Is eggmoney card useful?

phoebe03cat

Hi,
I have an egg money card/post office card (for when I go abroad)/capitalone card (nice 4%atmoment)paying off in full every month.
Am thinking of losing the egg card as it has been superceded by a decent ceiling on the cap1.
Seem to remember that it may be useful as a mule to the current account (although haven't used it). Is it worth keeping do you think please or would I be better getting it off my future credit searches.

Just checking in case I'm missing something. Also a good fallback I suppose in case cap1 drastically reduces my ceiling.

Thanks for any thoughts.

Clariman

The Egg Money is a very useful card to have. It allows you to route other credit card money into a bank account. This is great for stoozers but also useful when a payee won't accept a credit card for payment e.g. let's say that you want to buy a card on a credit card to take advantage of a 0% offer. Most garages/dealers won't accept credit cards or they charge a fee for their use. With a 0%% credit card and Egg Money, you can route the money from the former via Egg into your current account and then write a normal cheque for the car.

Holiday companies also usually charge for credit card use so you could do the same thing when paying for your holiday.

Clariman

sicker

It is the last card I would get rid off. I use it for all purchases getting 1% cash back each March. I also pre load the card and get 4% interest paid monthly on the positive balance. I can also withdraw up to £500 per day with no fee(as long as it stays positive and don't know about abroad). If you open a new credit card with a balance transfer offer you can move it straght into Egg Money. There may be better options but I wouldn't be without it.

XXXX

Clariman wrote: »

let's say that you want to buy a card on a credit card to take advantage of a 0% offer. Most garages/dealers won't accept credit cards or they charge a fee for their use. With a 0%% credit card and Egg Money, you can route the money from the former via Egg into your current account and then write a normal cheque for the car.

Could you explain this funds routing further? Could you avoid the balance transfer fee?

Clariman

XXXX wrote: »

Could you explain this funds routing further? Could you avoid the balance transfer fee?

Let's assume that you have an Egg Money card and a second card from card issuer ABC which has a 0% offer on Balance Transfers.

Step 1. Call Card issuer ABC and ask them to do a Balance Transfer from Egg Money to their card. Note: the BT is from Egg Money because the assumption is that you are transferring a negative balance i.e. a debt. However, in this instance the debt is 'virtual'. To satisfy this BT request, card issuer ABC sends money to Egg Money.

Step 2. Egg Money now has a positive balance (from the money sent by ABC). Egg have no issue with this because the card is one of only a handful in the UK that is designed to have a positive balance. Contact Egg Money to ask them to move your positive balance to an external account (your current account). Egg will do this for no charge.

Step 3. You now have money from credit card ABC in your current account. From here you can write a cheque to pay for you car, holiday, new kitchen etc.

Step 2 (alternative for stoozers). Instead of asking Egg to move the money into your current account, you ask them to move the money into a high interest savings account to earn money on the free loan.

N.B. Balance Transfer fees. There are no fees for moving the cash from Egg Money into a current or savings account. However, you may need to pay a BT fee for the BT from Egg Money to the ABC credit card. There are still a few fee free deals around and there are also some excellent capped BT fee deals around so choose carefully.

Clariman

phoebe03cat

Thanks very much for this explanation. Think I'll hang onto it!:T

YorkshireBoy

phoebe03cat wrote: »

Thanks very much for this explanation. Think I'll hang onto it!:T

If you're worried about the impact on future applications, just lower the credit limit.

Be aware though, that it isn't always possible to re-instate (all of) the old limit should you change your mind later.

sanjay397

EGG money card is very notorious. If you use card 0.01 authorization purchase and address check done during mobile purchase or petrol purchase results in blocking of card. Also if you withdraw ur money from card it gets blocked. Also notoriously egg money blocks ur card every 15 days during normal purchase and you have to go through all this telephonic security checks before retailer lets you off with a goods.

Although its a very good card be clear of it if dont wanted to waste your time calling egg money customer service every week.

Zebedee69

sanjay397 wrote: »

EGG money card is very notorious. If you use card 0.01 authorization purchase and address check done during mobile purchase or petrol purchase results in blocking of card. Also if you withdraw ur money from card it gets blocked. Also notoriously egg money blocks ur card every 15 days during normal purchase and you have to go through all this telephonic security checks before retailer lets you off with a goods.

Although its a very good card be clear of it if dont wanted to waste your time calling egg money customer service every week.

Iv got an Egg card and never had any of these problems!

It sounds like your a dodgy geezer and that Egg are onto you have you ever done anything iffy with the card? They wouldnt keep blocking your card without good reason. They want you to use it after all;)

The Egg card is great for being able to move money around. The 1% cashback is not as good as Cap 1 but it makes up for this in so many ways!

Lavendyr

I too have an Egg money card and have never had any problems with the customer service - in fact, it's been one of the best.

sicker

I drew £100 yesterday and another £200 within 30 minutes and have had no problems.