Egg credit card
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Founded in 1998 Egg secured a niche for themselves in the UK credit world by high profile advertising and low rates. Operating online allows Egg to keep overheads low and enables them to transfer some of the benefits on to their customers. Two million people have signed up for their services across a range of financial products. Prudential effectively owns the company, holding 79% of stocks. Best known for high interest savings accounts they also range of other financial products including mortgages, loans, insurance and ISA's.
In terms of choice customers are limited to one card, the Egg card. Currently it offers a low balance transfer rate from other credit/store cards, overdrafts and loans. It also offers up to 10% cash back from selected retailers as well as an 'anniversary special offer'; the nature of which is unclear. Egg charges no annual fee and boasts a number of other incentives (including free prize draws and cash-back on all purchases), all of which helps to explain why Moneyfacts honoured them with their Best Credit Card Provider Award in 2004.
Customers taking out an Egg credit card are also offered a range of other benefits such as: free travel insurance, purchase protection and Internet shopping protection. However, anyone taking out a card is advised to opt for additional protection with the Card Protection Plan, which for £15which will cover them against all theft and fraud. Customers can also protect their repayments (with a Repayment Protection Plan) that currently charges about one percent of money spent.
For all the hype Egg essentially offer a fairly basic credit card package with a competitive interest rate. This, along with the balance transfer rate, is really the most important aspect of a credit card and it is what savvy customers should compare when deciding. If you decide that Egg have the right credit card for you; then you'll be happy to learn that the application process is extremely simple and can be done online in about ten minutes. Their website offers a variety of additional online financial services, such insurance and choice of savings accounts. All of Egg's services can be accessed over the Internet and managed from a central online account.
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