Time to sort out my regular spending credit card!

phil7445

I have sorted out my 0% balance transfer credit card thanks to Martin's advice which I am steadily paying off but I think it is time I sorted out my regular spending credit card in order to get something back! I am not loyal to any other company, so why have I been with Nat West for my credit card for the last 18 years? According to Martin's rewards checker ( http://checker.moneysavingexpert.com/rewards ) my average £3600 spend a year is only giving me back £14 a year in Air Miles with Nat West.

I also have an Amazon credit card and M&S credit card, both I got for their good 0% balance transfer deals which are now finished but they would only pay me £18 a year.

I have just received a letter in the post today from American Express offering me 1000 Nectar points if I get their Nectar card, but 1000 points is only worth £5 I think, and using the card would only give me £19 a year back in Nectar points, so I don't think it is worth me getting another check on my credit report just for 1000 points. Do you agree?

Going by Martin's information on cashback cards maybe I should go for one of those instead. The Morgan Stanley card is one of the best buys due to the 2% cashback but that is only until 1st December, so I assume the £37 over the year I'd get back according to the reward checker would be reduced?

The egg money card confuses me! If I don't prepay money into it do I have to pay "6.9% APR variable, if you go into the red"? Or is that only if you don't pay it off in full each month like a normal credit card? I can't afford to prepay it with my normal spend.

The other "best buy" is the Conran card which is an MBNA card. But I once got turned down for a Virgin credit card which is MBNA too as I had two MBNA cards already. But I have closed one since. But I don't know if I want to risk getting turned down again.

So I am not sure which card to go for now! I'd rather have a Mastercard or Visa card as they will be accepted everywhere and not an American Express card which will not.

What are your thoughts? And I wonder if Martin will stumble upon this thread....

gt94sss2

phil7445 wrote:

The egg money card confuses me! If I don't prepay money into it do I have to pay "6.9% APR variable, if you go into the red"? Or is that only if you don't pay it off in full each month like a normal credit card? I can't afford to prepay it with my normal spend.

If you don't "prepay" on your Egg Money card, it works just like a normal credit card. No interest is charged unless you fail to pay it off in full each month.

Also consider the GE Money Card for the 3% cashback on fuel and food shopping.

Regards
Sunil

No_6

Just use egg.m for spending like any normal card,
set it up to pay it off in full each month.
You will get 1% cash back next March.
Don't exceed you credit limit though.

6

phil7445

Someone on a different forum recommended the GE card which I like the sound of as most of my spending on my credit card is on petrol and at a supermarket where it gives 3% back.

phil7445

OMG! I just did a calculation on the GE card and I usually go to Sainsbury's for petrol as it is cheap and round the corner from where I live, and I was shocked at the amount of cashback I would get. So I am convinced! I am going for that one. Just need to find the affiliate link on here....

phil7445

One question.... when do you get the cash back? Monthly? Annually? Is it just put on the card so making the next bill cheaper or sent to your bank account?

gt94sss2

phil7445 wrote:

One question.... when do you get the cash back? Monthly? Annually? Is it just put on the card so making the next bill cheaper or sent to your bank account?

Most cashback cards (inc Egg) pay it annually as a credit to your card account.

Mogan Stanley sends you a cheque.

GE Money plan to do it as a credit to your card account twice a year.

Regards
Sunil