Stooz the easy way with Egg Money
| Author: Stooz | Created: 28/02/2006 |
The egg money card is an all-in-one stoozing solution, allowing anyone to easily start stoozing without the need for extra accounts.
An overview
- Unique credit card/savings account combined
- You pay Egg 12.9% APR (typical) when the card has a negative balance
- Egg pay you 4.0% AER when the card has a positive balance
- Egg pay you cashback on all your purchases
- Although it pays interest on positive balances, it is a regular Mastercard.
When someone is new to stoozing, it can all seem frighteningly complicated.
At stoozing.com we have a comprehensive
stoozing guide
which gives detailed step by step instructions to help you.
However if after reading the guide, you still don't know your stoozers
from your routers, your
Credit check
from your credit card cheque,
then why not take the simple approach to stoozing with the Egg Money card?
At Stoozing Towers, we think that Egg have crafted a flexible and unique product which combines facilities for the saver, the spender and the borrower. It is the credit card equivalent of an offset mortgage. The Egg Money card combines your credit card debt and your savings. Its key feature is its flexibility - a flexibility that Stoozers should be very interested in.
The introduction of a card that encourages a positive balance legitimises what many Stoozers have been doing for a while - putting Egg cards into a positive balance as a way of routing money from other credit cards into a bank account. Not only does this legitimise this practice, but also makes it much simpler. The timing could not be better for the stoozer, as most conventional SBT cards are removing the SBT capability or charging an increasing amount in Balance Transfer fees.
But the real beauty of this card is that not only is it a regular credit card, a
router and an SBT card, but also your
Stooz Pot!
The savings interest rate is not stunning, but it is good enough for
most people. To build up your Egg Money stooz pot, all you need to do is to find another
card that offers a 0% introductory rate on BTs
and you can move money from that card
straight into the Egg Mastercard. This is great news for the new stoozer because it means
you do not have to rely on increasingly scarce SBT cards to get your stooz pot started.
Any decent 0% card with no or low BT fees will do the job in conjunction with the new card.
The only caution we would put on this is that it is conceivable that other card issuers
could decide not to allow BTs from the new Egg Money Card.
With Egg's SBT capability, you also have the option of moving the card's own Stooz Pot into a conventional high interest savings account, to bump up your Stooz Pot earnings even further.
For the seasoned stoozer, who already has a stooz pot up and running, this card gives a useful route for keeping the stooz pot topped up over time as cards drop in and out of your portfolio. However, for the new stoozer seeking to build a stooz pot from scratch, this will be the card to have. The Money Card is ideal for the novice stoozer or the stoozer who wants to keep it as simple as possible.
For some extra money, you can even add your own monthly spending money, for petrol or food say, and not only earn interest, but pick up cashback at the same time! Just be careful to only spend your own money and not any of that transferred from other cards!
The Facts - Important Details for the Stoozer
- Pays interest on savings (check latest savings rates )
- Maximum positive balance: £99,999.99
- Minimum monthly payments to be paid when in negative balance (2%, min £5)
- No minimum monthly payments when in positive balance
- Balance Transfer capability from other cards
- Cash withdrawals are free when in credit
- Cashback limited to first £20,000 of spending (see cashback rates )
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