Archive: MoneySavingExpert's Money Tips Email

The following text was sent out as a special Martin's Money Tips e-mail on 26 Feb 2004

Pls forward this to everyone you know with an Egg card

DON'T LET THEM GET AWAY WITH IT

Broken Egg? Egg is making some substantive changes.  You've probably got its e-mail.  Effectively it is dropping cashback and introducing an anniversary 0% balance transfer offer – for all new customers from April 1.  For some this is a nightmare – for others a boon.

However the real cheek is its e-mail has the chutzpah to say “we're making real improvements” and then “we're cutting your cashback”.  Don't let them get away with it.  Here's my guidance to get your own back.

People: Those who use the card for cashback

What's happening: Egg is dropping its cashback rate from 0.5% to 0.1% (it was launched at 1%)
Action: Stop Using Egg and move to the best cashback cards. However don't cancel the card.

Assuming you are using the card correctly for cashback, i.e. paying it off in full each month, then you can earn 1% cashback, which is ten times what Egg will pay from April.  Click here for a full article on the best cashback cards currently around.

However don't cancel Egg, even if you're annoyed with them.  The anniversary offer it has launched is a very useful one. Existing customers will have the option every year on the anniversary of opening the account to do a 0% balance transfer for 5 months – in other words you can move your debts to that card at 0%.   Best of all, as you don't need a new card for this offer it won't substantially impact your credit score and it's guaranteed cheap credit, so even if you don't use it, it's worth keeping as an back up of readily available 0% credit. (Also if you don't need the debt, it's also a perfect offer for my free cash from credit cards system – click here for details)

People: Those with existing debts on Egg

What's happening: Nothing really your rate stays at 13.9%

Action: Move your debt elsewhere, 13.9% is way over the odds.

Frankly Egg is now not too competitive, many cards offer standard rates below 10%, plus you can get introductory 0% offers lasting nine months.  If you transfer the balance to another card (simply means the new card pays off the debts on your old cards for you, so you owe it the money) you'll pay less.   For full details click here

And now time for…………  a loophole!  (hoorah)

Guess what there's a loophole in Egg new deal – and it's a corker.  I was going to write it here – then I realised it's a long one.  So I think that as we've got until 1 April before it counts – then I have time to write it properly, so its easy to follow.  I will do a full article on it, which I will post on the site and notify you about in my normal Money Tip's email.

To ask a question or discuss this new Egg deal – click here

I hope you found this email useful

And as always

I hope you save some Money

Martin