Does the card really matter?

Lavendyr

Well, it's 7.9% typical APR for when you owe money to them and 4% gross on any money you have on the card (i.e. when you're in a positive balance, they pay you 4% interest). It's not a great interest rate compared to high-interest instant access savers, so I'd not recommend using it as a savings account, but it does mean that if you prefer to spend money you already have, rather than borrowing, you can load it up with credit, and then spend that and still get 1% cashback, if you see what I mean. Hope that helps

YorkshireBoy

There's a guide to getting the best out of the Egg Money card here:

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1126208648

On the subject of loading the card each month, I really can't see the point in doing this - unless you're dreadfully poor at budgeting. Why?...if you pre-load your monthly spend (and spend it linearly throughout the month) you'll only earn 2% on the amount credited. Whereas, if you use the card as a conventional credit facility and keep your money in a high interest account, you'll earn around 6%, ie nearly 3 times the amount.

Lavendyr

*shrugs* Maybe I'm 'dreadfuly poor' at budgeting then :P I simply find it easier to manage my finances that way. Myself I don't think it means I struggle to budget - just find it easier to keep different money in different pots 'physically' as well as mentally.

office_2

I think I need to do some more reading. I dont really spend that much after all my bills are payed via DD and dont really use my credit card a lot (hence I pay the balance off each time).

I think I need to earn some more money before I have the sort of money which will make any sort of interest either way :rotfl:

Its all food for thought, and thanks again everyone.

Mozette

I've got egg money - it's great as far as I'm concerned, and if it does help you to load your spending for that month, well at least you're getting some interest plus cashback. If like me you're not so disciplined as others with your spending, then egg money is better then most.
Not having a go at the very disciplined here - all power to you - but we're all different. I'd definitely recommend trying to get an egg money.

Spark

I have the Barclaycard simplicity at 6.8% for a few months now, I did apply for it as the interests on my other cards were rising more and more, and this one the lowest APR I could find. Never had a problem with it. The thing is you pay interests straight away, but it supposed to stay at 6.8% (well, that's what I understood).
The bad reputation of Barclays comes mainly from their customer services, I heard they can be ruthless if you "stray", I didn't have the joy to have to call them yet, as everything seems to be running properly, and the online account is functioning 99% of the time.
I never pay any everyday costs on a credit card, food and bills are always paid straight from my current bank account.
I am only using credit cards for extras, to buy online, or for luxuries which are too expensive to come out of my current bank account, so I can pay in "instalments" without emptying my bank account.
Cards with cashback on purchases are only good for people who are spending a lot on their credit card, or it's not worth it.