Egg Card & Egg Money Manager

pthompson

Hi,

I have an Egg Card with a £15K credit limit (£0 balance). I want to keep the account so I can make use of their Money Manager (account aggregator), but I have no intention of using the account (as they now charge for Balance Transfers).

If I were to have them decrease the credit limit to e.g. £100, would that make other CC companies more likely to accept me in the future?

If it won't make any difference to my credit file, I might as well keep the credit limit just in case I ever need it.

Thanks.

crawley_girl

Personally, I'm not sure. But I have to agree that the money manager is fantastic and I'd be lost withoout it.

:heartpuls CG :heartpuls

comicmankev

Did you open this recently? I thought the yearly 0% BT was still free for those who joined before a certain date?

And as for decreasing the limit, I would imagine that it would help, and if you truly are never going to use it you may as well try, it certainly will not go against you!

Joe_Bloggs

Reduce the limit and get an Egg Money card.
J_B.

BestFootForward_2

pthompson wrote:

If I were to have them decrease the credit limit to e.g. £100, would that make other CC companies more likely to accept me in the future?

Yes it does make it easier - in my experience.

I was rejected by 2 CC companies last year. I had £25K in available credit with about £15,000K outstanding. I got my limits reduced, waited for them to hit my file. I then had no problem getting another card.

Moggles_2

Do you have other credit cards? How much available credit do you have in total and what is your annual income?

If Egg Green is your sole credit card, I would leave well alone.

I was rejected by 2 CC companies last year. I had £25K in available credit with about £15,000K outstanding. I got my limits reduced, waited for them to hit my file. I then had no problem getting another card.

The OP is considering a reduction of one card limit down to a minuscule £100 which is rather different.

Whilst it can be a good idea to close unused credit cards, lowering the limit on a card will seldom improve your credit score and sometimes has the opposite effect!

Closing a card leaves a record on your credit file which persists for 6 years and contributes to your credit score.

In contrast, a request for a lower credit limit, leaves no record of the higher one. Consequently, those searching your file, would see a user with an exceptionally low credit limit!

pthompson

comicmankev wrote:

Did you open this recently? I thought the yearly 0% BT was still free for those who joined before a certain date?

In the 2 years I've had it, I've only used it to make 0% BT's (AKA "anniversary offers", I think).

The've just offered me another 0% BT opportunity, but this time it carries a fee -- which makes it unattractive.

- Paul.

BTW, I should have made it clear that it's an "Egg Visa" card.

pthompson

Joe_Bloggs wrote:

Reduce the limit and get an Egg Money card.

Thanks for suggestion.

I see that the Egg Money card gives 1% cashback on spend, plus pays 4% p.a. on the "pre-loaded balance" -- so it sounds interesting.

Can I use it just like a Credit Card?

Is it accepted abroad, i.e. does it carry the Visa or Maestro logos?

pthompson

Moggles wrote:

Do you have other credit cards? How much available credit do you have in total and what is your annual income?

If Egg Green is your sole credit card, I would leave well alone.

I have £31.5K available credit on cards (including the Egg Visa), of which I only ever use Nationwide when abroad, plus an AmEx platinum (don't know what the limit is) that I use for day-to-day stuff.

I always pay the full balances each month by DD.

Recently got rejected for a Visa with a 0% deal, so am about to cancel the unused cards to tidy-up my credit file. I won't miss most of them, but I'm worried about losing access to the Egg Money Manager if I cancel the Egg Visa -- hence my original question.

tomasxsmith

pthompson wrote:

Thanks for suggestion.

I see that the Egg Money card gives 1% cashback on spend, plus pays 4% p.a. on the "pre-loaded balance" -- so it sounds interesting.

Can I use it just like a Credit Card?

Is it accepted abroad, i.e. does it carry the Visa or Maestro logos?

Yes. Just use it like a credit card or put it into positive balance. No cash machine fees, even when abroad (unless your in the red then you'll pay interest from the day). It's a Mastercard.

YorkshireBoy

pthompson wrote:

I see that the Egg Money card gives 1% cashback on spend, plus pays 4% p.a. on the "pre-loaded balance" -- so it sounds interesting.

Even more interesting is the fact that Egg don't seem to carry out a credit search if you apply for it as an existing Egg Card holder. I wasn't searched, and I've seen many other posts on the stoozing forum stating the same thing.

Even if they do search and decline, you could always ask to swap products. Be aware though, that credit limits on Egg Money are generally lower than those given for the Egg Card.