Egg Money Credit card application declined, high credit score.

PokerPortal

Egg has replied to the secure message I had left on their website and my application has now been approved! My appeal was successful. The Egg Money card will arrive in 12-14 days. Credit limit £600, but this is not that important on this card. Rate 15.9%, again not important, as I won't be using this card in this way.

Thank you all for your replies. Very much appreciated.

lotus26r_2

Egg Money do seem to operate unusual rules. I applied on line, got an immediate yes but with a 15ish% interest rate. I have an excellent credit rating and an existing Egg card with no defaults/late payments etc. Appealed the rate but was told it was correct and would not be changed. Appealed again, told basically they could apply any rate they choose based on their own parameters. Happy to run £20K/year through this card (presumably makes money for them) but they seem to want to punish me if I ever do incurr an interest charge. Not a good experience.

Rafter

Interesting thread.

Remember that each card companies uses their own scoring system. Sometimes you will get a little britain 'computer says no' type rejection because you have a neighbour who has a bad credit history or you bank with someone like HSBC who doesn't share 'good' information with reference agencies. Always worth appealing to get a human to check your score and reconsider.

Seems odd that egg money are rejecting accounts and offering 15% APRs though. Seems to suggest the launch has been too successful or someone has done their sums and worked out this product doesn't make money!

Think about it - they pay 4% on credit balances, charge 6.9% on debit balances and offer 1-2% cashback.

That leaves a tiny margin to cover all their running costs and the 3%+ of customers who go bankrupt or can't pay each year.

R.