Egg credit card / saver

trashcan_2

I know this should be in the credit card section but I thought i would get more help here as its a saving question as well.
I am after a cashback credit card, I am looking at egg money card, which gives you 1% cashback and if you have a positive balance it give you 4% interest.

Would you use a credit card as a saving account and is there any handy points to having a creditcard with a positive balance. Or is it best to just have a ordinary cashback card, and keep the saving side separate.

whowants2brich

Egg have a savings account paying 6.3% fixed for 12 months (at the moment) or their internet savings account paying 4.75% (variable), which would both be better options than keeping the money in your egg money card. I've had these accounts for some time now, and transfer money from my savings to pay off my egg money card on a monthly basis - transfers are immediate. For the extra interest, it's worth not keeping the egg money card in credit, though it's probably not worth much for a few hundred pounds... A few thousand pounds and I'd definitely say that it's better to move your money to a better account, instead of leaving it in your egg money account.

75p per £100 per year. If you had an average balance throughout the year of £400, and the choice of whether to put into either of your egg accounts, you'd earn £3 interest, before tax, or 25p per month, almost a penny a day, by having the money in the internet savings account instead of your egg money account.

HTH,
Whowants2brich