Egg cashback update please

happyhero

Hi I have BT'd some money from Capital One into my Egg Money account and I have not used the Egg Money account for a while. I have about £200 sitting in my Egg Savings account from previous cashback given for moving money in and out of Egg Savings but I am little out of touch, I read somewhere not to do it now, is that right, as they could take my cashback back?

If thats right, would they just take money out of my Egg Savings account?

So should I now not transfer the BT'd money into my Egg Savings?

Should I just transfer it to where I ultimitly want it along side my offset mortgage?

Should I remove my £200 cashback to protect it?

And lastly what do they do if you leave them no money to take after transferring it in and out of the Egg Savings account, or are they quick about taking it, so that they catch it before you empty out?

Any info appreciated.

Clariman

Hi Happyhero

If Egg have actually paid £200 for last year's cashback (i.e. before March/April 2008) into your Egg Money account and you have then moved it into your Egg Savings account, then that money should be 100% safe.

The question then is, what is happening this year (April onwards) - is the Egg cashback loophole open again for getting more cashback? Latest experiences on this thread on the stoozing website.

Clariman

Paul_Herring

as they could take my cashback back?

All they could possibly 'take back' is what you have accrued since you were last paid cashback (i.e. anything since March/April gone through activites since March/April.)

Should I remove my £200 cashback to protect it?

The only thing this needs protection from is lower interest rates. They cannot reclaim this bit of money.

happyhero

Clariman wrote: »

Hi Happyhero

If Egg have actually paid £200 for last year's cashback (i.e. before March/April 2008) into your Egg Money account and you have then moved it into your Egg Savings account, then that money should be 100% safe.

The question then is, what is happening this year (April onwards) - is the Egg cashback loophole open again for getting more cashback? Latest experiences on this thread on the stoozing website.

Clariman

Hi Clariman, yes I have been to that site first and read up but I don't know if I searched properly but I could not tell from what I read if some people are still getting away with getting the cashback.

One of my reason for thinking this also is that once they gave me my £200 cashback in March, I thought I might as well get better interest and so transferred it into my Egg Savings for the time being, now when I go back it appears I have earned another £2 cashback, I assume for putting my cashback into the Egg Savings account, because I have not done anything else within these accounts since then.

So I have cashback on my cashback, crazy really.

Is this what has happened? And therefore does it still not work, or is the present cashback problem I hear about very, very, recent?

Clariman

As is says in the discussion thread on t'other site, people are getting cashback accrued for transfers from Egg Money to Savings so that will be what your £2 is! When cashback is "accrued", it is not actually given to you at that point, but Egg keep a tally of it and pay it to you at the end of the year. Egg have already paid you money for last year so that £200 is now safe.

For the current year, people are seeing cashback getting accrued but some have had it taken back off again the following month. Anecdotally, it would appear that those who use the card as a spending card and also for the loophole, seem to be getting away with it, whereas those who just try to exploit the loophole have it taken back off. The reason I gave you the link to the thread on stoozing.com was so that you could keep track of user experience on this. We all need to accept that this is a loophole and treat any cashback that we get as a real bonus. And we're all in the same boat trying to work out whether we'll keep the accrued cashback or not!

So to summarise.

Is your £200 safe? Yes

Will any additional cashback accrued be safe? Don't know but I hope so!

Clariman

stevemcol

why do we always discuss this on open forums (yes i'm just as guilty). we might as well write to egg asking them to re-close the loophole.

Clariman

stevemcol wrote: »

why do we always discuss this on open forums (yes i'm just as guilty). we might as well write to egg asking them to re-close the loophole.

because if it wasn't discussed, would any of us have found out about it in the first place?

NickX

stevemcol wrote: »

why do we always discuss this on open forums (yes i'm just as guilty). we might as well write to egg asking them to re-close the loophole.

I understand exactly what you are saying here.

However, I have thought the same about stoozing in general. I often wonder if the card companies read these threads and shudder at the thought of the stoozers digging into their profit margins, and as a result devise up more sneaky ways to catch us out.

However, as Clariman has said, without the discussion there are many little tricks that we wouldn't know about, so probably all things considered it is best to put things into open forum.

stevemcol

Yep, perhaps i'm being selfish. I realised Stoozing was possible without the help of the internet but I would never have stumbled on the EGG Money thing.
i think that limited threads followed by group pms might sometimes be more sensible.

I know if i was an ambitious EGG employee (I'm neither the former nor the latter fortunately) I would be alerting my management to threads like these.

I find it a bit wacky that EGG are on to this and apparently unable to shut the door. Very strange. Anyway I'm perpetuating the thread so I'll logoff...

NickX

stevemcol wrote: »

I find it a bit wacky that EGG are on to this and apparently unable to shut the door. Very strange. Anyway I'm perpetuating the thread so I'll logoff...

Ah I'm sure that this is all down to the quality of the computer programming.

They probably are trying to close it down, but applying the correct algorithms to issue cashback correctly in certain circumstances but not in others is no doubt more complex that we may think. This is probably why there are reports of people who mix BT amounts with genuine purchases, before the transfer to Egg Savings seem to get away with keeping their cashback.

I suspect the management want it closed down, but its easier said than done when everything is automated.

stevemcol

Just withdrew my cahback
Only managed £100 this year.

edit
Posted becuase I think the door's firmly closed on this one now.