Increase credit limit on Egg Money card

Bisoy

How long should I wait to request for an increase in credit limit on my egg money card?
I have this card last month which has a credit limit of £2300. I am using this card on our regular spending. My family are planning a trip to Southeast Asia soon and airfare alone return for a family of four costs around £2500.Any tips or advise greatly appreciated.

Cheers

YorkshireBoy

Bisoy wrote:

How long should I wait to request for an increase in credit limit on my egg money card?
I have this card last month which has a credit limit of £2300. I am using this card on our regular spending. My family are planning a trip to Southeast Asia soon and airfare alone return for a family of four costs around £2500.Any tips or advise greatly appreciated.

Cheers

The Egg FAQ's say...

Can I change the credit limit that I've been given?
The credit limit you've been given is based on the details you supplied during your application...

Other than the information you gave them last month when you applied, do you have any NEW information which would help your case? Maybe you have some savings, a good total household income, some other income stream, or substantial equity in your home?

Linda32

Any chance you could load the card with the money for the holiday before you actually spend it, to prove you can afford that sort of credit limit?

The_Boss

Once you have proved you are using the card responsibly, then it will be easier to get an increase. I'd say 6-8 months worth of payments will help.

sly_dog_jonah

If you are simply after the cashback for the transactions, pre-load the card with money first so the transaction will through. Perhaps check with egg as they might limit the size of a single transaction to be your credit limit. If you are wanting to delay paying off the amount (I assume you are in an introductory purchases period?) then your only option* is to request a credit limit increase, I suggest over the phone explaining the situation regarding tickets.

Finally, if you're off to SE Asia (or anywhere else abroad) make sure you have a Nationwide Credit Card for foreign purchases and watch out for people charging you in GBP at poor conversion rates instead of the native currency.

*One final option would be to ask them to match an existing credit card limit and tell them you want to close the old account but don't want to be limited by a poorer credit limit. Worked for me with egg (green) card back in 2001, Nationwide and HSBC more recently.

The_Boss

You'll also earn interest on that money if you preload it.

Bisoy

Thank you all for your replies. I guess I have to wait a bit longer. I am not so sure of preloading it, I think my hard earned stooz money is better staying in accounts that gives better interest rates let say 5% and above.

HGLTsuperstar

Agree bisoy, remember egg only pays 4% gross, so just make sure you pay it in full each month, and stick with your higher rate elsewhere