the new egg money card

CopperPlate_2

Caped_Avenger wrote:

That's the impression i get. A very clever piece of marketing, IMO.

OK, done some digging. Direct from the FAQ at egg.com: So, as you say, if you credit your card with £500 on 1st October, make a £400 purchase on 2nd October (and nothing else for the rest of the month), you will only get 1 day worth of 4% interest on the £500, and the rest of the month you will only earn 4% interest on £100, which is the equivalent of less than 9 days at 4% interest, if you look at it that way.

Compare that to putting £500 into an ING account on 1st October, transferring it back to your current account on (say) the 7th November, you will have received 4.75% on the full £500 for 37 days, and then pay the £400 outstanding debit on the egg money card before the due date, and you incur no debit interest.

So, if you have the discipline to do it, you'll be far better off by doing things that way.

Which is just what I plan to do....:D

coolio_2

it would appear that the egg cashback for apple works even if u dont go thru the affiliated link. So you can get educational discount, voucher and cashback

lipidicman

Hi, I'm planning on going Martin's route to transfer a balance from a 0% credit card. A few questions:
1) How long until the card arrives (it said 7-10 days)? (I need to make a 6 week deadline with the 0% card to avoid a fee!)
2) The website wants me to activate with the card number - when I do that is the account ready to accept my BT?
3) Once you have the egg in credit how do you get that money to a savings account?

charlie12

lipidicman wrote:

1) How long until the card arrives (it said 7-10 days)? (I need to make a 6 week deadline with the 0% card to avoid a fee!)

Mine took around 2 weeks in September, depends how busy they are. I imagine they are having lots of applications at the moment with all the advertising I've been seeing. Should definitely arrive within 6 weeks. though.

2) The website wants me to activate with the card number - when I do that is the account ready to accept my BT?

Yes.

3) Once you have the egg in credit how do you get that money to a savings account?

Do a balance transfer - option on the left of the screen. Choose overdraft, make sure you set PPI to NO (by default it's set to yes).

lipidicman

Good advice charlie. To clarify I only have 3 weeks left of that 6 week limit, so fingers crossed. I know you should do it the other way round (egg first, then a 0%). But I was doing the spend-n-stooze option and then got a good limit on the 0% (my 1st BT from my old expired deal was only 1/7th of the new balance!), the 'egg in credit' method was too tempting.....