It Has An Important EGGstra Feature (Egg Money)

Member Name: eyedo6789

Product:	Egg Money
Date:	10/03/09 (43 review reads)
Rating:

Advantages: Great Customer Services, On Line Facilities.

Disadvantages: No Paper Statements

Egg Money is the brand name of a credit card operated by Egg Banking Plc.

Who are Egg Banking Plc? Well it's complicated......... first it was part of The Prudential Group, then it became Egg and now it's owned by the American company Citibank.

Egg primarily operate credit card and other accounts on line but if you wish you can telephone a UK based call centre and do transactions or ask for help and advice that way. I have found their call centre staff to be superb; they are polite, helpful and professional. The only other two companies which I have come across in recent years who are equally as good at customer services are Virgin Mobile and EDF Energy.

The Egg Money card itself offers the usual features of a credit card such as balance transfers, cash advances and goods and services purchases from retailers in physical stores, over the telephone or on line. You still have a plastic credit card and a pin number for cash machines but all statements are on line. You can set up a direct debit in usual way through your bank.

The rate for most of these was about 16.9% the last time I checked but it does change quite a lot. Cash advances have an additional handling fee and can be charged at a higher rate of interest. From time to time you get offered special promotional lower rates for balance transfers.

You get cash back credited to your account for purchases from retailers which varies in percentage depending on the exact nature of your card and its terms and conditions.

The big difference with The Egg Money card compared to any other credit card I have seen before is that you can deliberately load a positive balance onto it and you get paid interest on this money. You used to get 4% gross (tax deducted at source) but it's gone down a lot recently.

It's a very good card and the added feature of paying interest on a positive card balance is innovative and useful at times.

Summary: A Good Credit Card To Have If Managed Sensibly