Credit Card to Give You Control (Egg Money)

Member Name: Good_Guy

Product:	Egg Money
Date:	25/03/09 (81 review reads)
Rating:

Advantages: Rewards plus Interest

Disadvantages: High Interest for Unpaid Balances

An Egg Money account is a flexible facility to make managing your cash flow readily visible and firmly in your control. Why do I say this? Well the Egg Money Card is a credit card but with some differences.

For a start off it pays a reward of 1p for every pound spent. Not a lot on the face of it but it soon adds up and if you use a card for most of your spending it's better to get something back Very nice at this time of year when this unexpected lump sum is paid into your Egg account.

Secondly if your Egg Money account has a positive balance you earn interest on the credit amount. It used to pay 4 %; the plunging bank rate has hammered that to next to nothing but what other credit card pays interest? Why not pre-charge your card with credit before going on holiday in anticipation of the expected expense? The result will be no big bill to pay when you come home plus you earn interest and, by the way, no charges for withdrawal of cash if your account is in credit. Foreign ATM's will probably attract a transaction charge.

In use this account has other similarities to a current account; I have used it for balance transfers from other credit card providers offering zero percent for 12 months to follow a practice that is known as "stoozing". Stoozing is when you use the interest free money to earn "free" money in savings or ISA accounts; present interest rates have knocked this on the head too. However the Egg account can still be used as a vehicle to clear an overdraft, for example, using interest free money.

Finally like most accounts you have an online account facility but with a nice extra feature available to you in "Money Manager" which is an application allowing you to access all or selected accounts that you have with other providers when logged into Egg Money. I find it very useful; quite simply every time I sign in my bank and credit card accounts are accessed showing me live balance information and an overall credit or debit total for all; click on any account to access it for details on recent transactions, etc.

Good flexible friend to use wisely!!!

Summary: Money Back and Online Extras