Best Cashback Cards Article Discussion Area

grumbler

Goldfish is a rewards card, not cashback. See Rewards link in the blue box above, > Reward Cards Ranked Alphabetically , Reward Cards Ranked by Value

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Slimeball20 wrote:

I've just activated my Egg Money card that arrived this morning.

When I checked that everything was right with the account, I noticed that Egg had set the account up to just pay off the minimum balance each month, even though I had asked specifically on the DD application that I wanted the entire balance paying off in full.

Just a warning for everyone who has applied and wants to pay off in full to check their payment settings when they log in.

I think it's a bit nasty for Egg to do this. Just be careful!

Yep! The exact same thing just happened to me today with my first DD payment on my new Egg money card. When I rang up CS and complained the excuse was "thats technology for you" and I was assured the entire balance would be paid off fully next month with no interest charged to my account - which I will check....looks like this is a bog standard Egg con trick.

colbee

Hi, this is my first posting, so I hope you'll forgive any unintentional breaches of protocol.
My wife and I got Egg Money cards about ten days ago and I too noticed Egg had set it up to pay the minimum monthly payments, contrary to my instructions to pay off the whole amount monthly. I haven't spoken to them about it yet, but it seems too much of a coincidence and more of a deliberate cynical ploy. Although it is early days, so far I am not very happy with Egg:
I have a good credit rating and we have held a credit card for many years. For the past ten years or so we have held, and still hold, Goldfish cards. Over the years Goldfish spontaneously increased my credit limit, by stages, to £9k in 2004. Our annual spend is around £9k, but I was quite happy to have this as a monthly limit too. I always pay off the full amount.
Then, in August 2004, not realising where I was up to relative to my credit card 'month', I inadvertently went over my limit by a couple of hundred pounds. (That was an exceptional month -I have never before or since approached my limit).
Goldfish imposed a penalty charge for exceeding the limit but cancelled it when I paid off the excess there and then before the due date. They also increased my limit to £10k.
So far, so good. Goldfish is a rewards card which gives you points to use against services and goods at particular retailers. My annual spend meant I got points worth about £60.
So,to Egg Money. I worked out that the cashback would be worth around £90 per annum and, together with other perks, it would be worth applying for. Egg has given me a limit of £3800, which I find pathetic. With Goldfish (with the one exception I have mentioned) I never have to be concerned about breaching my limit - I only ever use a credit card to pay for things I can otherwise pay cash for.
I have messaged Egg twice requesting a limit upgrade - refused; but I can re-apply in 6 months if my circumstances change (!). Alternatively, I can appeal to some higher authority at Egg.
I have told them I will not be appealing, nor will my circumstances be changing: I will simply not use the card, even though I have arranged to pay into it £1000 @ 4% on a positive balance. I also pointed out to them the absurdity that they are complicit in giving me an aggregate Goldfish/Egg credit limit of £13800 but refusing me a £10k limit which would enable me to stop using Goldfish.
It seems to me that Egg are going about this the same way as 'painting-by-numbers' where no intelligent thought is required; in fact, it is probably worse than that -they are painting everything the same colour!
There are some good things with Egg, not least their MoneyManager which allows you to store account details from other organisations, but I rather suspect that there is some veiled master-plan devised by some whiz-kid to grab you by the proverbials.
Sorry to have rambled on but I hope it is a little enlightening.

Jkappes

WARNING - GE Money Everyday Card
This is a very difficult card to obtain. I have a faultless credit record and still no acceptance. I asked at GE Money for any clues as to why I was rejected and they just refered me to Experian. I already have a recent copy of my credit record so I am 99.9% certain it has little to do with the rejection. I would suggest that GE Money are actually looking for people who may not have a perfect credit record as this would mean they could claw back some of the money they pay as 3% rebate back in potential late payment fees and balance interest charges.

For anyone who wish's to apply for this card be warned!

sootysmum

can anyone tell me why this does not rate as a cash back card I find it o.k
:rolleyes:

humfer

Think I'm going to apply for the GE Money card but do people think the 3% cashback on petrol and groceries will last long, or is it just for a few months until they get numbers up and will then lower it down. Could do with it have some sort of guarantee like some savings account and mortgages which tracj the base rate..

M_Thomson

Jkappes wrote:

WARNING - GE Money Everyday Card
This is a very difficult card to obtain. I have a faultless credit record and still no acceptance. I asked at GE Money for any clues as to why I was rejected and they just refered me to Experian. I already have a recent copy of my credit record so I am 99.9% certain it has little to do with the rejection. I would suggest that GE Money are actually looking for people who may not have a perfect credit record as this would mean they could claw back some of the money they pay as 3% rebate back in potential late payment fees and balance interest charges.

For anyone who wish's to apply for this card be warned!

You are probably right, although no lender will ever reveal the criteria they use for getting accepted.

Chiefster

I've also just been rejected, It worried me so much I got a copy of my credit record from experion. A credit score of 902 category GOOD and they say I should have no problem getting credit. GE are obviously not issuing the card to people who they think might actually benefit from it, I think it stinks and its certainly deterred me from ever using GE again.

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Chiefster wrote:

I've also just been rejected, It worried me so much I got a copy of my credit record from experion. A credit score of 902 category GOOD and they say I should have no problem getting credit. GE are obviously not issuing the card to people who they think might actually benefit from it, I think it stinks and its certainly deterred me from ever using GE again.

Its a bit hard avoiding using GE again. They are one of the largest companies in the world. Actually GE own many of these airplanes we fly.

M_Thomson

Chiefster wrote:

A credit score of 902 category GOOD and they say I should have no problem getting credit.

Yes, but that score is a totally different. It is a generic score that the credit bureau has come up with. Each company when you apply for credit will score you in a different way.