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
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
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.