the new egg money card

ashcarrot

I've got a green card with 15k limit and now got this with 5k limit (thinking i'll cancel my amex and morgan stanley cards )

aliasojo

Does anyone know if you can still ask for the credit limit to be reduced on this card and the 'spare' credit added to the Egg green card the same way as you could with Egg Blue?

We're at the end of the 0% period and our Blue card is to become the Money card. Just thinking we might be better to shift some of the availible credit from here to our Green card before we close the account.

charlie12

I don't see why not aliasojo, though perhaps someone in the "know" will know more

paulmorg

From my past experience it doesn't take egg long to start increasing limits - they just want to check the account is handled ok first.

I've had an egg green card for about 3 years and a blue one since it was introduced. My limits have both gone up to £7400 in that time. I pay in full nowadays, but there was a 6 month period or so where I was paying them reasonably hefty interest charges. I found that whenever i was actually getting close to my previous limits (1k, 2k, etc) they would just increase it before I got there.

I've just been given the 6.9% on the egg money card despite that fact that the salary details they have for me are for a university work placement earning 16k.

CrazyIndianZA

Well...I have taken the plunge and applied. I was originally going to for the Conran card to complement my Amex but the cash interest rate is somewhat better than my Natwest...

On the product itself...and I ask this question in the nicest possible way....this is not a new product, at least not to us Saffers and Aussies. 4 years ago when I came here, Investec had launched a similar product coupled with superior online banking to anything I've seen so far and having spoken to the Aussies, they have also had current/credit card combos.

Why is it that we are so behind on "innovative financial products" ?

Caped_Avenger

Don't know if someone who has one of the Halifax current accounts offering 1% cashback has cottoned on to this already (or whether the T&Cs prevent you from doing it), but the way i see it, if you were to operate the 2 together, you could get 2% cashback if you do the following:

"charge up" your Egg Money account using your Halifax debit card (getting 1% cashback)
spend using your Egg money card (getting another 1% cash back)

Would this work? Anyone see any reasons why it wouldn't work?

charlie12

Interesting theory, sounds like it could work, also the added bonus is that you get the usual Credit card protection yet still funding from a debit card.

Rip_Off_4

I wondered if it was possible to charge up the egg money card from a halifax moneyback debit card and then transfer the money back to the current account, repeating continuously.

Unfortunately, it states on the halifax website "The following debit card transactions do not qualify for moneyback - obtaining cash, foreign currency or traveller's cheques, the settlement of credit card bills, wire transfers of money orders, the purchase of stocks and shares."

thor

I have just been going through this whole thread and been suffering from information overload so can I just ask a few(hopefully) simple questions to see if this card will be of use to me?
1. 6.9%, 15.9% - does these refer to the rates you could be charged when in debit through purchasing or balance tarnsferring?
2. Are EGG encouraging you to have a positive balance by offering the 4% interest rate?
3. I intend to BT to this card so can I withdraw this money without worrying about employing any cloak & dagger tactics to hide my true intentions? What methods can I use to extract this money?

I think the answer to q1 is yes but if q2 is yes as well, it would seem that EGG is going against the way that the cc industry has been heading recently.
I would be most interested in q3 as I have a Cahoot 5.3% account that would be waiting for any money moved from EGG.

M_Thomson

CrazyIndianZA wrote:

Well...I have taken the plunge and applied. I was originally going to for the Conran card to complement my Amex but the cash interest rate is somewhat better than my Natwest...

On the product itself...and I ask this question in the nicest possible way....this is not a new product, at least not to us Saffers and Aussies. 4 years ago when I came here, Investec had launched a similar product coupled with superior online banking to anything I've seen so far and having spoken to the Aussies, they have also had current/credit card combos.

Why is it that we are so behind on "innovative financial products" ?

First of all this is not a current/credit card combo. It pays interest when you are in credit but it is still a credit card. Also it is not true to say that the UK is behind in innovative financial products. Outside of the US we have the widest and most varied choice of credit card products. We also have a much better choice of mortgage products which are very competitive here. And another thing we have that the US, Australia and most countries in Europe don't have is free banking when you are in credit. In a lot of these countries you have to pay a charge to write a cheque from your current account can you imagine if we had to do that here? There would be an outcry! We in this country have more credit cards alone than continental Europe combined so there is huge competition.