Egg Money Credit Card

bonsoirbonsoir

Hi,

The egg money card with cashback. If I decide not to top it up with any money, but pay the balance off in full each month - basically treating it like a normal credit card - is there a catch to this card?

I want a credit card with cashback, the debit part of this card is useless to me. Am I right in thinking that I can treat this card in this way without any penalties - I'm an ex Morgan Stanley card holder looking for a new equivalent card.

Thanks!

lisyloo

is there a catch to this card?

There is no catch or penalties.

The only problem is that credit limits are typically low.
I have £3K on Egg money and had £15K on Egg visa.

Because you will not be operating the card as it is designed then you may find the low credit limit a limitation.

For one-off purchases you could maybe consider pre-loading.

I did ask for a raise in limit as I have a high salary and good credit rating but I was refused. I was told that it simply isn't designed to be used like that and if I wanted a high limit then use Egg Visa.

So basically you can't have the bets of both worlds (a high limit and cashback).

Still unless you do loads of business travel then a couple of £ks should be enough to last a month. It's just a nuisance if paying for large items like holidays.

bonsoirbonsoir

That's great. Thanks.:D

Paul_Herring

I concur with the low limit problem. If you're spreading your spending equally over the month, the effective monthly limit is approximately half the actual limit you're given due to the period between statement date and payment date.

18/30 = 60% IME - statement date 18th, payment following 6th - the other 40% is essentially an interest free loan which you carry over each month (the extra spending between statement date and payment date.)

I too asked for a raise in limit, but succeeded - see http://forums.moneysavingexpert.com/showthread.html?t=428292 if you're interested.

[Deleted User]

I managed to cancel my egg card and get all the limit put onto my egg money limit which I think is rare but must be doable. I just sent a secure message asking for just that.

DesG

A while ago before they got strict about the Egg Money limits, I got them to move £1.5K of the limit on my Eggcard to my EggMoney card, leaving me with a 6.5K limit on each.

The only way they can get the EggMoney users to be profitable is if they preload, hence the push for smaller and smaller limits, and their resistance to increase limits these days.

Cheers, Des.

colin79666

I'm considering getting an Egg Money card.
Say I had a £500 limit (I'm a student so that's probably what I'd get) and say I wanted to buy something that was £800.
Could I topup the card in advance to £300 then buy the £800 item?
I would of course then pay off the £500 as soon as I received the statement.

sicker

Yes you could and you would also get 4% (apr) interest until you spent your £800 plus £8 added to your yearly cash back.

John

YorkshireBoy

sicker wrote: »

plus 80p added to your yearly cash back.

£8 John.

sicker

Thanks YB, have edited. Start of month and too much going round in my head. (see pm)

lisyloo

I have just managed to get my credit limit increased from £3K to £3.5K, but I have a high salary, good credit rating and I've been with them for over a year.
Initially I asked for £5K and was turned down, so I think the answer is to manage your account well and ask for gradual increases.