Egg Money credit card

jem16

Can this card be used purely as a credit card or does it need to be pre-loaded? My son really just wants it for the cashback.

xplora

jem16 wrote: »

Can this card be used purely as a credit card or does it need to be pre-loaded? My son really just wants it for the cashback.

It is a credit card (not prepaid) that gives you cashback. I think you may apply for additional cardholder and set certain limit for him?

YorkshireBoy

jem16 wrote: »

Can this card be used purely as a credit card...

Yes.

There's a useful Egg Money guide (for conventional use) here...

http://www.stoozing.com/forum/YaBB.pl?num=1126208648

DesG

Although you can use it as a prepaid card, and Egg would rather you did, most sensible people will use it as a really good credit card.

The only problem is they are tending to give really low credit limits these days to 'encourage' people to use it as they would prefer.

Cheers, Des.

jem16

DesG wrote: »

The only problem is they are tending to give really low credit limits these days to 'encourage' people to use it as they would prefer.

Cheers, Des.

How low is low?

1sue23

My limit is £5500.

surreysaver

xplora wrote: »

It is a credit card (not prepaid) that gives you cashback. I think you may apply for additional cardholder and set certain limit for him?

You can use it as a pre-paid card. It is a hybrid product - both a credit card and a pre-pay card. You earn cashback, and it also pays interest on a positive balance.

YorkshireBoy

I was given a £5K limit 3 years ago (already had a £13K unused Egg Card). However, they've really tightened up in the last 2 years or so if the posts on this board are anything to go by.

So much so that I'd say £3K would be a very good limit on this product these days. After all, as DesG says, they want you to spend your own money by pre-loading it.

DesG

I have had mine from near the start, and have a £6.5K limit.

But I know people who have applied recently are getting nowhere near that. As YB says, £3K would be considered very good now.

My only complaint about the EM card is the £200 limit on cashback each year

Cheers, Des.

funkyhitman

Am I right in saying that a positive balance, by pre-loading etc, is not covered by section 75 of the consumer credit act?

Paul_Herring

funkyhitman wrote: »

Am I right in saying that a positive balance, by pre-loading etc, is not covered by section 75 of the consumer credit act?

Correct. Egg say they'll try not to leave you in the lurch should circumstances arise where Section 75 would have otherwise been invoked, but you are not covered by it: http://forums.moneysavingexpert.com/showthread.html?p=14607139