Egg Money - No not that querstion. A different question

mary

Don't believe there's an upper limit. I've currently got £10K in there.

Muffin99

Thanks Mary!

Baldur

The deposited balance limit is something like £99,999.99 from memory.

Muffin99

Baldur wrote: »

The deposited balance limit is something like £99,999.99 from memory.

Ah that's great Baldur, thanks! That should do as I wasn't thinking of depositing more than that

big_mortgage

I was just about to post a reminder on EM. I have a question though, is it covered by the standard £50,000 guarantee? I think I knew the answer once, but clearly forgot

Reaper

Yes it is covered by the FSCS

jennieh39

Is there any catch in this?

I have been mulling it over for a while and it looks too good to be true.

withnell

Egg assume you will withdraw the money via purchases made on the card, and compared to a credit card they're not having to provide any interest free period, which increases their profit margins for the product

Reaper

jennieh39 wrote: »

Is there any catch in this?

I have been mulling it over for a while and it looks too good to be true.

The Egg Money card was designed to be used like this so I don't know why so many people are nervous about it. I have always kept a positive balance on it because I hate having an unknown amount of debt hanging over me and catching me out at the end of each month.

However people seemed to just take it out and use it like a standard credit card. It seemed a bit of a waste of a good concept to me. Maybe that's why they stopped issuing them.

There is no catch.

apt

In the days when you could get 5% or 6% on money siting in a current account the best way to run Egg Money was as a credit card paying in full by direct debit each month. Now it makes increasing sense to run it with a positive balance, but as Reaper says it was always intended by Egg that you could do this. The pleasant surprise (so far) is that the 1% cashback has remained long after the guarantee expired and that the variable credit interest rate hasn't varied.