When the folks at stodgy old Prudential came up with the idea to create an online-based bank named “Egg”, they proved that even old-timers could compete successfully in the brave new world of the Internet.  Egg, a UK-based operation, soon became a household name and their credit card was an instant hit.

Although Egg has been forced to weather a few storms recently after canceling several thousand cards in a controversial move and dealing with some user backlash following a recent interest rate increase, it remains a wildly popular credit card option–and with good reason.  The Egg credit card offers some solid advantages.

Initially, Egg cards require no annual fee.  Many lower-interest UK credit cards do charge an annual fee and these can sometimes be quite substantial.  Egg stands out from the crowd with their no-fee option.  It’s hard to understand how Egg manages to keep rates so low without charging a fee, but they’ve been successful so far and there’s no indication that they plan to reverse their position on the matter.

Second, the Egg credit card does offer a very competitive APR.  The average cardholder deals with an interest rate slightly below 17% and those with good credit can qualify for substantially better deals.  In an era where 20%+ rates are becoming the norm, Egg distinguishes itself nicely with these rates.  If you have good to excellent credit, you will undoubtedly be pleasantly surprised by the rates Egg offers.  Those with more limited credit, of course, should expect to pay a higher interest rate.

Third, Egg cardholders receive discounts on Egg’s insurance products.  These insurance offerings are popular standalone purchase due to their value, and the price tag is even more attractive if you hold an Egg credit card account.  That’s another reason to appreciate what Egg is doing.  Egg also offers free travel accident insurance any time the card is used to pay for travel fares.

Fourth, the card offers an exceptional interest-free grace period.  If you pay your balance in full on a monthly basis, you can enjoy a forty-five day no-interest period on each and every purchase you make.  As is usually the case, cash advances and balance transfers are excluded from this perk, but it’s still a solid benefit for those who pay their outstanding balances every month.

Fifth, while balance transfers don’t qualify for the forty-five day grace period, they are incredibly easy to effectuate.  You can make transfers online quickly and easily.  If you make a transfer within the introductory transfer period, you’re only charged a 3% processing fee, too.

Sixth, Egg consistently demonstrates a commitment to security.  If you make an online purchase, Egg will guarantee coverage in the event of subsequent transactions completed without your expressed consent.  They also monitor all Egg credit card accounts for any and all signs of suspicious activity as a way of protecting cardholders against fraudulent purchases and identify theft. Egg really goes the extra mile in this department, assigning individual case managers to assist any cardholder who has been victimized by fraud.

When you add it all together, it’s easy to see why the credit card arm of this incredibly popular English online bank has become a major industry force.  The Egg card is a strong performer with numerous perks and a support team dedicated to protecting consumers against illegal activity.  If you’re looking for a UK option, you should certainly consider applying for an Egg credit card.