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Help: Saving with a credit card?????
pierswalton
Posts: 2 Newbie
Hello,
I'm a long term receiver of Martin's Money Tips emails but am new to the forum and forums in general so bare with me...
I was wondering whether anyone could answer whether I have protection when saving on a credit card. I'll explain... I have an Egg Money card and it charges me a certain rate when I use it as a normal credit card however, I noticed the other day it also pays 4.5% on positive balances. As this is quite high (I think) I was wondering whether anyone knows if my money would be pretected for example up to £50,000 like it would be in a UK bank?
I'd really appreciate any feedback,
Thank you in advance!
Piers
I'm a long term receiver of Martin's Money Tips emails but am new to the forum and forums in general so bare with me...
I was wondering whether anyone could answer whether I have protection when saving on a credit card. I'll explain... I have an Egg Money card and it charges me a certain rate when I use it as a normal credit card however, I noticed the other day it also pays 4.5% on positive balances. As this is quite high (I think) I was wondering whether anyone knows if my money would be pretected for example up to £50,000 like it would be in a UK bank?
I'd really appreciate any feedback,
Thank you in advance!
Piers
0
Comments
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You have the full £50000 protection on any money you put there. Quite a few of us fortunate to still hold this card are also using it as a savings account now for the 4% rate."Click the pennies. Collect the pounds."0
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However if you are in positive funds section 75 may not apply to any purchases as you aren't taking credit from them0
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thank you!0
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