Earn 1% cashback on all your credit card purchases when you spend with the new Egg Money World MasterCard.
Product Details
Egg - Money World MasterCard
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What's the deal?
You can now get 1% cashback on everything you buy with the just-relaunched Egg Money MasterCard.
Cashback is credited to your account annually each March as long as you have accumulated a cashback balance of more than £5 (this equates to at least £500 of purchases made on the card) and an annual cashback maximum of £200 also applies.
The card also offers an introductory rate of 8.9% pa on balance transfers made before 1st October, 2009. The low rate applies for the life of the balance and comes without any handling fees.
A whole host of other benefits are also available to cardholders including a number of 'purchase insurances' such as missed event cover, purchase protection, extended warranty, a price match promise on new purchases and travel accident cover.
As part of Egg Rewards, cardholders also receive discounts of up to 25% at 15 partner retailers, weekly text updates on their account and 50 days interest free credit on purchases from their last statement.
The card's Typical APR is 17.8% variable. However, this incorporates a £1 usage fee that is charged each month.
What makes it great?
The 1% cashback offered by the Egg Money MasterCard is the best flat-rate cashback return currently available.
What's more, while cards that offer lower life of balance transfer rates are available Egg's offering is fee free making it an option worth considering.
As for the whole host of additional perks, if the discounts and insurances available with the card are benefits you'll use, they could help you tot up some extra savings.
Who would it suit?
The major benefit of this card is the 1% cashback it offers on new spending. However, as with any cashback credit card, it's only worth using the card to make purchases if you can afford to clear the balance each month, otherwise the money you spend on interest payments is likely to far outweigh the amount you receive from the cashback deal.
As such the card is most suited to those who are specifically looking for a rewards-based credit card and are able to pay off their credit card spend in full each time they receive a statement.
What's the catch?
As the Egg Money Mastercard charges a £1 monthly usage fee, you will need to spend at least £100 a month on your card in order to earn enough cashback to cover this cost (£1,200 a year). Additionally, you'll need to spend £500 on the card over the course of the year to even qualify for a cashback payment (the minimum payout is £5).
As such, if you're likely to spend more than £100 a month then the card is still an option worth considering, if not then it may not be the best cashback option for you.
It's also worth remembering that you should never arrange a balance transfer on a card that you also plan to make new purchases with because of something called the negative order of payment. This means that you should consider this card either for its low rate life of balance transfer offering or as a card to get cashback on new spending, but avoid using it for both.
What's the alternative?
The Platinum Cashback credit card from American Express pays a fantastic 5% cashback for three months making it a great option to consider when you're planning to make a big purchase. After the introductory offer expires the cashback return is staggered from 0.5% to an aggregated 1.5% depending on how much you spend.
Therefore, the Platinum Cashback card is likely to be more suited to those that spend a large amount on their credit card on an ongoing basis (say £1,000 a month) - particularly as the Egg Money card places a £200 annual cap on cashback.
However, for those that spend a lesser amount on their card (but still more than £1,200 a year), the Egg option is likely to be more profitable in the long run.
For those that spend less than the £100 a month needed to break even with the £1 fee levied on the Egg Money MasterCard a number of alternatives paying 0.5% cashback as standard are also available and well worth considering.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
