egg money credit card review

Have a picture of Egg Money Credit Card?, please send it to us.
Picture courtesy of Chris.

Average Ratings

Customer service	4.9/10
Value for Money	4.9/10
Reviewer Rating	4.5/10
Overall Rating	5.1/10

38% Recommended3 out of 8 Reviews

• Overview
• Reviews
• Write your review
• Ask a Question

By hingysaid on 6th Sep 2008

hingysaid's Ratings

Used card for	1 year and over
Loyalty scheme	Yes
Customer service	4/10
Value for money	5/10
Overall value	5/10
hingysaid's recommendation

Good Points

Not many these days i'm afraid. 4% APR on a positive balance, and 1% cashback.

Bad Points

High interest rate of 12.9% and small credit limit.

General Comments

I've had an 'egg money' credit card since it was launched several years ago. At the time of accepting this credit card, it was without doubt head and shoulders above the competition, as you benefited from no annual fees, a 7.9 APR rate, 1% cashback as standard on all purchases, and up to as much as 10% cashback on specific purchases with specific retailers.
Alas this has all changed..... Egg money always gives a low credit limit in comparison to other lenders, which is not really a worry.... but over the course of the last year I have noticed its benefits slowly and without warning begin to shrink..... Cashback is no longer available with many of the retailers it once was, and those that remain, have seen for example, a rate or 10% cashback, reduced to 2.5%.
At the beginning of August 2008 Egg Money announced that the great APR rate of 7.9% was to be increased to 12.9%, which would come into effect in seven days.... not very customer friendly, and 12.9% is simply a run of the mill rate, and not one that would either attract a new customer or keep an existing.
In summary, the Egg Money card used to be a great card to use and own, but now I ' m afraid it has just become one of dozens you can choose from with more or less the same benefits... the only redeeming features that still stand are the 4% apr rate for a positive balance and the 1% cashback feature..... Other than that, it is no longer all singing and all dancing as it once was - although I have no doubt the world credit crunch has played a major role in the demise of the cards once great features.

hingysaid's review has yet to be rated - Be the first!