to be a problem. (Unless I have a really big purchase)

Maybe worth you asking them for an increase, I know they are a bit tight these days, but worth a try.

Cheers, Des.

Grade_A_Reject

I've asked several times, always declined.

I'm hoping to hit the full £200 cashback which will mean putting £20000 through the account in a year :eek:

I put my work expenses through it so it does add up. I've resigned myself to having to keep topping up throughout the month. Good card but rubbish limits.

DesG

Grade_A_Reject wrote: »

Good card but rubbish limits.

Yes, it seems they don't want people like me anymore, and they are only giving out small limits these days to force people to preload/pay early.

Cheers, Des.

jonny2510

Grade_A_Reject wrote: »

I've asked several times, always declined.

I'm hoping to hit the full £200 cashback which will mean putting £20000 through the account in a year :eek:

I put my work expenses through it so it does add up. I've resigned myself to having to keep topping up throughout the month. Good card but rubbish limits.

May be worth looking into the Capital One 4% (for the first three months) cashback card, followed by 1% therafter???

cm233lh

jonny2510 wrote: »

May be worth looking into the Capital One 4% (for the first three months) cashback card, followed by 1% therafter???

Definitely worth doing that. Why not keep both cards and (once the 4% period is up) you can set the statement dates 2 weeks apart and switch cards every 2 weeks to maximize your interest free period. It won't save you a huge amount, but every little helps, and it'll keep you from running up against your limit so much.

jonny2510

cm233lh wrote: »

Why not keep both cards and (once the 4% period is up) you can set the statement dates 2 weeks apart and switch cards every 2 weeks to maximize your interest free period.

I really like your thinking there