Egg card account questions

im 22 and have never had a credit card, just a switch/maestro card. you get 5% off online places often like dixons or whatever which is why i want to get an egg card.

how does it work, do you load money into your account or do you just buy something using the card and then the money is taken out of your bank account e.g hsbc via direct debit. whats this 2% or 3% transfer fee it says, dont have a clue. do you have a certain amount of time to pay off the money you have spent, is it free if you do it within 1 month or something.

im literally clueless to how credit cards work, im very good with my money and have about £6k in the bank, i'd like 1 of these to get online discounts.

thankyou for your help in advance.


A credit card is like a constatly available loan. When you get a credit card they will set you a credit limit which is a total amount that you can borrow. The catch is that the interest rate is generally much higher than that of a typical bank loan. However as long as you pay off the full amount when you get your bill then you won't pay any interest. The payment will automatically come from your bank account

Hope that makes sense.

With the Egg card, you can automatically set it to pay off the full amount that you have borrowed each month, or to pay a minimum amount. In your case if you only want to use it to pay for things that you would ordinarily pay for with your switch/maestro card then youd obviously choose to pay it all off in full each month then it would not cost you anything and you'd be able to get the online discount.

You don't need to worry about the transfer fee - that is for people who already have a credit card and want to transfer what they owe to their Egg Card.

Just be careful with credit cards as they want you to use them and if you don't pay them off in full it is VERY easy to run up a huge debt - especially when looking at all the offers on here! :whistling:

Original Poster

just applied for 1 but i just finished my job and it says that you have to be employed:( even though i had £6k in my bank account.

thanks for the info though.
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