Disaster! Egg charging for all SBT's???

Doh · 28 October 2005 at 4:02PM

i'm helping a friend with her stoozing, shes on round 2 and just done a £2.6k transfers(positive balance) and egg also offered 4 months 1.9% on her 15k limit(90%) which we took too

now just looking at her egg statement and she's been charged £50 for each transaction! looking on the website it says nothing about this other than you get charged 2%(max £50) for BT's if you applied after 1st may and in your intro period. Neither of these are the case !!!!!! se got the card in Feb and the intro is long gone! shes been on the phone and there adament that she gets charged for all balance transfers and is on the website!

is this right or what? i can't find it on the website? i can't believe there charging for postive balance transfers either! if it is true its seriously but a dent in everyones stoozing!

YorkshireBoy · 28 October 2005 at 4:18PM

There's been a couple of threads recently that have highlighted Egg's special offer of a 1.9% APR BT with a 2% (max £50) fee.

The thread below was started by an Egg cardholder who didn't read the details on his/her letter thoroughly enough. I believe the other thread was similar to yours - ie, they found out after doing an online BT.

It appears Egg had a special offer running in October which has caught a few people out.

http://forums.moneysavingexpert.com/showthread.html?t=102378&highlight=cobblers

Doh · 28 October 2005 at 4:51PM

!!!!!!

she didn't get a letter just a prompt when she logged in to the account, there was no mention of BT chargeds, she even asked CS to confirm the offer via secure message and there was still no mention of BT.

Okay fair enough if she missed it, but that doesn't explain why she was charged for the BT that was from an in credit balance does it? she hadn't accepted the 1.9% offer at this point?

YorkshireBoy · 28 October 2005 at 4:59PM

Doh wrote:

...but that doesn't explain why she was charged for the BT that was from an in credit balance does it?

Unless there was an overlap? ie, she went "slightly" negative with the first positive BT perhaps?

Milarky · 29 October 2005 at 1:42PM

Doh wrote:

but that doesn't explain why she was charged for the BT that was from an in credit balance does it? she hadn't accepted the 1.9% offer at this point?

The reason for this is likely to be that any balance transfer done during a 'Special Promotion' window - as this was - would count as such an SP transfer irrespective of the balance. The only difference it definitely makes is to the interest - there being none if the account is not left with a debit balance. Egg's system seems to work like that. The only way this could be got around is if they said: ''phone up to do this special promotion transfer'', in which case the operator could simply apply the fee at the time.

Do we not agree, however, that it is 'bad' when a fee does not appear until the statement is produced and is not put on at the time of the transaction. It only comes to light afterwards and unexpectedly, in other word.

I've posted my own query over these fees on the 'credit cards' board today.

http://forums.moneysavingexpert.com/showthread.html?p=1052367#post1052367

It looks like they still only charging selectively, fortunately [not yet for anniversary offers]

joe13 · 30 October 2005 at 12:01PM

Last month I activated the anniversary offer on my egg card and I have just received my statement which confirms no BT fee charged. Unfortunately egg have always given me a very low credit limit. But better than nothing it all helps with the stoozing.

Milarky · 30 October 2005 at 1:49PM

joe13,

You don't have to stick with the limit originally given. You've had your account over 12 months - so it's always worth requesting a moderate credit limit increase [30 to 40 percent of existing credit limit seems generally acceptable] in the run up to a known offer like this one. I have asked and recieved three increases [about once a year] and now have three times the original limit available. Egg now seems to make instant decisions and it's very easy to do. Make a note to yourself to request a credit limit increase a month or so before the next anniversay month in 2006.

And, yes, Egg has confirmed by secure message that whilst Special Promotions are liable to a fee the anniversary offer is not [pheww!]

Doh · 31 October 2005 at 10:31AM

hi guys, thanks for the replies, okay i'm anoyed that the fee wasn't on the offer and hidden away on the terms and conditions and its a sneaky change that they've neglected to tell anyone about(they haven't informed me of this changed either!)

but i'm extremely p****d at the positive balance charge, that is just daylight robbery! she didn't go negative with the transfer, well not untill they took the charge. they are say as above that all BT's even positive balance BTs in the "special promotion" period are subject to this charge! absolutey wrong IMO!

so STOOZERS BEWARE! don't do any SBT's in a "special promotion" period even if your not interested in the promotion coz you will be charged by Egg!

maybe Martin should mention this somewhere and also one of the guys from stoozing dot com could but it in there FAQ?

Clariman · 31 October 2005 at 11:50AM

maybe Martin should mention this somewhere and also one of the guys from stoozing dot com could but it in there FAQ?

I haven't really been following this thread. Could someone summarise the issue and I'll see if I can find somewhere on the (stoozing) site to put a warning - if it is appropriate to do so.
Clariman

YorkshireBoy · 31 October 2005 at 12:04PM

Clariman wrote:

I haven't really been following this thread. Could someone summarise the issue and I'll see if I can find somewhere on the (stoozing) site to put a warning - if it is appropriate to do so.
Clariman

It seems Egg have been offering 1.9% & 3.9% 'special promotion' BT's during October. They appear to have invoked a condition in their T&C's where they can charge a BT fee (even for pre-May 1st applicants) for this. It sounds like this 'condition' hasn't been made fully 'transparent' in the opinion of those affected by it.

See my post #2 in this thread, and the link within.

Bargain_Rzl · 31 October 2005 at 6:02PM

I think the way to get round the fee for transfer of a positive balance is to phone them up and request it. I did this recently, though was not in a promotional period so wouldn't have been charged anyway. I noticed that the transfer of my positive balance done in this way then showed up on my statement as a "refund" rather than a "balance transfer".

I am not sure whether the circumstances would have been different if I had been in a promo period at the time.

Disaster! Egg charging for all SBT's???

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