Can't beat this Egg (Egg Card)

Member Name: weebagpuss

Product:	Egg Card
Date:	17/08/01 (547 review reads)
Rating:

Advantages: Easy to use, Online banking, Good interest rates

Disadvantages: none really

I have been an Egg customer for quite a few years now – I joined soon after they started, with those fantastic interest rates on their savings account. So when their credit card was launched, I was soon sent an application form. Not just any application form, I might add, since Egg told me that I was already pre-approved for a credit card with them, and all I had to do was sign the forms. At the time, I was a second year university student, and having had numerous run-ins with my high street bank, the Royal Bank of Scotland, who kept making errors on my account, I decided to cut up their credit card and go with Egg. (I also wanted to get away from the patronising attitude the Royal seemed to have with their student credit card holders). I was quite surprised, since I was a student, that Egg didn’t ask for any financial information (employment for example), but I assume it was because I already had a savings account with them and had been a good customer.

Now unlike some people, I didn’t want a credit card for actual reasons of ‘credit’. I wanted it simply because some places refuse to take switch (e.g. ITVdigital), and because sometimes my switch card causes me problems, as it has no issue number (typical Royal Bank having to be different!). So for me, the interest rate was irrelevant, but I am pleased to report that it is currently 12.9%, APR which is very competitive. Barclaycard for example currently stands at 18.9%, and MNBA at 14.9%. Furthermore, if you join now, and transfer any existing card balances, you get the fantastic rate of 0% APR for the first 6 months! There is also no annual fee – well, if there had been, there’s no way I would have accepted their offer!

The main difference between this credit card and others is that you need to manage your transactions over the internet (probably not a problem for most Dooyoo users!). Each month, you will be sent an email when your credit card statement
is ready to be viewed. You must then log on to the Egg site to see it. I assume they are not emailed because this may pose security problems, and one thing that Egg are very concerned about is security. There were reports in the news last summer about hackers getting into some customers’ accounts, but I have every confidence in Egg. Their security measures are detailed, and to view your statement, it is necessary to input quite a few details, not just a username and password. You need to give your name, DOB, postcode, password, and mother’s maiden name. This takes a couple of minutes but it does make you feel safer! If you leave the computer, after 15 minutes of inactivity, you will be logged out again.

So what are the benefits of online banking then? Well, firstly, it means that you can access your credit card statement from anywhere in the country at any time of day or night, and sort out payments even if you are not at home. There’s no need to post off cheques since all the transferring of money is done electronically, and it cuts down on waste paper too – much more environmentally friendly! I find it quicker too. Of course, if you’re determined to keep paper records, it is possible to print off your statement from the site.

Regarding payment, it’s very easy to pay off your balance each month, either the full amount, the minimum amount, which is either 2% or £5, or an amount of your own choosing. When you join up to the credit card, you have to give them your regular bank details, on a variable direct debit form, so that this money can be taken out of your account as and when necessary. What I find particularly useful is the function to automatically pay off the full balance each month. That way, I don’t have to remember to pay, and so even if I go away for a while, I can relax safe in the knowledge that my credit card will be paid off on the appointed day, and that I won’t be charged any interes
t. I also prefer doing it this way, since I used to worry about posting off cheques – the post never seems to be reliable at the best of times, and it would be infuriating to be charged interest on a large sum simply because the cheque got lost in the post. Paying my balance off in full each month means I can get up to 45 days of interest free credit.

It also gives you peace of mind to know that any products you buy with this card are insured by Egg. It automatically gives you free purchase protection for items in transit costing £25 or more. According to the site, (who can it explain it better than me!) this means "you're covered, for up to £1000 per item, if your purchases get damaged, lost or stolen before you get them home, or for up to 30 days, whichever comes first". Also, if you shop with your Egg card online (which is something I do quite frequently), then you are protected against any fraudulent use of your card.

Finally, with Egg, there is also cashback available to you. I used to be a fan of Barclay’s profile points, but since these offers have become almost worthless, I much prefer a scheme whereby you get pure and simple cash back. This is at the rate of 1% which might not sound much, but if you are a frequent card user, then it’s going to add up. If you buy through Egg’s own shopping site, then you have an even higher level of cashback, at 2%.

Summary of benefits:
* APR 12.9%
* Can automatically set it to pay balance in full, minimum amount, or set amount of your choice
* No annual fee
* Carry out transactions online
* Cashback
* Card is shiny and green so easy to see in a crowded wallet!

Overall then I would recommend this credit card. It’s got a good interest rate, is easy to use, offering greater choice of financial management than other cards on the market, and there’s no need to fiddle about with lots of pieces of paper, cheques
and envelopes. (It will save you paying for stamps too!) In the whole of this op, I haven’t been able to find any real disadvantages with it.

If you want to apply online, then go to https://new.egg.com/visitor/eggcard/application/ and you will be given an immediate decision online as to whether they will accept your application.

PS I don’t think Egg will usually just give this card to students however – I have had a couple of friends apply because of my recommendations (who also had savings accounts with Egg) and they were turned down. I guess I was just lucky to slip through the net!

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