the new egg money card

innovate

Got mine today

boss-man-uk

innovate wrote:

Got mine today

Just arrived home and mine was in the pile of post along with my new Amex.

Nice one .

Milarky

I assume this will be by the same method as when making payments against negative balances now: - You 'load' the card by linked debit card from your bank account and this will appear the following day [maybe?] with the previous day's date. Remember that unlike savings accounts credit card balances generally do not update instantly.

UPDATE:

Yes, this is what happens, you simply use the 'make one-off payment' option. I've just deposited £1 via this method, but the balance did not update immediately. When you go through this process you get the following confirmation:

A debit card payment will be taken today from [your Bank Account] to your Egg Money account. This payment will show on your Egg Money recent transactions the next working day if you make the request before 2pm on a working day.


Please bear in mind, if you make an additional payment to your account in the period five working days before your direct debit payment is due, your direct debit will still claim the payment amount you've previously chosen.


A debit card is the fastest way to make this payment but if you don't want to use a debit card, there are other ways to pay into your account.

FURTHER UPDATE:

How do 'interest only' cash withdrawals work? You will need a PIN of course, but is there a minimum amount to withdraw? I assume that there is not.[No cash withdrawal charges - is that right?]

It has also occurred to me that the Egg Money card with a zero balance [as when not in use, for instance] could in theory be used to draw cash from a current account indirectly via a debit card 'payment' the same day. If this works it makes it possible to pay cash over the counter of the bank as mentioned with the Egg savings cashcard. However it depends on whether a 'payment' today which appears tomorrow will do so with today's date - allowing an offsetting ATM withdrawal to be made.


The final point is what is the limit for daily cash withdrawal? [I assume there is one in general]

M

Anon

I am sure that others have discussed this but cannot see it in the thread. Just signed up for Egg Money and in the T&Cs 7.2 it states under charges, "£2 for any payment made to the Account other than by Direct Debit, debit card, BACS, CHAPS or transfer from an Egg Savings Account;" - do you think this covers credit card balance transfers in? Not a large amount in the scheme of things but it is still money to pay.

Anon

M_Thomson

Anon wrote:

I am sure that others have discussed this but cannot see it in the thread. Just signed up for Egg Money and in the T&Cs 7.2 it states under charges, "£2 for any payment made to the Account other than by Direct Debit, debit card, BACS, CHAPS or transfer from an Egg Savings Account;" - do you think this covers credit card balance transfers in? Not a large amount in the scheme of things but it is still money to pay.

Anon

The £2 fee is not charged as credit card balance transfers in are done via BACs

Caped_Avenger

One thing i'm finding slightly annoying is the time it is taking for my account to update. I loaded it with £100 via Maestro on 21/09, made a £20 ATM w/drwl on 23/09, £50 ATM on 24/09, then logged-on on Monday 26/09, and could only see the £100 credit, then again on Tuesday 27/09, and could only see the £100 credit and the £20 cash w/drwl.

I know this is only a minor gripe, but i'm finding it slightly annoying as i like to keep very close tabs on my money.

WSO

Just had my 1st statement since being transfered from Egg Blue - looks like they have decided to pay 1% on all my transactions from the date of my last statement... not that I'm complaining, I thought that I'd only get 1% from the 16th of September, so getting 1% since 26th August was a nice bonus!

charlie12

Caped_Avenger wrote:

One thing i'm finding slightly annoying is the time it is taking for my account to update.
<snip>
I know this is only a minor gripe, but i'm finding it slightly annoying as i like to keep very close tabs on my money.

I've found that, too. It does take longer to update compared to other providers I've used - e.g. Capital One and Mint.

They also don't show the "available credit" which I used to find very handy to find out when a shop has reserved funds but not taken the payment fully yet.

Still, at 1% cashback I can't complain too much - I'd rather spend on this card than have no financial benefits from using C1 or Mint.

Paul_Herring

WSO wrote:

Just had my 1st statement since being transfered from Egg Blue - looks like they have decided to pay 1% on all my transactions from the date of my last statement... not that I'm complaining, I thought that I'd only get 1% from the 16th of September, so getting 1% since 26th August was a nice bonus!

Hmm - something I forgot to look at - appears they've done the same to me - 1% from 23rd Aug.

CopperPlate_2

Well, after all my prevarication before, Egg paid not one blind bit of notice to me asking to cancel my application. My cards arrived on my doormat this morning...:D

Phoned them and they confirmed that the account had not been cancelled...so I suppose I will give it a go. Will use a savings account to store the money I'll use to pay the card off at the end of the month and that way, hopefully, get 4.5% on a balance for the whole month AND earn myself 1% cashback at the same time.

Who said I was fickle...

CP