Finally! A cash back credit card for students

jr666

The new EGG money account offers 1% cashback on its credit card and is open to students.

The OD is also set at 6.9% APR, this is at least 10% (prob nearer 20%) less than the APR on credit cards offered by student accounts.

I suggest that all students get this and use the card to do all their spending, but of course as always PAY OFF THE BALANCE IN FULL AND ON TIME.

Also the account offers 4% interest while in credit!!

Is there any need for a student bank account??

Any thoughts welcome...

J

DJ1UK

Hi

There's quite a detailed thread on the Egg Money Card over on the Credit card forums.

I think I am right in saying that the 6.9% is a typical rate and others have had 11.9% and 15.9% on this card. Just thought I should point that out.

DJ

jr666

ah just found that thank you. Im not really interested in advertising it (i got 6.9% and £500 OD btw)

Im more intersted in what people think about using this as their student account rather than a more traditional "student account"

The overdraft is bigger on student accounts but the credit cards and interest charges are worse. also the interst rate in credit is 40 times what you'd get in a HSBC/Natwest/other/... student account.

If you are planning to be OD for most of your student days then i suppose having an intest free OD is definitly the way to go, but for those (like me ) that hover around £0-100 in credit then this is surely a better solution?

jr666

I'm surprised no one has agreed with me on this? ive seen tons of threads complaining about not having a cashback card. Now ones come along and it seems the student account isn't needed anymore.

Do all your spending on this card and account...

mistyarthur

I think it's a good deal, I looked for a credit card like this before and got rejected for 2 but went with capital one in the end, plus just got my overdraft and things so think that I will be rejected but will keep it in mind, and it does pay better interest than most of the student accounts!!!