Internet bank Egg launches second, blue credit card
Internet bank Egg is launching a second, blue credit card, its first new product since it was put up for sale by parent Prudential earlier this year.
Until now, Egg has only had a single, green, credit card, which has been the mainstay of its business attracting 2.8 million customers since its launch in 1998.
The blue Egg card is designed to reward spenders, offering 0.5 per cent cash back on purchases rising to ten per cent for purchases at Virginwines.com and Lastminute.com. The blue card is a Mastercard, whereas the standard green issue is a Visa card.
The introduction of the new Egg credit card mimics American Express, which in 1998 introduced a blue credit card offering cash back to run alongside its long-established green charge card.
In March, Egg lost its UK marketing director Patrick Muir to Morgan Stanley, where he is now vice-president of marketing (MW March 4). His duties were assumed by group marketing director Jerry Toher.
Prudential partially floated Egg on the London Stock Exchange in 2000, but in January this year admitted it was a looking for a buyer of its 79 per cent stake, precipitating an auction.
Egg made a &£34m loss last year due to difficulties in its expansion into France. Negotiations have been protracted and it is believed prospective buyers have baulked at the asking price.
