how to get cash out of new egg money card?

plzhelpmesave!

Hi there

Me & hubby have both recently got egg money cards - his limit is £3k and mine is £1k. We applied for them after reading here about being able to transfer money into a current account through BT from another card, and would now like to do that as we need the cash if poss! was a bit confused about it all, but i think this is right..??

I have a new lloyds platinum card - 0% for 12 months with a £3k limit. How best can we use these 3 cards to get some money into his or my current account? Can we do that or have i totally got the wrong message about the egg money card??

If we can't, then the plan is to BT his normal egg card (APR 9.9%) onto my LLoyds. We both do all our finances together as the money spent is all joint, either on our house or business, so no probs for either of us "sharing" the debts!

Any help/advice appreciated. Many thanks

YorkshireBoy

You ask LTSB* to transfer a balance from your Egg Money card (3% fee?).
LTSB send the money to your Egg Money card which results in a positive balance.
You then have several (fee-free) options to get the money off the Egg Money card...

1. Withdraw it at £500 per day from an ATM
2. Withdraw larger amounts over the counter at a bank
3. Carry out a balance transfer from your current account (in your secure area [Egg Money admin/transfer a balance/overdraft])
4. Either telephone or secure message Egg and request a BACS transfer to your current account

Read the Egg Money T&C's/FAQ's (and understand them!) before committing.


* I'm duty bound to point out that, because the LTSB T&C's state this must be a debt you owe, you may be contravening the T&C's (and possibly committing fraud [deception to gain a pecuniary advantage] by transferring/attempting to transfer a ficticious balance).

benf90

YorkshireBoy wrote: »

You ask LTSB* to transfer a balance from your Egg Money card (3% fee?).
LTSB send the money to your Egg Money card which results in a positive balance.
You then have several (fee-free) options to get the money off the Egg Money card...

1. Withdraw it at £500 per day from an ATM
2. Withdraw larger amounts over the counter at a bank
3. Carry out a balance transfer from your current account (in your secure area [Egg Money admin/transfer a balance/overdraft])
4. Either telephone or secure message Egg and request a BACS transfer to your current account

Read the Egg Money T&C's/FAQ's (and understand them!) before committing.


* I'm duty bound to point out that, because the LTSB T&C's state this must be a debt you owe, you may be contravening the T&C's (and possibly committing fraud [deception to gain a pecuniary advantage] by transferring/attempting to transfer a ficticious balance).

Just thought I'd point out that option 2 isn't possible with either the Egg Card or Egg Money card. It's not something I'm aware of that can be done, but even if it can then any cash advance whatsoever has a limit of £500 per day (this includes gambling transactions that are classed as cash advances).

And also, regarding option 4... with the Egg Money account there is a limit that can be sent as a BACS back, anything above that limit is processed as a BT (and therefore takes longer to credit the account). This is one reason why I think that despite what most people will say on here - the Egg Money card isn't the best to use as a mule for 'stoozing'. Maybe I should make a post about that some other time though.

YorkshireBoy

benf90 wrote: »

Just thought I'd point out that option 2 isn't possible with either the Egg Card or Egg Money card. It's not something I'm aware of that can be done, but even if it can then any cash advance whatsoever has a limit of £500 per day (this includes gambling transactions that are classed as cash advances).

You seem a little unsure of yourself!

First you say it "isn't possible", then you say it's not something you're "aware of", and finally you say "even if you can". Let me assure you I've withdrawn well over £500 from a positive balance on my Egg Money card over the counter at my bank branch.

And also, regarding option 4... with the Egg Money account there is a limit that can be sent as a BACS back...

This is the £100 limit (that was supposed to be) introduced by Egg in order to plug the cashback loophole much exploited by stoozers back in 2006...yes?

...anything above that limit is processed as a BT (and therefore takes longer to credit the account).

In my experience, balance transfers (initiated from my secure area via 'Egg Money admin') from my current account to my Egg Money card take the industry norm of 3 days to arrive, ie action Monday/arrive Wednesday. Are you saying that BACS transfers are even faster than that?

This is one reason why I think that despite what most people will say on here - the Egg Money card isn't the best to use as a mule for 'stoozing'.

That's an interesting statement. How many other cards allow a £99.9K positive balance, and will transfer it free of charge directly to your current/savings/offset mortgage account?

Maybe I should make a post about that some other time though.

I think you should. I'm sure it will interest a lot of people.

plzhelpmesave!

thanks foe the replies. Sorry haven't been on for a day or two.

If i BT from LTSB to egg money, can i do this up to the creditlimit they have given me? When i activated the card, i did check with them to see if i could use my card to BT from my husbands card, and they said that was fine.

thanks

YorkshireBoy

plzhelpmesave! wrote: »

If i BT from LTSB to egg money, can i do this up to the creditlimit they have given me?

Wouldn't the application of the 3% BT fee then take you over your limit?

plzhelpmesave!

You have to spend £100 in the first three months to qualify for the 12 month 0% deal- thankfully i read that part of the t&c! So have paid a bill with using the TSB card, and will pay that off on the card, and then transfer £2900. Does that make sense?

Another silly question...? Can i use the £1000 out of the egg money card limit?
Sorry, it's the first time i have actually had cc in my name, although hubby has 3 and as i now have 2, want to try to get the best use out of them to try to clear off a couple of debts. Will not be using them for any general spending or purchases.
thanks again for any advice.