Still got a green Egg card, should I close it

happyhero

Hi I have done some stoozing in the past and recently have not been checking things too closely as I have a stoozed amount that has been gaining interest nicely for just over a year, so I decided, it was time to check up on a few things as I would need to do something in the near future.

I have a Virgin account with £14000 stoozed which runs out in March and have made use of the Egg Money cards in the past so I have £200 cashback sitting waiting, which will hopefully be safe after what I have read on some of the other threads.

I cant remember now why I let it stay but I have a green Egg credit card still along with my Egg Money and Savings accounts. This has a £14000 limit but is totally unloaded. Should I keep this card still or get rid of it?

Seems to me it will go against me keeping it as it will just look like I have loads of credit, more than I would like anyone to see if they were deciding whether to give me credit for a new card etc. And I am not even making use of it. Can someone guide me what to do here please?

Also if you would close it how would you do it and when? Taking note of the other thread about them clawing back cashback, maybe I should keep quiet for a while until I get the cashback rather than draw attention to myself and then close it, unless anyone sees a reason I should keep it.

Also as I said not been watching too closely, do they still give cashback simply for doing the transfers between their accounts, or is that over now?

Any info appreciated.

goldmercury

see if you can get a 0% deal from egg. Mention there current promo (customers get 14months @ 0%) if they can't offer you anything similar close the account as it is not worth keeping.

I closed my egg card 18 months ago and have just re-applied, higher limit now to :money:

happyhero

goldmercury wrote: »

see if you can get a 0% deal from egg. Mention there current promo (customers get 14months @ 0%) if they can't offer you anything similar close the account as it is not worth keeping.

I closed my egg card 18 months ago and have just re-applied, higher limit now to :money:

Sounds good what you say but I thought the Egg credit card was no good anymore for BT's as their fee for a BT was uncapped, or has that changed again?

Milarky

I would only hold out for the offer of a life of balance transfer now . They have done this three times in the past - twice at 5.9% last year and lately at 6.9% - with no fee charged. But this is 'invitation only' - you can't ask for it.

If you have an Egg Money card you don't need an Egg (green) card IMO. You can only reapply after 12 months (so you have to plan well ahead closing your existing account)

At the moment the offer of 14 months with a 3% fee is better than nothing of course. I'd also look out for some move towards longer free purchases (maybe at the expense of a shorter BT) as a means of 'slow' stoozing - although the trend at the moment seems to be all towards 3 months only on purchases

happyhero

but what about the fee is it capped again now like other cards and if so at what figure?

Jazzking

Not capped, the fee is 3% but even £5000 stoozed in ICICI at 6.41% gets you £150 profit after tax (assuming payments not made from stooze pot)

I'm actually looking to see if I can get hold of an Egg Green after I closed mine down a couple of years ago - personally I prefer the longer offers rather than be limited by the 6 month deals with a capped fee....

YorkshireBoy

Jazzking wrote: »

Not capped, the fee is 3% but even £5000 stoozed in ICICI at 6.41% gets you £150 profit after tax (assuming payments not made from stooze pot).

Hi Jazzking,

You really should factor in the minimum payments when calculating your profit. After all, if you don't make them from the stooz pot you'll have to make them from income, which would otherwise have been saved at (presumably) 6.41% AER.

Allowing for these minimum payments means your example returns just under £100 (using an effective 13 months). Still OK as 'money for nothing', but far more accurate IMHO.

happyhero

and the canceling of the card, with regard to the other thread where they clawed back the cashback, should I not wait until they have given me the cash from the cashback as I have a £200 cashback sitting there waiting to be given to me at end of March I think it is, don't want to lose that, or is that a very rare occurance? After all I have only spotted the one thread on it but then I have not looked very hard.

As someone said if you send them a message about canceling a card etc, you draw attention to yourself, where as if you make no contact you hope you blend in with the thousands of others.

happyhero

so finally, not answered above yet, are Egg still giving the cashback simply for transfering the money through the Egg Savings account or has that stopped now?

Clariman

happyhero wrote: »

so finally, not answered above yet, are Egg still giving the cashback simply for transfering the money through the Egg Savings account or has that stopped now?

It has stopped. What is more, if you risk giving it a go, it may prompt them to look at your account history and remove the cashback that had already been credited in that way! This has happened to quite a few people.

Clariman

benf90

happyhero wrote: »

and the canceling of the card, with regard to the other thread where they clawed back the cashback, should I not wait until they have given me the cash from the cashback as I have a £200 cashback sitting there waiting to be given to me at end of March I think it is, don't want to lose that, or is that a very rare occurance? After all I have only spotted the one thread on it but then I have not looked very hard.

As someone said if you send them a message about canceling a card etc, you draw attention to yourself, where as if you make no contact you hope you blend in with the thousands of others.

The following are the rules surrounding closure and cash back:

Egg Card - Only accounts opened before October 2001 accrue cash back (at a rate of 0.1%). When closed any cash back accrued will be paid directly to your external bank account by BACS. So for this type of card cash back isn't lost.

Egg Money - Cash back accrued at 1% with max at £200. Closing your Egg Money account will mean you will lose any cash back accrued on that account, so you would need to wait until after it is paid in March.

The two accounts are treated separately though. Closing your Egg Card will not affect your Egg Money account so if your cash back has accrued on that account then you'll be fine to close your Egg Card.

Egg now have a dedicated retention team, just give the main contact centre a call and they will transfer you.