Egg extends brand by launching credit card

Prudential has taken the first step in a long awaited extension of its savings brand Egg, with the launch of a credit card.

Prudential has taken the first step in a long awaited extension of

its savings brand Egg, with the launch of a credit card.



The card, which is being promoted as the UK’s first internet and on-line

shopping card, is entering a market teeming with competing brands.



US companies Capital 1, MBNA and Morgan Stanley Dean Witter have all

launched cards in the UK this year.



’The idea came from research which showed that consumers were

uncomfortable giving credit card details over the internet,’ said Tony

Williams, communication director for Egg.



’This product offers a 100% guarantee on payments made over the

net.’



An estimated three and a half million UK consumers purchase goods and

services on the internet and research conducted by Egg suggests this

figure could grow by another two million by Christmas.



Egg said the launch would cost several million pounds but declined to

give an exact figure. The savings bank has made overall losses of pounds

77m since it began trading in late 1998. However, Prudential is

convinced the brand will be profitable in the long term. Prudential has

invested pounds 5bn in setting up the brand, and signed up 550,000

customers.



A TV campaign for the card, which features stereotypical characters

stepping out of their roles to talk about their ’real’ lives, was

handled by HHCL & Partners.



’Most people feel alienated by financial advertising,’ said HHCL account

director Dominic Stinton. ’This campaign says ’we realise you are

cleverer than some of our colleagues give you credit for’.’



Direct marketing will be handled by Lowe Plus.



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