the new egg money card

Reaper

What a great card. It almost looks as though it is encouraging stoozing while other cards are trying to stamp it out.

I'm not sure I'd put my whole stooze pot on it as Cahoot are paying me a lot more, but a much better home for money I am planning to spend on my credit card than (almost) no interest bank account.

Nice write up on your site, Clariman.

I have one concern though. Credit card companies are not obliged to refund you for problems you have while your card has a positive balance. I think Egg need to state they will implement all the protection Section 75 etc gives regardless of whether you are in credit or debt.

ic

I've previously read that if your credit card has a positive balance (ie they owe you money), that the normal protection offered by a credit card does not appy. This is because you're spending your own money, rather than borrowing money from the credit card. Is this true, and would this be a problem with this new card?

/edit - Reaper has beaten me to it

Clariman

Reaper/ic

Excellent point there about the protection when in +ve balance. Hadn't thought of that one. I wonder if Egg have !

P.S. Thanks for the kind comment Reaper

asandwhen

ive sent them a secure message to ask them.

Dave2012_2

Hello

So this is like a good current account and decent cashback credit card (esp. if you get the lower rate) rolled into one? Sounds like a great idea to me, especially for those who can't be bothered to have the hassle of separate accounts. I guess the question is whether it beats using these features separately from other banks e.g. Best cashback card and best current account?

With that last point about not being protected for purchases when in credit - I take it that applies to normal debit cards too?

My inexperienced eyes can't see a catch in this, gonna watch this thread closely for a while before getting one

simonfr

Applied for one, got a £4k limit at 6.9%. However will wait until the +ve balance point is ironed out before putting my hard earned on the line......

Innys

Well Martin? What's your view on this?

The attraction for me on the card would be a guaranteed 1% cashback. I have an Amex platinum and Morgan Stanley so this would be a substitute for the MS. The interest on positive balances isn't really an issue because I transfer cash from my savings account to my current account when i write a cheque to pay off a credit card. Plus, 4% isn't THAT great a rate anyway. :rolleyes:

Over to you, Martin....

P.S. Wasn't this supposed to be announced tomorrow???

charlie12

Same here, I plan to get one purely for the cashback. I've just got to make sure my credit files are in order before I apply

Rafter

Another possible catch I think is that purchases will be knocked off your positive balance, even if they are in an interest free period?

So if you were earning 4% on your savings and paying no interest on a credit card (because you repay in full each month) you may then lose up to 50 days interest 'free' using this card. However, the 1% cash back should more than cover this.

Can anyone work out whether this is the case or not? T&C's seem to be a bit vague.

R.

sicker

Can't find it on site but cash back according to egg operator will be 2% between 16/10 and 10/12. Operator is off to point out to superviser that this is nowhere to be seen on the egg site. Hope we'll see it soon.

John

Just found out. This will be a Xmas offer and will be advertised nearer to the offer date.

John