New Rewards Credit Card From Egg
Published: 7 June 2010
By MoneyHighStreet Staff Leave a Comment
Updated: 2 December 2010
Egg has launched a new rewards credit card which gives consumers a typical 10% cash back on purchases.
The Egg Visa card provides offers at over 1500 retailers, including supermarkets, high street retailers, special retailers, hotels and trave agents. The new Egg Cash Back Superstore is powered by online business Quidco.
Interest Rates – Updated: 1 November 2010
New Egg Visa card customers can also benefit from 0% interest until 1 March 2012 on balances transferred before 1 February 2011 (3% fee applies) and 0% interest on new purchases until 1 March 2011. See the Egg website for more details and full terms and conditions.
The card offers 17.9% APR typical variable on purchases, 23.9% on cash advances.
Harald Schneider, Head of Egg Cards said “Egg has always had the internet in its DNA and we wanted to create a card that is relevant, rewarding and reassuring to everyone that shops online.
With people increasingly tightening their belts and looking for the best deals, we believe the Egg Visa Card provides unbeatable offers; and as the reward is cash not points it means customers can clearly see what they are saving whilst they spend.”
The reference by Schneider to ‘reassuring to everyone that shops online”, refers to the purchase protection and internet delivery guarantee insurances that the card provides customers when shopping online.
For more information see the Egg website.
Commenting on the launch of Egg’s new reward credit card, Kevin Mountford, head of banking and credit cards at moneysupermarket.com, said: “Egg’s new card clearly has some benefits – the reward element is solid, easy to understand and seems to include a large number of retailers, although consumers will need to check those involved in the scheme to see if it’s actually worthwhile for them.
It also carries a decent 0 per cent balance transfer period, but consumers need to be really careful here. If you transfer a balance, then make any purchases, you’ll fall into the negative payment hierarchy when the 0 per cent purchase period ends in September. This means your cheapest debt will be paid off first which will take longer to clear the overall balance, and could negate the benefits of transferring the balance in the first place. This card is either for spending and taking advantage of the rewards, or it’s for saving money using the 0 per cent balance transfer element. It’s absolutely not for both.”