Egg Money (Credit and Debit card in one)

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Egg Money (Credit and Debit card in one)

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74% positive

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Review of "Egg Money (Credit and Debit card in one)"

published 26/03/2006 | Dan_ep
Member since : 30/11/-0001
Reviews : 40
Members who trust : 0
About me :
Excellent
Pro Cashback, simple to use, interest on credit balances
Cons Slow money transfer from external accouts, can work out expensive for some
very helpful
Competitiveness of APR
Product package
Quality of Customer Service
Reward Scheme
Additional Charges

"CASHBACK and INTEREST on +ve balances"

Egg's latest product is excellent, providing a all-in-one solution. It took me a while to get my head around how it works, but now I understand it, I think it's great!

Use it as a credit card:
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Essentially, the egg money account is a credit card. You get up to 50 days interest-free and can pay off the minimum amount only if you wish. It offers 1% cashback on all purchases, which is guarenteed until 2007. Cashback is paid yearly directly back into the account. It is calculated at the end of Feb and get paid at the end of March. The credit level depends on your status, but tends to start off pretty low. You can apply to get it increased. See below for statements and payment options etc..

In addition, you can get further cahsback at a small range on online retailers currently:
5% at Apple, Itunes, Currys, and ASOS.com
20% at 0800 flowers, buyagift.co.uk and Trueprint
£50 off a new Virgin broadband connection
- not ones that you are likely to use that often!

Use it as an easy access savings account and debit card:
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This is where the product gets interesting. You are encourgaed to have a credit balance on the card, as you will earn a decent amount of interest. Currently the rate is 4%, slightly lower than for example the 'Egg Savings' account, but not bad at all. Seeing as most people would keep their salary in a bank account which pays 0.5% or less it makes sense to transfer monthly spending money from your (low-interest) savings account to this one. When the card is in credit, it works more like a debit card. You pay with the card, and the money comes straight out the account. You still get the cashback. If you go into a negative balance, it automatically starts working like a credit card.

Withdrawls:
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Uniquely for a Mastercard, the card can be used at Link ATM's without a fee if your account is in credit.

Payments to the card:
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Egg has a fantastic website. It allows you to access all your other bank accoutns, both within Egg and external and see the balances on one page. Im sure there are other reviews on the website, it would be outside the scope of this review to describe it here, but having used a few online banks, Egg is the best in my opinion. You can pay money into the account from any account in a number of ways:
1) One off transfers from an Egg account
2) Transfers from non-Egg account (either via your bank, or through the Egg website)
3) Regular direct debits from your savings account (choose between fixed amount every month, minimum repayment for the credit card, or full credit card amount)
NB - You do have to set up a direct debit for one of these options. If you pay off the bill in full every month manually, or you are in a credit balance, and select the 'full credit card amount' no direct debit will be taken (as there is no balance to pay).

Interest on -ve accounts:
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The quoted rate is 15.9%. There is no 0% interest free period at the beginning (at present)

Statements:
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There are no paper statements. However, you will obviosuly have a computer if you have an Egg account, and therefore it doesnt matter. You can view statements for the past 12 months online, and easily print the off. You will be sent a tax statement at the end of the tax year.

TXT MSG:
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Yu can opt to get a free text alert every week with your latest balance. An excellent feature I think!

Contacting Egg:
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Egg have an excellent, friednly, UK based call centre for questions. If the website breaks down, you can also use the phone. They also have a secure email messaging system, whereby you can usually get a quick reply to your questions.

PIN
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If you are like me and forget your PIN, Egg have a facility online where you can retrieve your PIN straight awayby inputing your logon details. Much better than having to await your PIN number to be re-sent out.

Disadvantages:
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Because Egg isnt a clearing bank, it sometimes takes longer then you'd expect for money from another account to get into yours. A few weeks ago, a payment took 6 working days! It takes 2 days to transfer money between Egg accounts.

Applying
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Easy on Egg.com. Short online form, then they send you forms to sign. Took me about 2 weeks from the day I applied online to the day I got my card.

Extra Card
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Like all other card issuers, it is easy to apply for an extra card.

Conclusions:
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I hope I havent lost you here, it is quite complex. I certainly wasnt sure how it worked until I'd had it for a few months! But it's excellent. I'd reccomend it for people who:
- pay off their credit card balances every month
and
- spend a lot
and
- would be able to transfer the money sitting in their current accounts to this account every month

If you dont fit all three of the above you either wont get much cahsback, or will not benefit from the interest on +ve balances. In addition, if you are likely not to pay off the full amount every month I think the -ve balance interest rate is sky high, and you'd be better off with another card issuer.

It would especially suit people who
- have other Egg accounts
- are comfortable with online banking
- like green (the card is bright green - but I think it looks pretty smart)

Limitations of my review:
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I cant comment on using the card abroad yet. Im off on hols next week (hooray!) and will hopefully update and let you know what the charges for use aborad are like.

A quick word on Egg
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Part of Prudential, they have been around for quite a few years now. They are NOT an ethical bank unlike smile (co-op), which is a downside. They launched Egg in France but made a big loss, but it seems to be doing pretty well over here. I like them because they are innovative, have excellent customer service, and are a bit different.

egg.com
Product info line: 08451233233
Head office : 02075265200

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Comments on this review

  • a-true-ben published 07/01/2007
    I have this card and use it just for the Cashback, which is better than the basic Egg card. At the moment, I haven't bothered keeping a balance on it as the money just comes out my overdraft anyway, but perhaps I should think about putting my monthly spending on it in advance each month...
  • The_Nursey published 26/03/2006
    The interest rate for a neg balance is 6.9% typical. I think you quoted the rate for the Egg Card ( credit card) I've had one for a couple of months and have found it very useful the fact it allows transfers into your bank account is a plus sign - I paid off my car loan with it as the APR was cheaper, was going to leave it there but then got a 0% card and did a balance transfer so my loan will be paid off a month sooner. I now use it for the cashback do all my shopping on it then pay it off in full each month.
  • abbichicken published 26/03/2006
    Very useful review, have been wondering about egg since seeing the adverts!
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Product Information : Egg Money (Credit and Debit card in one)

Manufacturer's product description

Ciao

Listed on Ciao since: 06/10/2005