Are you in the market for a new credit card? If so, you may have come across the Bestegg Credit Card. In this comprehensive review, we’ll take a closer look at this credit card and help you decide if it’s the right choice for your financial needs.
What is Bestegg?
Before we dive into the details of their credit card, let’s first take a look at what Bestegg is. Founded in 2014, Bestegg is an online lending platform that provides personal loans to those with good credit. The company prides itself on its quick and easy application process, and they offer competitive rates for borrowers.
In addition to personal loans, Bestegg also offers a credit card that provides some unique benefits. Let’s explore those benefits now.
Benefits of the Bestegg Credit Card
No Annual Fee
The Bestegg Credit Card has no annual fee. This is great news for those looking to avoid unnecessary expenses and keep their credit card costs low.
Cash Back Rewards
The Bestegg Credit Card offers cash back rewards on every purchase you make with the card. You’ll earn 2% cash back on all purchases made at gas stations and grocery stores, and 1% cash back on all other purchases.
No Foreign Transaction Fees
If you travel frequently or make purchases from international sellers, you’ll appreciate that the Bestegg Credit Card has no foreign transaction fees. This means you won’t be charged extra fees when making purchases outside of the United States.
Easy Balance Transfers
If you’re looking to consolidate debt or transfer balances from another credit card, the Bestegg Credit Card makes it easy. You can transfer balances from other cards onto your Bestegg account at any time, without any balance transfer fees.
Fast Application Process
Like their personal loan application process, applying for the Bestegg Credit Card is fast and straightforward. The entire application process can be completed online in just a few minutes.
Fraud Protection
The Bestegg Credit Card also offers top-of-the-line fraud protection. You’ll be alerted immediately if there are any unusual or suspicious charges on your account, and you’ll be protected from unauthorized charges.
Drawbacks of the Bestegg Credit Card
While there are many benefits to the Bestegg Credit Card, there are also some drawbacks to consider:
High APR
One major drawback of the Bestegg Credit Card is its high APR. The interest rate on this card can fluctuate depending on your credit score, but it generally ranges from 12.99% to 29.99%. If you’re someone who carries a balance on their credit card, this high interest rate could end up costing you quite a bit in interest charges over time.
Limited Rewards Categories
Although the cash back rewards offered by the Bestegg Credit Card are generous, they’re only available in specific categories: gas stations and grocery stores. If most of your purchases fall into other categories, you won’t earn as much cash back with this card.
No Sign-Up Bonus
Unlike many other credit cards, the Bestegg Credit Card doesn’t offer a sign-up bonus or initial rewards points. This means that it may take longer to accumulate significant cash back rewards with this card.
Is the Bestegg Credit Card Right for You?
Ultimately, whether or not the Bestegg Credit Card is right for you depends on your individual financial needs and spending habits. If you frequently make purchases at gas stations and grocery stores (which most people do), then earning 2% cash back in those categories can add up quickly.
However, if carrying a balance on your credit card is something that concerns you or if you don’t want to pay an annual fee for a credit card at all costs then maybe seeking for other options might be better suit for you.
Regardless, one thing is clear: the Bestegg Credit Card offers some unique benefits that make it worth considering if you’re in the market for a new credit card. The easy application process, no foreign transaction fees, and cash back rewards are all major pluses that could potentially save you money over time. Just be sure to weigh the drawbacks as well before making a final decision.
FAQs
What is the Bestegg Credit Card?
The Bestegg Credit Card is a rewards credit card offered by Bestegg.com, an online lending platform that specializes in personal loans.
What are the benefits of having a Bestegg Credit Card?
The Bestegg Credit Card offers cashback rewards on all purchases, no annual fee, and a flexible redemption program. Additionally, cardholders can access exclusive discounts and promotions through Bestegg.com.
How does the cashback rewards program work with the Bestegg Credit Card?
With the Bestegg Credit Card, you can earn 1% cashback on all purchases and 2% cashback on select categories (groceries, gas, dining) up to $1,000 per quarter. Cashback can be redeemed as a statement credit or deposited directly into your bank account.
Is there a limit to how many rewards points I can earn with the Bestegg Credit Card?
There is no limit to how many rewards points you can earn with the Bestegg Credit Card. You can accumulate as many points as you want without worrying about expiration dates.
Can I use my Bestegg Credit Card outside of the United States?
Yes, you can use your Bestegg Credit Card anywhere in the world where Visa is accepted. However, keep in mind that foreign transaction fees may apply.
What is the interest rate for the Bestegg Credit Card?
The interest rate for the Bestegg Credit Card varies depending on your creditworthiness and other factors such as income and employment history. Rates range from 14.99% to 23.99%.
Is there an annual fee for using the Bestegg Credit Card?
No, there is no annual fee for using the Bestegg Credit Card. This makes it a great option for anyone looking for a rewards credit card without the added cost.
What is the minimum credit score required to qualify for the Bestegg Credit Card?
The minimum credit score required to qualify for the Bestegg Credit Card is 650. However, meeting this requirement does not guarantee approval as other factors may be taken into consideration.
Can I apply for the Bestegg Credit Card even if I don’t have a Bestegg.com account?
Yes, you can apply for the Bestegg Credit Card even if you don’t have a Bestegg.com account. However, setting up an account can help you stay up-to-date with exclusive discounts and promotions.
How do I redeem my rewards points with the Bestegg Credit Card?
You can redeem your rewards points with the Bestegg Credit Card by logging into your account on their website or mobile app. From there, you can choose to redeem as a statement credit or deposit directly into your bank account.