Egg Money Questions

clio

Nah was just thinking about the cashback thats all, i don,t know if you get cashback if you use the credit on your EM card.

Lavendyr

Yes, you do

clio

If i make purchase this week when does the 50 days start from, is it straight away or next statement date i have not used my card yet, i was thinking of using it like a debit card ie: spend your own money and on top of that earn a little extra via cashback.

YorkshireBoy

clio wrote: »

If i make purchase this week when does the 50 days start from, is it straight away or next statement date

Neither. It starts from the LAST statement date. Best case scenario is 50 days...worst case scenario is 20 days (both cases assume full payment DD set up).

i was thinking of using it like a debit card ie: spend your own money

Pre-loading money will earn you 4% AER. However, if you spend it all each month in a linear profile, then you'll only earn 4% AER on your average balance...which will be half what you pre-load. In short, you'll get an equivalent 2% AER. If you keep your money in a high interest account you should be able to get at least 6% AER, ie 3 times the amount you'd get with Egg Money...and the cashback is the icing on the cake!

clio

Y/B
Can you tell me then how i can gain 50 days interest free credit so i can gain more for my money using my credit limit,i have DD for full amount allready set up. think my statement date is either 13th or 17th but i can double check that.. as for other info cheers i,ll absorbe that, i understand the saving part i have my saving in Nat West..

YorkshireBoy

clio wrote: »

Can you tell me then how i can gain 50 days interest free credit...

I was very careful (in post #21) to say 'up to' 50 days, because only those purchases made on the day after your statement is produced will enjoy the full 50 days. You'll then enjoy a reducing number of days interest free...down to 19/20 on whatever you buy the day before your next statement is produced.

clio

they don't make it easy do they lol....

DifferentFromTheNorm

It would be a major inconvenience to not only credit card companies but also to yourself to provide 50 days interest free on everything.

For instance, if you used the card every single day it would mean that 50 days later you'd get Direct Debits start going out of your bank account every day.

As YorkshireBoy has said, the best way to use Egg Money (in terms of purchases and getting cash back etc) is to use it the same way as you would any other credit card.