Egg Money

newfoundglory

Are there really any useful advantages to this card, other than some of the cashback at some of the online retailers?

I just applied a few mins ago and got accepted, in the true moneysaving spirit of saving an extra £50 on a new mac mini from the apple store.

This is all i really applied for, because the apple education store for students offers as little as 4 or 5% off on some products, which is pathetic.

Is this card useful for anything else? Or shall i just ditch it after i'm done?

I usually put all my spending on a nationwide cash reward card and pay in full each month...

sicker

It's useful in the fact that if you can maitain a credit balance you are also getting 4% interest on the balance.

john

Caped_Avenger

Well, it depends entirely on how you use your credit cards.

If you don't pay off in full every month (for whatever reason), and you got the 6.9% APR, you won't get many better standard (i.e. non-introductory) APRs than that.

The 1% cashback on your first £20,000 of purchases per year is the best cashback credit card around for my circumstances, given that i don't spend the £7500 p.a. which you need to to get 2% cashback on that Amex card (i forget which one). it also has the advantage over the Amex of being a Mastercard, and therefore being more widely-accepted.

The 4% AER credit interest on credit balances is nothing to get worked up about, IMO. You'd be better off using the card as a genuine credit card (i.e. operating it in debit, then paying on the due date), and rather than "pre-loading" the Egg Money account, putting the money into a decent savings account (ING, for example, which currently pays 4.75% AER), and paying the Egg Money card off in full on the due date. This way, you get a) a higher rate of interest b) a longer period of time over which the interest accrues.

Another advantage to Egg Money is the ability to make ATM withdrawals without the cash handling fee.

Oh, i almost forgot. The 1% cashback has been doubled for a short period leading up to Christmas. I forget when it ends though.

Joe_Bloggs

I quote from an egg money email, "between 16 November 2005 and 10 December 2005 you'll get 2% cash back on purchases with your card."
I intend to buy a £1000 season travel ticket on the 9th.
J_B.

asandwhen

I paid for my £3000 honeymoon........ (£60 cashback in one go :j )