the new egg money card

humanbeing wrote:

Max cashback is £200 a year.

This is a blow. I certainly dont remember there being a limit imposed on the blue card.

It turns out that this card replaces the blue card. Had an email confirmation today saying my blue is now a money card.

Dont get me wrong - this card is much better BUT there was a nice little loophole on the blue card. The blue card would pay 0.5% cashback when a BACs transfer was made into the current account for positive balances. So you put your card 10k in credit, BACs it out, and get £50 cashback. As far as I know - there was no upper limit on the blue card.

With this card - a 10k BACs will earn £100....BUT...the cashback is capped at £200. This is assuming the loophole still works on this new card!

PS. It should still work on the green card - but only pays 0.1% - so only a £10 on 10k. But - still if you have used all you cashback allowance on the Money card - better than nowt!

edit: beaten to it by others while typing this up.

Just got an email from them, i thought this was a completely new card, i already have a green and blue card and it seems my blue card will be this new one anyway! great for my poker bankroll to sit on! woohoo, more free dosh.

terms and conditions below:

We want you to be one of the first to know that, from 16 September 2005, we'll be adding some extra benefits to your Egg Card (blue). They'll help you get even more out of your money and give you a new way of managing your spending. We think you're going to like them.

First off though, we need to tell you that this means that the name of your Egg Card (blue) will be changing to Egg Money and also your Credit Agreement Conditions will change. Also, we won't be sending you a new card, so you literally just carry on as before. But, what's more interesting is finding out just what we're so excited about.

Egg Money - what's it all about?
One of the most important changes is that you can have a positive balance in your Egg Money account and you'll earn interest on it. So, the best way to charge up your account with cash is to work out how much spending money you have each month and increase your existing Direct Debit to your Egg Money account for that amount. Or you can just make a debit card payment into your account.

Of course, you don't have to charge up your Egg Money account with cash if you don't want to - it's entirely up to you. Either way, here are some of the benefits you can now enjoy:

4% gross pa/AER variable on positive balances in your Egg Money account.

At least 1% cash back on everything you buy.

You'll pay no interest on cash withdrawals and purchases all the while you have a positive balance in your Egg Money account.

We won't charge you a fee for cash advances.


So, that's 1% cash back if you do spend and 4% gross pa/AER variable if you don't spend. So, you're onto a winner either way.

If you go into the red…
There is some very good news for you. From 16 September 2005, your interest rate for purchases, balance transfers and cash advances will be going down to 6.9% APR variable. And, as from 1 November 2005, your interest free period for purchases will be increasing from up to 45 days to up to 50 days.

You don't need to do anything
Of course, you can continue to use your Egg Money account in just the same way as you used your Egg Card (blue).

But you could be getting a lot more and, even if you do nothing, you'll benefit from things like cash back on all your purchases and also we won't charge you a fee for cash withdrawals.



Find out what else Egg Money has to offer

For changes to your Credit Agreement Conditions




We really hope you like the changes we're making to your Egg Card (blue). If you'd like to know anything more about Egg Money please send us a secure message by logging in to https://www.egg.com - alternatively, just call us on 0845 300 4394.

Best wishes


Egg Banking plc

Was online today and saw the new Egg money card, so applied and got the 6.9% rate which is better than any of my credit cards but my limit is quite low at £500. I guess I'll have to prove my worth before they increase it, plus I'm a recent graduate so I guess they don't want to push me into further debt!

But I don't get the limit calculator thing (2 x gross salary) I'm on £18K, why did I only get £500 limit.

Valencia wrote:

But I don't get the limit calculator thing (2 x gross salary) I'm on £18K, why did I only get £500 limit.

I think that is the maximum credit limit they will offer. They'll have other criteria they take into account as well.