New credit card from Egg
Published: 12 July 2009 By MoneyhighStreet Staff Leave a Comment
Egg, the internet bank and part of Citi, has launched a new credit card, the Egg Money World Mastercard, which gives value to people through a package of rewards and benefits.
The new Egg Money World credit card is available from 14 July and costs £12 per year.
Introducing a fee on the credit card is a first for a major provider but if you take advantage of all the benefits it offers, including the 1% cashback then it could be good deal.
However, as with all credit card offerings you do need to consider your particular needs and match these up with what’s on offer.
For example the Money World Mastercard offers 8.9% APR life of balance rate and there’s no transfer fee.
This seems good on the face of it, but would you be better off with a 0% balance transfer deal?
These are becoming more scarce but are still available, for example the Virgin credit card offers 0% on balance transfers for 16 months.
There are also other cards which offer lifetime balance transfer rates, including the Barclaycard Simplicity currently offering a rate of 6.8%APR.
You also need to carefully consider the cashback offer and determine whether you will benefit.
Although you can get a maximum of £200 cashback this only works if you pay off your statement balance in full each month.
If you don’t the interest charge applied will eat into and maybe wipeout any cashback benefit.
For more details on the benefits, MoneyHighStreet has done a review of the Egg Money World credit card, which you might find useful.