the new egg money card

Yolk_2

If you applied today over the phone, then try to apply again, there was a glitch with the system, it's been sorted now so you can apply online.
To earlier question, yes you are covered the same for both positive and negative balances.
Yes it is 2% between 16th November to 10th December to coincide roughly with when everyone gets their last paypacket before Christmas

TonyB

OK so 4% oncredit balance, but i'M SURE iVE SEEN SOMEWHERE THAT USING THIS IN SOME PARTICULAR WAY (OOPS pressed caps lock whilst swatting a dang fly !!!!) this can become a net of tax interest rate. Somewhere in the earlier assesments & prognostifications of the possible things EGG would produce on the 16th. Anyone else seen this or am I daydreaming?

david78

You must hve dozed off Tony. Not seen that.

I too got the email "your Egg Card (blue) is now Egg money etc."

The 0% rate on my MBNA card just ended. Balance now £0. I might 'phone MBNA tomorrow and see if I can blag a 0% BT from my Egg blue card. (you never know).

For christmas, I think everyone will be getting vouchers from the link below.

http://www.farepak.co.uk/xexec/directgoods.asp

If I buy these at the right time I get 5% discount plus 2% cashback.

TonyB

Nope! I found it under the other post @ "what can it be?" Milarky posted something which I still dont understand. OH never mind !!!!!

Milarky

TonyB wrote:

Nope! I found it under the other post @ "what can it be?" Milarky posted something which I still dont understand. OH never mind !!!!!

Yes I did - it was the idea of offsetting a balance in your Egg 'savings' account by your annual spend on you Egg 'credit card' [necessarily two separate accounts, not one!].. and I'm sorry too that Egg didn't do anything that radical.

BUT it doesn't matter so much as they have upped the cashback rate to 1% [and my idea envisaged taking the 0.5% the Egg blue card currently pays and putting it in with the 4.5% BOE-guaranteed rate they pay on savings. 0.5% plus 4.5% = 5%. By not paying it as savings interest but as pure cashback instead there would be no tax to pay. The tax - at 20% - on 4.5% in savings is 0.9%. The new Egg Money card is worth 0.5% 'extra' cashback anyway, so that's something.. and the additional 5 days is worth about 0.04% too - so that's about 0.54% enhancement on the Egg blue, better than a poke in the eye anyday

Someone asked about Section 75 and in-credit balances.. My guess is that because this is legally still a 'credit card' no company of any repute is going to try to argue that is ceases to be where the account balance is temporarily positive.. My first thought was that Visa treats debit cards just like credit cards.. my secnd thought was that this is a Mastercard anyway, so it hinges on it being classed as a credit card at all times...

Hereford_Wolf

....and how long do we all think that the rate of 6.9% will stay ?
Not very long knowing Egg.

I think I'll stay with Capital One low rate.

M_Thomson

Milarky wrote:

Someone asked about Section 75 and in-credit balances.. My guess is that because this is legally still a 'credit card' no company of any repute is going to try to argue that is ceases to be where the account balance is temporarily positive.. My first thought was that Visa treats debit cards just like credit cards.. my secnd thought was that this is a Mastercard anyway, so it hinges on it being classed as a credit card at all times...

I can see why you think that but going on what other credit card issuers have said, I am not sure if it will be the case. Credit Card companies pay an insurance to cover themselves in event of loss so I just wonder if that insurance will cover them when it is the customers money that is lost.

Marigold123

Apart from the 2% cashback in the run-up to Christmas, which is fabby, I think the most significant thing on here is that they're not going to charge for cash withdrawals.

I can't think of anywhere else you'd get that with a credit card, (as opposed to a debit card). Perhaps it's because the ATM system isn't set up to distinguish between a withdrawal on a positive balance and ordinary credit card activity. And they can't really charge you for withdrawing your own money, so... no charges for cash withdrawals at all!

I wonder whether any other CCs will follow suit? It could open up a great big can of worms if they do.

johannamse

Will it always be free to withdraw cash, even when you are spending their cash, and not yours?

asandwhen

yes even when you go into the red -