Egg Cashback Credit Card

pcyam

currently have a Abbey MBNA credit card but it only pays 0.5%, but I stumbled upon the Egg credit card and it pays 1% is this on all purchases, it also pays a better cahsback from some of its selected online stores, and also 4% interest on credit balances-have I misread something on their site because its a credit card?? Also, the 1% cashback is that for an unlimited time??

CLAPTON

egg money card and not the egg card ... very confusing

Mikeyorks

pcyam wrote: »

it pays 1% is this on all purchases,

Up to £200 cashback per annum ... so you would need to spend £20k on it to achieve that at the 1%. Some more detail here :-

http://www.moneysavingexpert.com/cards/cashback-credit-cards#topcards

EssexHebridean

Yes, it is indeed the Egg Money card you're thinking of. I have one - have had for a while, but have only recently started making the best use of it. (Thanks to Martin's advice!) Shortly I'll be making even BETTER use of it I hope - as if you have a positive balance not only do you get the cashback on purchases but it also pays you interest. Got to get a balance transfer sorted first onto a 0% card though. The eventual plan is to work out what on average I will spend on it each month, then deposit that amount into the account on a monthly basis.....leave the DD set up to clear the account in full if it goes over of course. A credit card that the provider PAYS YOU TO USE - good, isn't it!

YorkshireBoy

EssexHebridean wrote: »

The eventual plan is to work out what on average I will spend on it each month, then deposit that amount into the account on a monthly basis.....leave the DD set up to clear the account in full if it goes over of course. A credit card that the provider PAYS YOU TO USE - good, isn't it!

Not as good as using it as a conventional credit card I'm afraid.

If you pre-load your spending money each month, and spend all of it linearly, you'll earn 2% AER.

That same amount will earn you 6.5% AER, ie over 3 times as much, in a decent savings account if held there until the bill arrives.


Egg Money - conventional use guide: http://www.stoozing.com/forum/YaBB.pl?num=1126208648

Egg Money - stoozing guide: http://www.stoozing.com/forum/YaBB.pl?num=1126159522

Paul_Herring

Credit limits on Egg Money tend to be a bit dire as well. I had to fight to get a £4000 limit (up from £3000 which I got 3 years ago,) and a few people have reported limits a lot lower than that.

It's essentially designed to be a pre-loaded card (with a low interest rate on positive balances as already pointed out,) rather than being used as a 'normal' credit card.

pcyam

So, does that mean if I apply for the egg money card via rpoints or quidco I dont cashback, because they state egg card??

TIA

Grade_A_Reject

I got Quidco cashback on an Egg money card.
Their limits are rubbish tho. It's pretty difficult getting the £200 cashback as the low limits prevent you putting a decent monthly spend through the card.

benf90

Grade_A_Reject wrote: »

I got Quidco cashback on an Egg money card.
Their limits are rubbish tho. It's pretty difficult getting the £200 cashback as the low limits prevent you putting a decent monthly spend through the card.

You can always make extra payments when you're approaching your credit limit.

Not as ideal as having a high credit limit maybe but at least you can carry on using the card then.

jmw20

Paul_Herring wrote: »

Credit limits on Egg Money tend to be a bit dire as well. I had to fight to get a £4000 limit (up from £3000 which I got 3 years ago,) and a few people have reported limits a lot lower than that.

It's essentially designed to be a pre-loaded card (with a low interest rate on positive balances as already pointed out,) rather than being used as a 'normal' credit card.

Mine is currently £2,000 and just applied to increase it to £3,000 and was denied. Need to put round the world air tickets on it so now have to split the cost with another card. Apart from the credit limit issue I do think its a great card with very low interest rates on purchases.

Grade_A_Reject

benf90 wrote: »

You can always make extra payments when you're approaching your credit limit.

Not as ideal as having a high credit limit maybe but at least you can carry on using the card then.

I know but I was topping up about 4-5 times a month and the payments took around 5 days to credit the account. I managed to accumulate about £120 in cashback over the year.

I've got an American Express card now with a decent limit and am currently enjoying the 5% honeymoon period.