Continuing our series of credit card reviews, we now look at the Egg Money World Mastercard – what are the benefits?
The Egg Money World credit card has an annual fee of £12.
Whilst other credit cards, including the Egg Credit Card, do not carry an annual charge, Egg justify the fee on this card through the package of benefits and rewards it comes with.
You can apply for the Egg World Money credit card online and customers get an instant decision.
Your credit history will most likely be checked to determine whether or not your application is succesful.
If you have any questions or need an up to date view of your credit history you can get a free credit report.
With this information you can check to make sure there is nothing incorrect showing or that you might be better to address before it gets included in your credit card application assessment.
The credit card currently offers:
- Life of balance transfer – at 8.9% and no balance transfer fee
- 1% cashback – on all purchases with a maximum cashback of £200 per year
- Egg Rewards – up to 25% off discounts and rewards at some retailers, including Virgin Wines and Lasminute.com
- Event cover – for tickets over £20 if you are unable to attend
- Purchase protection – for items over £75 bought with the Egg Money credit card. Covers against theft, loss or damage for 90 days after purchase. There’s a limit of £3,000 per item, maximum per claim of £6,000 and maximum per year claim of £15,000
- Price Promise – covers items costing more than £50, if found cheaper within 30 days in a 30 mile radius the difference will be refunded. Online purchases are not included
- Extended Warranty – additional 12 months warranty on electrical items costing more than £50. It applies once the manufacturer’s warranty expires for up to 24 months from the date the item was bought. Maximum of £1,500 claim per item and up to 5 items per year.
- Personal travel accident insurance – inlcudes the cardholder, spouse or partner and dependent unmarried children. This though is not a substitute for travel insurance.
- Online spend tracker – an online function which categorises your monthly spend on your online statement
- Egg Money Manager – enables you to view all your online accounts from any bank on on page
The cashback facility is attractive but only if you pay off your the balance on your credit card statement each month.
Otherwise the cashback you earn will be swallowed up the interest charge you have to pay on the outstanding balance.
The life of balance transfer is competitive, although there maybe other credit cards offering similar or better deals on this.
An alternative way of managing your credit card debt could be to consider a personal loan.
Don’t get too carried away though and extend your debts to the point that you can’t manage them.
If you are buying electrical goods, of the benefits offered the extended warrantly could be very useful and if you regularly buy event tickets so too could the event cover.
Critically though whilst this credit card appears to come with a lot of goodies in the package, you need to assess what your needs are and determine how much you will benefit from what’s on offer.
If you’re not going to take full advantage of the benefits then another credit card that hasn’t got a monthly fee may be better option for you.