Does it exist in the UK?

vinylmusic

I lived in Holland for 7 years and I was a member of the ANWB, the Dutch equivalent of the AA.
They gave me a visa credit card
I started paying money onto the card before I spent anything and I found that they gave me 5% interest on all that I was in credit.
Forget banks, I piled all my money onto it and spent as I needed to. It was great. I was making money rather than paying out
Its the way it should be.
I have searched to see if there was a card that does something similar here in the UK. I doubt if I'd ever find such a generous 5% butanything would be better than nothing
Does anyone know if such a thing exists here?

Amba_Gambla

You want the egg money card...

It's only recently started, but egg has been around a while...

www.egg.com

there's a thread on here about it too.... I'll just have a look for it.......

Amba_Gambla

http://www.egg.com/visitor/0,,3_78868--View_1636,00.html

and they've got 1% cashback on all purchases, byt 2% until 10th dec 05

Rafter

However, this is less efficient than having a savings account paying 5% and making use of the maximum interest free period on your card.

If you have a savings card and make a purchase, the amount you earn interest on is reduced straight away.

However most cards offer 40 days plus interest free credit where you can pay no interest and still be earning interest on your savings elsewhere.

Egg money is a good card for cashback and their online deals, although look at Martins article on here for the very best cash back deals from american express and others.

R.

Robert_Sterling_3

I guess that from the 4% interest they deduct 0.8% tax ( Or 20% tax depending what the percentage is a percentage of ) whereas from the cash back no tax is deducted.
Hence if you have £100 on your card at the begining of the month and spend it on the last day of the month you get your 4% taxable and you get 1% non taxable cash back i.e. The maximum possible return is equivalent to 5.25% taxable [ 5.67% taxable for 40% tax payers].
Perhaps this situation could be honed as follows:-
By agreement between Vendors & Egg could they reduce the interest and increase the cash back by equal amounts to our advantage.
e.g. 3% interest and 2% cash back.

Amba_Gambla

well, I'm well into my interest free overdraft - maybe I should transfer the rest of it onto a new egg money card... make some profit outta it!

:think: