the new egg money card

asandwhen

Have just applied for the new egg money card thingy but am abit annoyed - it gave me an apr at 15.9% instead of the decent 6.9% what can I do? can i appeal? why are they not giving me 6.9? i have a decent credit history (or so i thought) - are they quite strict? they also only gave me a limit of £1800.

wibbler

looking for a Martin-related analysis of this card! It looks good on paper, but are they being shady? Maybe, if asandwhen's experience is anything to go by...

Clariman

The Ts & Cs do state that the 6.9% is a typical rate which means that something over 60% (I think) of cards issued must have that rate. However it does also state that they might give you a higher interest rate. It looks to me as if Egg want you to pre-pay the card and use it for spending rather than use it for debt.

I don't pretend to be a Martin, but there is an analysis of it from a stoozing perspective you know where.

Clariman

asandwhen

I dont want it for the debt anyway but just feel a bit put out with the rubbish rate -

mrsw

Can you also use like a normal credit card? Use for purchases and pay off in full every month?

asandwhen

yes and you get 1% cashback - it is a good concept -

asandwhen

also 50 day interest free period.

Clariman

mrsw wrote:

Can you also use like a normal credit card? Use for purchases and pay off in full every month?

Yes you can but it remains to be seen what credit limits they will give. I think that it is quite innovative. Many people have real problems managing their spending because they spend across credit cards and bank accounts. If they prepay their spending money on to the card, then they get a fair interest rate on it (4%) and as they spend it they then get paid some cashback and they can always see how much spending money they still have. The aim should be not to go negative by the end of the month, but if you do you can then use it like a credit card to get over a little cashflow.

Clariman

asandwhen

Another plus point is that it is free to withdraw money - so i guess its like a debit card with a large overdraft -

humanbeing_2

if this card is as good as it says im thinking of getting one. 1% cashback is good and 4% interest is better than any current account ive seen so it would be worth putting a couple of hundred of your spending money on there each month.
Max cashback is £200 a year.

Ill be interested to see what martin says about it.

Devo

I've just applied and suprisingly got the 6.9% rate and a £2,200 limit - not bad considering my financial status - I'm hoping that I can use it as my monthly spending card...