Egg Money credit card still at 4% for a positive balance!!

eebee

I have an Egg money credit card, I use frequently and pay off my balance in full every month. I've just logged into my account to view the statement and see they are still offering me 4% interest for a positive balance. I'm thinking this is quite a good deal, as many savings accounts are not that good.

Should I use my egg money as a savings account, and apply for another card?

Thanks
eebee

Banderman

Watch out for the money laundering regulations. Large positive balances on credit cards ring alarm bells.

Reaper

This question gets asked endlessly on the forum. Search for previous replies but briefly yes you should, up to the normal FSA protection limits (£50,000). You can't apply for another card because they don't offer them any more. Don't worry about money laundering, this card was always intended to be used as a savings account.

Baz_2

And plus you only have to worry about money laundering if you are actually money laundering.

Dan29

I think eebee meant apply for another card so the Egg Money card would be just a savings account, and the other card would be used for credit card purposes - presumably for the month or so interest-free period?

Personally I don't bother and use my Egg Money for both, although I don't spend much on it each month.

apt

If the OP is a motorist he could open a Shell credit card as well for his spending. It's also run by Citi bank. Also gives 1% cashback plus 3% on Shell fuel. The cashback has to be spent at Shell garages.

eebee

You're right Dan29, to apply for a different credit card.

I won't be money laundering, I wouldn't even know how to do it!!:rotfl:

mr_fishbulb

eebee wrote: »

I won't be money laundering, I wouldn't even know how to do it!!

It's when you accidentally leave your wallet in your trousers when they are washed.

andyt8

Egg Money is dropping its positive balance interest payments and also introducing a charge for any cash withdrawal even if you have a positive balance held in it.

They say in their news release words to the effect "not many customers used the positive balance feature so we are removing it".

You have till mid May to get your money out - then it becomes just a cash back credit card re-named Egg Money World MasterCard

Wasn't it the same CitiGroup that recently was fined by the Californian court for having a program the "sweeps any positive balance out of a customers credit card and into a CitiGroup account". I believe they were required to repay the money plus 10% interest plus a fine.:p:p

Always regretted the day that Egg was sold by the Pru. I never believed it would stay as good.

Anyone know any other credit card that allows a positive balance without penalty and allows you to withdraw from it without transaction charge ?
Andy.