PRUDENTIAL’S loss-making direct banking subsidiary Egg has launched the first European internet credit card. The Egg:card will be serviced via Egg’s website and will not provide traditional paper statements. Although intended for online use, the card can also be used in the same way as any other credit card. It launches at a loss-leading interest rate of just 4.5%, rising to 9.9% after six months - the lowest rates on the UK card market, where average interest is 17%. Egg:card also offers 1% cash-back on purchases.
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