Credit card suggestions

[Scottly]

Just remember no such thing as free money

Well actually, there is. Get a cashback credit card and you'll get a cheque every April for 1-4% of the total amount you spent on the card over the last year. An average family will easily rack up over £10,000 of eligible spending between groceries, fuel, clothing etc, so with a 1% cashback card they'd get a cheque for £100, for doing nothing more difficult than using one card instead of another.

If you set up a direct debit to pay the card off in fuel each month, not only do you never pay any interest on the debt, but you also get to keep your money in your own account for a little longer, earning you credit interest. It's all about efficient financial organisation.

The Egg money card is very good for this, it gives 1% cashback on all spending up to a limit of £20,000. I have one and I'll be close to that limit this year, so I'll get a cheque for almost £200 having paid zero interest on anything. That's free money. The American Express Platinum pays a higher cashback rate for the first few months, but it has stricter eligibility limits - you have to be earning a salary of £20k to qualify.

 

[meghatronic]

The Egg money card is very good for this, it gives 1% cashback on all spending up to a limit of £20,000. I have one and I'll be close to that limit this year, so I'll get a cheque for almost £200 having paid zero interest on anything. That's free money. The American Express Platinum pays a higher cashback rate for the first few months, but it has stricter eligibility limits - you have to be earning a salary of £20k to qualify.

I just got an egg card... why didn't I get an egg money

 

[Energize]

You can get 1.5% cashback with 5% in the first 3 months with other cards.

 

[Scottly]

You can get 1.5% cashback with 5% in the first 3 months with other cards.

Assuming you're referring to the Amex Platinum, it has a few problems - firstly it's up to 1.5% cashback, depending on how much you use it, secondly it's Amex so it's not accepted everywhere that MasterCard or Visa are, and finally it has the high salary requirement.

I am tempted to apply for the Amex just before I buy my new house though, 5% cashback on all my new furniture and stuff is very appealing.

 

[Camalot]

Egg CC states 0% interest on purchases up to Feb 09.

But also states the following:

Interest-free grace period Pay your outstanding balance off in full each month and benefit from an interest-free period of up to 45 days on all purchases. For cash advances and balance transfers you'll be charged interest from the date of the transaction.

So does this mean, as long as the Egg CC balance in paid is full every month, there is no interest paid on your purchases?

I've used my card for some online purchases, and to be honest it frightens me incase something happens

 

[Killa_ken]

There is nothing wrong with a credit card as long as you are controlled and pay on time. I get the advantage of extra protection, 2% cash back on everything and 5% of groceries, gas and airline tickets.

I use three credit cards, American Express, Citi Card and Discover.

Three of the best imo.

 

[Energize]

Assuming you're referring to the Amex Platinum, it has a few problems - firstly it's up to 1.5% cashback, depending on how much you use it, secondly it's Amex so it's not accepted everywhere that MasterCard or Visa are, and finally it has the high salary requirement.

Well I wouldn't exactly call £20k (which is a below average wage) high.

 

[jrodga2k5]

Egg CC states 0% interest on purchases up to Feb 09.

But also states the following:

Interest-free grace period Pay your outstanding balance off in full each month and benefit from an interest-free period of up to 45 days on all purchases. For cash advances and balance transfers you'll be charged interest from the date of the transaction.

So does this mean, as long as the Egg CC balance in paid is full every month, there is no interest paid on your purchases?

I've used my card for some online purchases, and to be honest it frightens me incase something happens

That takes effect after your grace period i believe!

I recently transferred my outstanding Credit to a new Capital One card to help me get thru uni to be honest as the Interest Free on Both BT's and Purchases is continued until Oct '09 which is great for me

I set up a direct debit to pay the minimum off at least and I just make additional payments as and when I can, works fine for me!

 

[Scottly]

So does this mean, as long as the Egg CC balance in paid is full every month, there is no interest paid on your purchases?

I've used my card for some online purchases, and to be honest it frightens me incase something happens

Yes. You will pay 0 interest if you pay off in full every month with a 45 day grace period. The usual exception is if you use the card for cash withdrawals, which usually have a fee plus interest attached, because it's technically a loan within the credit agreement.

Well I wouldn't exactly call £20k (which is a below average wage) high.

Maybe not, but there's still millions of ineligible people in Britain, presumably including the OP. If he was earning more I'd assume he'd no more about financial stuff.

 

[meghatronic]

Well I wouldn't exactly call £20k (which is a below average wage) high.

I think £20k is the minimum to get the card, and a basic limit. By basic I think it's around £500, so you know.... not great.

 

[BloodyL]

Has anyone recently applied for an egg money card?
I applied just before the news broke about Citigroup having troubles and now the egg money application page has been closed.
I'm just wondering if anyone has been accepted recently?

 

[gumbald]

Yep, about a week ago. Put my £500 car insurance on it today, glad to get a fiver off!

 

[BloodyL]

Wierd, I applied on the 15th but still haven't heard anything, I do have an account on the website but it doesn't show any cards.

 

[gumbald]

Mine took a while to come. Are there boxes on your account page to validate a card?

 

[BloodyL]

Nope, at the "Your money" page I only have the messages applet and in the money applet I have " You have no Egg accounts to display at this time"

Looks like I've been refused, odd, I've only ever missed one DD payment and my credit rating is as healthy as can be without a credit card.
I must have just missed the deadline.
Bizzarro.

 

[gumbald]

It told me I'd been accepted when I applied. Give them a ring tomorrow?

 

[BloodyL]

Will do, I've already sent an email through the account page, when it said I'll recieve a reply within 24hrs I knew I'd chosen the wrong method of communication.

Cheers for your help gumbald, appreciated.