I'm confused about Egg Money

Retro82

I've recently signed up for the Egg Money Credit card on the strength of its cash back and the abilty to have a positive balance, and the various options this brings.

However, the views on this board seem completely polarised! For every "I'm cancelling my egg" post, there is a response saying they've had no problems and it must be the user.

I realise this may turn into the same type of thread but I would be really appreciative for any feedback, as I was planning to use this card to pay for basically everything (petrol, meals, well... you know what everything is!).

Thanking y'all in advance!

lisyloo

I've had no problems at all.

Some people don't like their minimum interest charge
e.g. if you incurr 5p interest they round it up to 50p.

If you aren't planning on paying any interest then you shouldn't have problems.

The only issue I've had is a low credit limit (compared with other cards).
I have managed to increase it a little.

Retro82

lisyloo wrote: »

I've had no problems at all.

Some people don't like their minimum interest charge
e.g. if you incurr 5p interest they round it up to 50p.

If you aren't planning on paying any interest then you shouldn't have problems.

The only issue I've had is a low credit limit (compared with other cards).
I have managed to increase it a little.

Thanks for the quick response - I'm planning on being in credit or paying the full amount so should be no problems there. I'm hoping the people saying it get declined/blocked once a month are an unlucky few!

NickX

lisyloo wrote: »

The only issue I've had is a low credit limit (compared with other cards).

This is a fairly normal, the reason they only offer a low limit is because it is not designed for holding large debts due to the fact that it takes positive balance.

It is really designed to move between negative and positive balances fairly regularly so a large limit should not be required.

If you are going into a large amount of debt with Egg Money then I would suggest that you are using the wrong card.

Retro82

NickX wrote: »

This is a fairly normal, the reason they only offer a low limit is because it is not designed for holding large debts due to the fact that it takes positive balance.

It is really designed to move between negative and positive balances fairly regularly so a large limit should not be required.

If you are going into a large amount of debt with Egg Money then I would suggest that you are using the wrong card.

Nope its going to be completely debt-free for me, but my initial plan is to use it to completely replace my debit cards which is why the 'blocked/declined' thing worried me a little.

clio

Is a £1000 limit low by Egg Money standards?

lisyloo

If you are going into a large amount of debt with Egg Money then I would suggest that you are using the wrong card.

You are spot on Nick and that's exactly what Egg said.
From Eggs point of view it isn't what it's designed for.

However I wanted cashback on a large purchase.
I did manage to do it by putting the card in credit and getting the cashback, but would simply have preferred to have done it all on credit.

Is a £1000 limit low by Egg Money standards?

I don't think so.
It can be anything up to £5K.
I initially got £3, but my plan is to get it increased gradually after they have payment history.

clio

LisyLoo did you really mean £3 or £3k lol...

lisyloo

I meant £3K :-)
It's not that low but I had £15K on Egg Visa so it was low compared with that.

It's not often but sometimes I do have items that are more expensive than that
e.g. holiday for 4 people, so it more of an inconvenience but it means I do need to think about it and can't just put what I want on it.

If I was spending an extended period on business expenses it would probably be not enough either but then as Nick says it's intended to be "loaded" and I'm trying to use it like a normal credit card to get max cashback.

100pints

I've had an Egg money card for years now - credit was £10k to start so never been anywhere near.
I
t's really useful to buy everything on to get the cashback and until last week was even quite a cheap APR of 7.9%.

HOWEVER, I got a letter last week saying this was going up to 12.9% which is a massive increase (though still competitive for a credit card).
Luckily, I always pay mine off each month - I have a 0% one wiith Virgin with all the debts on.
It is worth it as the cashback adds up and is paid each year - nice little bonus really if you buy through Quidco as well.

:beer:

Retro82

EDIT: Nevermind, read it wrong :S