Egg credit Card/Egg Money Card.

HGLTsuperstar

leeegglestone wrote:

I have some questions with the Egg Card aswell, hope its ok posting them here.

Ok with Standard Egg Card.

When you apply and you want to SBT. Who decides on the amount? Do you tell them what you want & they say if the will give you it or simply take whatever they give as ur max. For instance if you want £5K

If you're doing BT FROM Egg money (it actually goes the other way) then its dependent on your CL and T&C of the card you're doing the transfer TO, if you're only doing it with Egg then the max is 95% of your CL per BT

Then when they SBT it to your Current account you have it at 0% for 9months. & pay £50 handling fee. Is the 9months from getting your Card or rolling on till december, so if i get the card in August, id have to pay back the money SBT'd by December?

Providing the offer still stands in August! It will be from when you get the card and whatever the current offer is

Do u not have to make a minimum payment per month too?
Yes of course!!!! But you're only paying back the minimum and no interest!

mrseyes

Do you have to pay regular or minimum amount in EGG MONEY account to remain active?

HGLTsuperstar

If your Egg money has a negative balance, then its the same as any credit card, min repay each month and interest clocking up!

leeegglestone

so to be able to transfer money to ur current account
u have to balance transfer & then you can SBT?
im getting confused

What i want the money for is, i need £5K to bridge the cap to buy a new, and i thought doing this way it would save me getting a loan, therefore saving paying the interest and also delaying payment.

Ive heard that alot of car garages wont accept payment via Credit Card (it wouldntb e great if they did, id love to get it on my amex nectar card lol) and then balance transfer), thats the reason i wanted SBT, this way i get it into my account & still have it 0%

mrseyes

When i am applying for money egg account on-line , its asking me: How do you want to pay into your Egg Money account? and giving me the following 3 options to choose from.


1) I want to pre-pay my spending money into my Egg Money account
monthly spending amount £

2) I want to pay the minimum payment on any negative balance each
month.

3) I want to pay off any negative balance in full each month

But i do not want any above option, what do i do?

YorkshireBoy

mrseyes wrote:

But i do not want any above option, what do i do?

It's a condition of having an Egg credit card that you set up a direct debit instruction. Whether this is minimum payment or full amount is up to you.

HGLTsuperstar

Just pick one for now to set up the required DD, i.e. select min repay, then when your card is up and running go to the online area and change to whatever you choose, i.e full repay, set amount per month. What option did you want?

jonesMUFCforever

sicker wrote:

I keep a positive balance of about £1000 on which I get 4% interest on what I dont spend plus 1% back on all the purchases I use it for.(everything I possibly can)

John

If you put your £1000 in a savings account such as Ing then you would get full credit interest on it and with the Egg money card you would get up to 56 days interest free on purchases.
For me I can't see the point of putting the card in credit unless you are going to leave it there unspent just to accumulate interest.

student100

Several people have commented that credit limits on Egg Money tend to be lower than other cards.

Can anyone give an indication of roughly how much lower they are?

I have limits of £1500 on two other cards. If I can get a similar limit on Egg Money then I might apply, but if it's going to be about £500 then it's not really worth it...

Linda32

Student100, my credit limit on Egg Money is £1,200 which as I understand is quite a low limit. But enough for me.