the new egg money card

A question about : the new egg money card

Have just applied for the new egg money card thingy but am abit annoyed - it gave me an apr at 15.9% instead of the decent 6.9% what can I do? can i appeal? why are they not giving me 6.9? i have a decent credit history (or so i thought) - are they quite strict? they also only gave me a limit of Ј1800.

Best answers:

• looking for a Martin-related analysis of this card! It looks good on paper, but are they being shady? Maybe, if asandwhen's experience is anything to go by...
• The Ts & Cs do state that the 6.9% is a typical rate which means that something over 60% (I think) of cards issued must have that rate. However it does also state that they might give you a higher interest rate. It looks to me as if Egg want you to pre-pay the card and use it for spending rather than use it for debt.
  I don't pretend to be a Martin, but there is an analysis of it from a stoozing perspective you know where.
  Clariman
• I dont want it for the debt anyway but just feel a bit put out with the rubbish rate -
• Can you also use like a normal credit card? Use for purchases and pay off in full every month?
• yes and you get 1% cashback - it is a good concept -
• also 50 day interest free period.
• Another plus point is that it is free to withdraw money - so i guess its like a debit card with a large overdraft -
• if this card is as good as it says im thinking of getting one. 1% cashback is good and 4% interest is better than any current account ive seen so it would be worth putting a couple of hundred of your spending money on there each month.
  Max cashback is Ј200 a year.
  Ill be interested to see what martin says about it.
• I've just applied and suprisingly got the 6.9% rate and a Ј2,200 limit - not bad considering my financial status - I'm hoping that I can use it as my monthly spending card...
• 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.
• 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
• 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
• ive sent them a secure message to ask them.
• 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
• Applied for one, got a Ј4k limit at 6.9%. However will wait until the +ve balance point is ironed out before putting my hard earned on the line......
• 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???
• 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
• 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.