Question about Egg Money card

pmorrison_2

Hi,

I have started trading on ebay and want to keep my ebay/paypal money separate from the money in my current account and was wondering if it would be possible to use the Egg Money card. I know that the Egg Money card works in a similar way to a bank account, but would it be possible for me to pay money into it from my PayPal account, and also is it possible to pay for things online using it?

Cheers,

Paul

KiKi

Hi Paul.

In short - yes, you can. It acts as a credit/debit card. So you can spend on it like a credit card, but equally you can put money into it. When the card is in credit you earn 4%.

Just be aware to not make cash withdrawals on it if it's not in credit - as with any credit card you are charged interest immediately and will be charged extortionate amounts!

HTH
KiKi

pmorrison_2

Thats great thanks!

So does it have an account number, sort code etc for paying into, as well as a card number, start/end date, security code etc for using to make purchases?

Cheers

YorkshireBoy

pmorrison wrote: »

So does it have an account number, sort code etc for paying into...

http://new.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#howdoimakeapaymentbybacs/chaps?

...as well as a card number, start/end date, security code etc for using to make purchases?

Yes to all.

You may find this Egg Money guide (and subesquent discussion) useful...

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1126208648

pmorrison_2

Thanks KiKi and YorkshireBoy, Ill apply straight away!

benf90

KiKi wrote: »

Just be aware to not make cash withdrawals on it if it's not in credit - as with any credit card you are charged interest immediately and will be charged extortionate amounts!

HTH
KiKi

I agree about not making cash withdrawals. However on Egg Money card they are charged at the same rate as purchases (7.9% typical APR). It's not as bad as most credit cards but should still be avoided if possible.

hebangsthedrums

Hi I've just got an egg money card and wondered if I could use it to fund paypal purchases, or does it treat that as cash withdrawals?

benf90

hebangsthedrums wrote: »

Hi I've just got an egg money card and wondered if I could use it to fund paypal purchases, or does it treat that as cash withdrawals?

Paypal has always gone through as a regular purchase for me.

smithja

I would not bank on getting the advertised typical 7.9%, I applied the other day, got accepted but at their highest variable rate of 16.9%.

Although, since then I have read a post on here by someone how said that Egg's systems (according to Egg) are showing eveyone is coming up as 16.9% at first and then it maybe reduced, one person said in their post they were reduced to the 7.9% and another said their on-line account is still showing 16.9%.

I think if mine say's 16.9% when I get my first statement I will try and pursuade them to lower it a bit at least, I usually use my other card rates as barginning tools to get a lower APR and it has worked in the past.

James

benf90

smithja wrote: »

I would not bank on getting the advertised typical 7.9%, I applied the other day, got accepted but at their highest variable rate of 16.9%.

Although, since then I have read a post on here by someone how said that Egg's systems (according to Egg) are showing eveyone is coming up as 16.9% at first and then it maybe reduced, one person said in their post they were reduced to the 7.9% and another said their on-line account is still showing 16.9%.

I think if mine say's 16.9% when I get my first statement I will try and pursuade them to lower it a bit at least, I usually use my other card rates as barginning tools to get a lower APR and it has worked in the past.

James

Personally I wouldn't bother phoning them to ask for the rate to be reduced as I know they won't do it, feel free to try it out yourself though.

You'll get whatever rate was initially shown on your credit agreement. It shows you on screen at the stage once the credit check is complete (just before it asks you to read through to the terms and conditions etc).

As it's a 'typical' rate then at least two thirds of people that apply will be given that rate so there's more chance of getting 7.9% than getting the other rate of 16.9% (there's only 2 rates with Egg Money).

smithja

I am hoping the same thing happens to me as per this thread on Egg Money and APR's being lowered after it initially showed 16.9%, which is apparently a default setting, at the moment due to a computer problem, according to someone who called them.

http://forums.moneysavingexpert.com/showthread.html?t=894191

James