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Eggs new product...what could it be?????????
natalie1980_2
Posts: 151 Forumite
in Credit cards
I see Egg are launching a new product it says '6 days to go' on their website, what could it be????????
Ive heard rumours of a credit card that pays interest when your in credit ??????
Ive heard rumours of a credit card that pays interest when your in credit ??????
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With the count down that they have given, it must be something that they see as being significant, otherwise it could backfire. Paying interest when in credit could be a possibility or perhaps an enhanced cashback. There is a speculation thread on the stoozing website.Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0
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It says 'unique to Egg' which could either be 'only offered by Egg' or 'not previously offered by Egg'
I've previously suggested to them they could 'offset' a savings account by spending on their credit card [like an offset mortgage] through a special cashback rate.
Egg blue pays 0.5% cashback
Egg Savings (internet) pays 4.5% gross
What if you deposit an amount equal to your annual spending but instead of receiving interest you get 5% cashback on purchases, and 0% on your savings? Result, no tax on your savings [worth 0.9%] but the same cost to Egg! [Think about it... you know it makes sense - and I offered it to them 'uniquely'!].....under construction.... COVID is a [discontinued] scam0 -
This product is, I expect, designed to replace Egg Blue, mentions of which have been removed from the front page.
"Sorry, we're not accepting any new applications for blue Egg Card at the moment.
You'll be pleased to know there's something exciting on the way - check back soon for more details."0 -
Could be a 0% interest loan for 9 months or whatever... I originally favoured this but now think some kind of off set current account similiar to the one account.. or as stated an offset credit card... just hope it's as good as it's anticpation.... And we can all say :T0
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Thats quite clever actually, since you aren't taxed on the cashback you would earn and like you say it would be at no additional cost to Egg.Milarky wrote:What if you deposit an amount equal to your annual spending but instead of receiving interest you get 5% cashback on purchases, and 0% on your savings? Result, no tax on your savings [worth 0.9%] but the same cost to Egg! [Think about it... you know it makes sense - and I offered it to them 'uniquely'!]
I'd go for that idea since I already have a loan and blue card with them and with those figures it would pay more than my current instant access savings accounts (and it would be tax free!).
I like the sound of that! Here's hoping...The only computer error is a human one.0 -
i work for egg and would be hung, drawn and quatered if i let the cat out the bag! but it really is a innovative product, its an extremely simple idea which im surprised hasnt been thought of before! i think it will go down really well :j0
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Ah... I hope this is the product I took part in a survey for! If it is it'll be worth having...
GWot, no sig?0 -
moomintroll wrote:Ah... I hope this is the product I took part in a survey for! If it is it'll be worth having...
G
If it is the survey I remember, from about a month ago, it was only cashback credit card that pays a reasonable interest rate on a credit balance (but less than egg's savings account) and a cashback of 1% (which is what egg were paying a couple of years ago anyway).
Not very innovative, Liverpool Victoria pay a decent interest rate on positive credit card balances and cashbacks are nothing new.
Hope it is better than this. I suspect it will be.0 -
super_mario wrote:i work for egg and would be hung, drawn and quatered if i let the cat out the bag! but it really is a innovative product, its an extremely simple idea which im surprised hasnt been thought of before! i think it will go down really well :j
Your anonymous on here. So tell us!!!0 -
natalie1980 wrote:Your anonymous on here. So tell us!!!
Not totally true, there are ways Egg could fine out if he posted what it was.0
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