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Here are the current interest rates for new Egg Money World MasterCard® customers who applied on or after 1 August 2009.
(which includes a £1 monthly fee)
| Egg Money |
interest
rate |
| Interest rate |
16.9% standard variable annual rate. |
| Balance transfers |
Introductory rate of 8.9% pa fixed for the life of any balance transfers made before 1 February 2010. 16.9% standard variable annual rate. |
| Cash advances |
21.9% standard variable annual rate. |
| Monthly fee |
£1 per month. |
The standard variable annual rate specified for transactions is the interest rate for those transaction. The APR is derived from the standard variable annual rate for purchases, and the monthly fee.
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Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. In other words, the figure you see is the rate that will be used to work out the interest you’ll be paid before income tax is taken off.
Tax free is the contractual rate of interest payable where interest is exempt from income tax. In other words, you won’t have to pay income tax on any interest you’re paid from this product.
AER means the Annual Equivalent Rate and is a notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis.
As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
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