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Egg money card?

Imelda
Posts: 1,402 Forumite


Hi all,
I have just read on the thread by Jo_R regarding different bank accounts and some people mentioned the egg money card, now call me a dunce but what is this?? Any why haven't I heard about it?? Can anyone recomend/ tell me horror stories about it? Is is a credit card?
Thanks in advance for your help!
I have just read on the thread by Jo_R regarding different bank accounts and some people mentioned the egg money card, now call me a dunce but what is this?? Any why haven't I heard about it?? Can anyone recomend/ tell me horror stories about it? Is is a credit card?
Thanks in advance for your help!
Saving for an early retirement!
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Comments
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Hi
Yeah, the Egg Money card is a credit card (Mastercard) and an excellent one at that. I've no horror stories, only good things to say... but like all credit cards it needs to be treated with a bit of common sense (eg don't spend more on it than you can afford to pay off each month).
It's got a low APR - 6.9% - if you ever require it and you can earn at least 1% cashback on every purchase. It doesn't sound like much but it soon adds up.
The main difference with this card is that you can over pay on the balance so rather than you owing it money, it owes you money. When in credit it pays you 4% interest (gross).
For 0% interest on new purchases, balance transfers or as an alternative to a savings account, it's not great or competitive... but for a simple, easy to use, flexible credit card you could do a lot worse. Downloading the Egg Money Manager software can even earn you £10 when that offer is on.
http://new.egg.com/visitor/0,,3_81503--View_1705,00.html
http://new.egg.com/visitor/0,,3_48814--View_845,00.html
Hope that helps.0 -
Hi Imelda
I like Egg money too, for the same reasons as dudleyboy has pointed out. It's basically a spending money card, you can 'charge it up' with a regular monthly amount on a date of your choice e.g. payday and then use it for all your monthly purchases. This can help with budgeting rather than having two current accounts. They pay you interest when in credit and the 1% cashback on your purchases. You get an online statement with it too so purchases are updated within a couple of days. If you go into the red with it you still have the ordinary interest free period and won't be charged if you pay off the monthly amount in full by the due date.
You can draw cash out on it too without being charged extra but you will be charged interest from the date of withdrawal if you've got a negative balance, nothing if you've got a positive balance.
It's also good if you want to do a balance transfer from another card to pay off a loan because you can use it as an intermediary - can explain this further if you need it!0 -
Would just like to add my praise for the Egg Money card. I treat it as a pure credit card, have never bothered front-loading any cash on it. The APR is low if you need it, but I use it purely for the 1% cashback on everything I spend.
I find their customer services team very efficient and helpful as well, a rarity in this industry! Never had any problems with it.0 -
ooooh thanks guys, I give myself a monthly spending amount but it sits in a useless HSBC 1% interest account (I get 1p interest per month- wowsers!). Going to look into this now..........Saving for an early retirement!0
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Only positve things to say here.
I use it as a credit card that I pay off in full each month (basically I dont top it up). 1% on purchases is better than 0!
Olly## No signature by order of the management ##0
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