Quids in (Egg Money)

Member Name: roversjenny

Product:	Egg Money
Date:	13/02/09 (79 review reads)
Rating:

Advantages: Cashback

Disadvantages: None!

I have become rather attached to my Egg Money card over the years, and have no plans on walking way from Egg despite their bad press in recent times, most notably when they closed 160,000 accounts.

Egg is an internet bank, which should mean that they can offer lower rates to their customers as they have lower overheads etc, however recently rates have crept up, with rises announced just a few days ago. My APR has gone up 2% and whilst this is causing some people to walk away, I want to stick with it to the bitter end.

The biggest plus of the Egg Money card is the cashback, 1% cashback on all spend upto £20,000 (£200 a year). Cashback is accrued monthly and then paid out every March (March 4th 2008 was the last payment). Whilst 1% doesn't appear to be a lot, every little helps and it really is money for nothing.

You can use your Egg Money card as a conventional credit card or you can pre load it and have a positive balance on it. Personally I have never done this and just prefer to pay my balance off in full when the statement comes in. I think its important to pay in full as the interest charges are far higher than the cashback and therefore reduce the benefit massively.

You can also benefit from instant cashback promotions, where you get additional cashback credited to your account straight away, at the minute I get 2% off Shell fuel, however, getting it automatically has proved to be difficult and I have had to send them many a message asking them to apply the cashback. Its done eventually but its just a bit of a pain.

As Egg is an internet bank, you don't get paper statements, however, you do get emails to tell you that your statement is ready. It also means that if you do have problems, you cannot go see someone face to face which can be frustrating at times, especially because when you ring you have to go through go through an automated service, stating your name etc, which can sometimes take a while to be recognised.

The statements that Egg Money produce are really helpful, they categorise your spend so if you are trying to cut back, you can get an idea of where you are overspending (for me its eating out!) whilst this is only a guideline, it helps. The statement also gives you your monthly and cumulative cash back figure so you can keep an eye on how much you will get at the end of the year.

All in all, I love my Egg Money card and I really hope that the rumours about them eventually phasing it out or lowering the cash back are not true because I would be lost without it. Both me and my partner use our cards at every opportunity and it would drasically change the way we spend money if it was to be replaced by a 'lesser' product.

Summary: Great product