Advantages 0% on balance transfers for six months, APR of only 13.9, The widespread acceptance of VISA, No annual fee, 0.5% cash back on all purchases, Egg Reward Scheme, No more paper bank statements, No more annoying automated phone banking services
Disadvantages You could get a lower APR elsewhere, £20 fee for missing payment or going over credit limit, less cashback than before
I did think of setting up a website to encourage people to donate their hard earned cash to pay off my credit card. Does anyone remember the girl who did just that? Her website is www.savekaryn.com and she paid off her $20,000 credit card bill with donations from strangers and selling some old stuff on ebay. Amazing. But then I thought, no, I'd like to keep some pride in tact.It's one of those things you keep telling yourself you ought to do, isn't it? Say it isn't only me that has meant to transfer their credit card balance to another card for the last six months! After all, it's one of the easiest ways to save yourself a small fortune in interest, and yet for ages I have continually paid interest on my credit card bill at a much higher APR than necessary. I'm simply not into finance - and can't get excited about it, but like the average person, when it comes to saving a few pennies, I can be encouraged to make the effort.
So, after some encouragement from SueMagee last month extolling the virtues of writing a financial opinion, and of course the Ciao finance competition for December, I thought it was high time I wrote an opinion on my recent experiences with Egg. I see (at the time of writing) that 137 other Ciaoer's have beaten me to it, so at least if I don't answer any questions you have, you'll know where to look!
I chose Egg for a variety of reasons. Firstly, the card is pretty. Secondly, I wanted 0% on balance transfers for a good few months so that I can pay off all my outstanding debts more easily. Thirdly, I wanted the convenience of being able to do all my financial transactions online, from any computer in any country at any time of my choosing. (even on Sky Digital if I want to!) Fourthly, I wanted some space back in my Important Stuff File (which was full of paper bank statements. Now a thing of the past.) Fifthly, I was attracted to the fact I was going to get a decision from Egg within about 30 seconds. And finally, I wanted a card I could use for shopping at lots of places. Egg is taken everywhere VISA is, which was a big selling point for me. That's 16 million locations worldwide!
Egg were actually started up by the Prudential, in 1998. If they hadn't had a solid name behind their conception, I think I would have been more wary of signing up with them. However, over a million of us now have, so they must be doing something right. Apart from the credit card, other Egg services include loans and banking, and household, travel and car insurance.
I hold my hands up and admit that I was fully expecting six forms to arrive in the post which would have to signed in triplicate, stamped by a customs official, and returned with 14 forms of identification as well as proof that the moles who live in my garden haven't run up a large worm bill.I was wrong. (Savour that, it doesn't happen often. The admission, obviously!)
All I needed to do to get my Egg Card was the following.
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
Attention, this is the first review from this author
Instead of giving a negative rating, consider:
Help this member by giving your advice
Report fraud (for example plagiarism) or other issue with the review to the Ciao support team
Add your comment