Best Egg Debt Consolidation Review

Best Egg Credit Card

Best Egg offers multiple financial services. Beyond personal loans and debt consolidation, the company also offers its Best Egg Credit Card, designed to help build credit and provide unexpected features and benefits.

Cash-back rewards credit cards with no annual fee and no international transaction fees aren’t the norm in the world of credit-building credit cards. While the card is relatively new on the market, Best Egg credit card reviews are coming in, and the customer responses are mostly positive.

Best Egg Credit Visa Credit Card Features and Benefits

• 6 to 12 months 0% introductory APR
• Earn 1% cash-back on purchases
• Earn cash-back for participating in the Best Egg Community
• No annual fee
• No foreign transaction fee
• Fixed interest rate
• Interest rates from 18.99% to 29.99%
• Starting credit limits of up to $3,000
• Requires 650 or higher credit score for approval
• Bankruptcy on record okay for some approvals
• Automatic credit limit increases if eligible
• Low minimum payment requirement
• Powerful mobile app available for managing card
• 0% fraud liability

Best Egg Credit Card Pros and Cons

Pros

• Doesn’t affect credit score if not approved
• Can help improve credit score
• Regular credit limit increases if eligible
• Reports to all three major credit bureaus
• No annual fee
• No overlimit fees
• Mobile app access with numerous features

Cons

• Balance transfers unavailable
• Credit increases are automatic and can’t be requested
• High late payment fee of $39
• Approval requires a 650 or above credit score

Best Egg Credit Card Rewards

Not every credit card designed for customers with fair-to-average credit features a rewards program. The Best Egg credit card not only carries a cash-back rewards system but also offers two ways to redeem your rewards.

The Best Egg Credit Card provides a base reward of 1% on gas and grocery purchases, or $1 per $100 spent, and up to 1.5% on payments. Customers can also earn points toward their rewards total by participating in the online Best Egg Community.

The Community is a forum the company uses to engage with its customers and learn how to improve its financial product offerings directly from clients.

How to Redeem Best Egg Credit Card Rewards

There are two ways to redeem your Best Egg credit card rewards. Redemptions have a minimum requirement of $20. One method of realizing rewards benefits is to have a statement credit in the amount of rewards dollars earned. The other is to combine one to three recent purchases, adding up to the amount of your reward, and reimburse yourself the funds.

Best Egg Credit Card Reviews

Best Egg only began offering its credit card to help consumers build their credit in 2021. It’s quite early to rely heavily on long-term reviews. However, the early reports from its customers are that they generally like the program.

Best Egg as a company receives high marks among consumers and experts alike, and its credit card also receives mostly high marks, ranging on average from 4.6 to 4.9 of 5 stars. However,  a handful of negative ones also exist. The negative reviews stem from what appears to be mistakes committed by Best Egg in providing accurate reporting to credit bureaus.

Best Egg Credit Card Application

To apply for the Best Egg Credit Card, customers can navigate to the Credit Card dropdown menu on the company’s website. From there, applicants can input financial and personal information. Best Egg will evaluate the information and return an approval or denial response within minutes.

Perhaps the best feature of the Best Egg credit card application process is that the company only performs a soft inquiry on credit reports to determine eligibility. Even after formally applying for the card, customers who don’t qualify won’t see a hard inquiry on their credit reports, nor will the denial affect their credit score. Best Egg credit card applicants who receive an offer for the card will incur a hard inquiry on their reports.

Best Egg Credit Card Pre-Approval

Best Egg doesn’t provide pre-approvals for its card. However, some consumers may see advertisements stating they’re pre-qualified or pre-selected. These advertisements are simply invitations to apply for the Best Egg Credit Card and don’t equal promises of card approval.

Best Egg Credit Card Interest Rates

Interest rates for the Best Egg Credit Card range from 18.99% to 29.99%, which is in the average range for credit cards that cater to fair and good credit score holders. Best Egg doesn’t offer variable interest rates on its card. Customers will have a fixed rate for all card purchases, which is determined after formally applying for the card.

The interest rate awarded to each customer depends on their credit score, history, DTI, and other financial data.

Best Egg Credit Card Credit Limit

Reports from consumers are that Best Egg provides practical initial credit limits that can reach $3,000 for some. However, most customers will experience starting limits lower than that.

However, the Best Egg Credit Card initial credit limit is subject to automatic review after six months of card membership, which can result in an automatic credit limit increase for some accounts in good standing. Best Egg currently offers no provisions for requesting a credit limit increase at any time.

Best Egg Credit Card App

Best Egg offers a helpful and practical mobile app for managing your credit card account with the company. The app is available for iOS and Android devices free from Google Play or the App Store.

Consumers must activate their Best Egg Credit Card through the app upon receiving it. From there, the app allows card members to check their balance, make payments, manage and redeem their cash-back incentives, see and interact with their credit score for free, and receive notifications about their accounts.

Best Egg Credit Card Balance Transfer

The Best Egg credit card doesn’t currently allow balance transfers from other cards or debts. If you’re looking to transfer a balance to a new card, check out our best balance transfer cards for fair credit review.

Best Egg Credit Card Cash Advance

Cash advances are available through Best Egg’s credit card. The minimum advance is $10, and advances are subject to a charge of either $10 or 5% – whichever is greater – of the amount of each advance.

Is Best Egg a Good Credit Card?

Best Egg is a good credit card for those looking to further establish their already fair to good credit score. The card generally receives high marks despite some apparent growing pains.

Impressive, though, is Best Egg’s commitment to regularly and automatically reviewing each account for credit limit increase opportunities. Benefits like no overlimit, foreign transaction, or annual fees help the Best Egg Credit Card stand out from the crowd.

Best Egg Credit Card Vs. the Competition

Here’s how the Best Egg Credit Card stacks up against other popular unsecured credit cards designed to help build credit.