Egg launches new rewards credit card and cash back superstore

Typical 10%* cash back available at over 1,500 retailers

Purchase protection and internet delivery guarantee cover as standard

Egg today launches a new rewards credit card which gives consumers a typical 10% cash back on purchases from over 1,500 retailers via the new Egg Cash Back Superstore, which is powered by the online business Quidco. 

The Egg Visa Card provides offers at top online merchants including supermarkets, high street retailers, specialist retailers, hotels and travel agents for both new and existing customers, with no annual fee. New customers can also benefit from 0% interest on new purchases until 1 September 2010.

Harald Schneider, Head of Egg Cards said: “Egg has always had the internet in its DNA and we wanted to create a card that is relevant, rewarding and reassuring to everyone that shops online.  

“With people increasingly tightening their belts and looking for the best deals, we believe the Egg Visa Card provides unbeatable offers; and as the reward is cash not points it means customers can clearly see what they are saving whilst they spend.”

The card also provides reassurance to customers when shopping online with purchase protection and internet delivery guarantee insurances as standard.  There is also 0% on balance transfers until 1 August 2011.

Mr Schneider said: “The Egg Visa Card is not just about rewards, with 67% of the population now shopping online the comprehensive protection will give customers peace of mind.  Plus Egg is known for its usability so everything is easy to find in one place."

“This is a great time for Egg.  With both our new rewards card and our current top three savings rate in the market we are constantly exploring ways we can benefit and reward customers looking to make good financial decisions.”

All information regarding the card and links to the benefits available is accessible via the Egg website at www.egg.com.   Egg Visa will give you access to Egg Money Manager, Egg’s account aggregator service which allows customers to access all of their online accounts in one place.

For more information on Egg or its products please visit www.egg.com

- ENDS -

For further information please contact:

Vanessa Wood                                    Teresa Broughton                  

020 7508 8664                                    020 7508 7355

Vanessa.lucy.wood@citi.com                        teresa.broughton@citi.com

Chantal Heckford                               Livia Murphy

020 7294 3630                                    020 7294 3693

chantalh@lansons.com                      liviam@lansons.com

Quidco

Nicola Frame

020 7928 4640 x227

n.frame@quidco.com

Notes to editors:

The new Egg Visa Card offers:

·         Egg Cash Back Store – offers at over 1,500 online retailers

·         17.9% APR typical variable

• Insurances:
  •  Purchase Protection protects customers goods for 90 days from the date of purchase against theft or accidental damage
  • Internet Delivery Guarantee covers items purchased online against theft or loss prior to receiving them
  • *Typical 10% is the mean of all the currently available discounts at Quidco divided by 1,500.

·         0% interest on balance transfers – on transfers until 1 August 2011 (conditions and 3% fee apply)

·         0% interest on new purchases until 1 September 2010

How does The Egg Cash Back Store work?

Only Egg Card customers can access the Egg Cash Back Store. Customers can browse over 1,500 different retailer offers using a variety of search tools. Once they see an offer that fits with their purchase needs they simply select the retailer, review the offer details and click the link to the retailers website. Once in the retailers site the customer browses as they would do normally, and if they subsequently make a purchase, cash back is accrued at the rate detailed in the offer. Customers can check the progress of their cash back earnings via the Egg Cash Back Store website. Each month, cash back that has been paid by the retailer is credited to a bank account of the customer’s choice

About Egg

Egg is a UK online bank providing banking, credit cards and insurance through its internet site and other distribution channels. To find out more visit www.egg.com

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com. 

About Quidco

Quidco was founded in 2005 with a mission to help people save money and is the UK’s leading cashback and voucher website. The site has more than 840,000 members who will save a total of £35m this year.

When it comes to everyday spending, the Egg Money World MasterCard® offers benefits for all shoppers.

As well as offering 1% cash back on purchases, Egg Money offers a range of insurance benefits. These include a price promise to help people get the best price for their purchases, missed event cover in case illness means missing that concert, purchase protection and extended warranty cover – all of the insurances are included as standard, further details can be found below.

Egg Money World MasterCard® offers a price promise which will refund the difference if customers buy an item with their card costing more than £50 anywhere in the UK and then find it cheaper locally within 30 days (conditions apply.  Internet purchases or items bought in a sale or as part of a promotion are not covered).

Egg Money’s missed event protection covers event tickets costing over £20, booked using Egg Money and covers up to a maximum of 4 tickets per year and £100 per event.  The credit card’s purchase protection covers items costing more than £75 bought with Egg Money anywhere in the world against theft, loss, or damage, for 90 days after the date of purchase (conditions apply).

But that’s not all. Egg Money also offers an extended warranty for any electrical item costing more than £50 bought with their Egg Money credit card, which means customers can get 12 months’ additional warranty up to a maximum of 24 months from the date of purchase (conditions apply).  

And it’s not just purchases that are protected: Egg Money has personal travel accident insurance, which covers customers against accidental death or permanent disability whilst travelling as a fare paying passenger or in any hire car. Conditions do apply to all Egg Money insurance policies.

New Egg Money credit card customers can also benefit from a special introductory offer of 8.9% pa on balance transfers fixed for the life of that balance - with no balance transfer fee. This applies to balance transfers made before 1 June 2010. 

In addition to the 1% cash back on purchases and the Egg Money insurances, Egg Money World MasterCard® customers have access to Egg Rewards - offering  deals and discounts at a wide range of retailers including travel, dining, entertainment, lifestyle and shopping.

All of this, together with  Egg Money’s online spend analyser - which automatically categorises customer’s monthly spend on their online statement into categories such as travel and transport, going out and essentials, makes Egg Money a great credit card for everyday spending.  And it’s just £1 a month.

Egg Money customers can also register for Egg Money Manager, which allows them to view their various online accounts, even their non Egg ones, using just one password by logging into egg.com. This helps make it easier to manage, track and control their finances.

The Egg Money World MasterCard® has a 17.8% APR typical variable, which is derived from the standard variable annual rate for purchases of 16.9% and the £1 monthly fee.

For more information about Egg Money World MasterCard®, visit www.egg.com.

Missed Event cover, Price Promise, Purchase Protection and Extended Warranty cover are arranged by International SOS Insurance Services. Travel Accident Insurance is arranged by AIG UK Limited. UNAT DIRECT Insurance Management administers this policy on behalf of AIG UK Limited.

Egg Money refers to our MasterCard. Egg credit cards are issued by Egg Banking plc. Egg is the trading style of Egg Banking plc. Egg Banking plc is licensed by the Office of Fair Trading to supply credit. Our licence number is 410357. For all other activities, Egg Banking plc is authorised and regulated by the Financial Services Authority (FSA) and is entered in the FSA register under number 205621. Egg Banking plc is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB, registered number 2999842.  We subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk 

About Egg

Egg, the online bank, provides banking, credit cards, insurance and investments through its internet site. To find out more visit www.egg.com

About Citi

Citi, is one of the leading global financial services companies, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Egg Money also offers an extended warranty for any electrical item costing more than £50 bought with their Egg Money credit card.

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