the new egg money card

Yolk_2

Taken off positive balance as you spend, like a debit card

YorkshireBoy

johannamse wrote:

i dont get it? i am not v clever.

The runny bit in the middle of the "Egg"

Twopints

YorkshireBoy wrote:

The runny bit in the middle of the "Egg"

Accurate. But not very flattering.

Jacster_2

So if I currently use my A&L current account, and put most of my spending on my AMEX blue, I think I'm doing better where I am.

Is that right? Or have I missed something?

That said, I really like the look of this card from Egg. It keeps everything in the same place, and I think will simplify finances for a lot of people, making it easier to separate bills money and spending money.

A good aid to budgeting?

Devo

Jacster wrote:

So if I currently use my A&L current account, and put most of my spending on my AMEX blue, I think I'm doing better where I am.

Is that right? Or have I missed something?

That said, I really like the look of this card from Egg. It keeps everything in the same place, and I think will simplify finances for a lot of people, making it easier to separate bills money and spending money.

A good aid to budgeting?

That's exactly what I intend to use mine for... bills are gonna come out of my current account as they do now, but my spending money is gonna be on this bad boy :j

ssm_3

Just a thought say if I have both Egg Green and Egg Blue cards.

I do a Super BT of £5,000 from Green to my Current a/c (BTW Next month is my anniv month!) And then charge the Egg Blue with this amount for the 4% interest rate until Mar 2006 !

And transfer it to Egg Green to pay it off !! A bit of jugglery and you get free £xx ( Can somebody work out the exact money I will get - my simple maths says £80) from Egg.

How does that sound?

YorkshireBoy

ssm wrote:

Just a thought say if I have both Egg Green and Egg Blue cards.

I do a Super BT of £5,000 from Green to my Current a/c (BTW Next month is my anniv month!) And then charge the Egg Blue with this amount for the 4% interest rate until Mar 2006 !

And transfer it to Egg Green to pay it off !! A bit of jugglery and you get free £xx ( Can somebody work out the exact money I will get - my simple maths says £80) from Egg.

How does that sound?

I make it £66 net of basic tax, and not allowing for loss of interest whilst in transit. But if you're messing around like this, why not put it somewhere else paying 4.75% or better?

Paul_Herring

ssm wrote:

I do a Super BT of £5,000 from Green to my Current a/c (BTW Next month is my anniv month!) And then charge the Egg Blue with this amount for the 4% interest rate until Mar 2006 !

And transfer it to Egg Green to pay it off !! A bit of jugglery and you get free £xx ( Can somebody work out the exact money I will get - my simple maths says £80) from Egg.

Calculation:

1st October to 28th Feb = 150 days
Assuming tax of 20% (i.e. you keep 80%)

(150/365)*£5000*4%*80% = £65.75 -43.84 pence lost per transfer day

If you follow YB's suggestion for a 4.75%:

(150/365)*£5000*4.75%*80% = £78.08 - 52.05p/day

YorkshireBoy

Paul_Herring wrote:

Calculation:

1st October to 28th Feb = 150 days
Assuming tax of 20% (i.e. you keep 80%)

(150/365)*£5000*4%*80% = £65.75 -43.84 pence lost per transfer day

If you follow YB's suggestion for a 4.75%:

(150/365)*£5000*4.75%*80% = £78.08 - 52.05p/day

You'd have a couple of transfers going from Egg green to, say, ING and bringing it back again would take this to 4.

ING transfers are normally 3 days (total 6 if you can avoid weekends), so the only "unknown" is C/A to Egg green and the initial BT transaction. Realistically, could see total loss of around 14-16 days so quite significant at 10% of anniversary period.

Going the original way, could probably knock 3-4 days off (if Egg allow movement between 2 of their cards).

But hey, are we in it to make a reasonable profit or squeeze every last penny out of the deal?

Paul_Herring

YorkshireBoy wrote:

But hey, are we in it to make a reasonable profit or squeeze every last penny out of the deal?

Depends on whether this is just a hobby or a full time career