Newbie needs clarification - stoozing

Suzkin

Hi All,

I'm a bit confused: I've had an 'Egg Money' card (it's green at the moment) for years, but have never used it. Egg tell me that my credit limit is £1,500. I could borrow 95% of this amount from them. The minimum amount I would need to pay back to them would be 2% of the balance per month if providing I pay all the funds off each month. However, they also say that they would charge me 10.9% over the year in interest, for having this facility.

Is this correct? I don't understand it - I was hoping to use this card to 'stooze'. I do not have any debt on credit cards, and so would need to raise money.

Thank you.