Egg Money Rate Increase to 16.9%

silverbullit · 4 February 2009 at 11:08AM

I've just received an email informing me that the rate on their Egg Money card is to increase from the current 12.9% to 16.9% as from 6th March 2009. Those who have the card may recall that the rate increased from 7.9% to 12.9% in August 2008. I'm just glad that I am able to pay off my full balance at the end of every month, otherwise the !!!!!!s would be screwing me royally!

Mike_Hart · 4 February 2009 at 11:16AM

Interesting! I'm currently paying 16.9% variable, and from the email that just dropped into my Inbox they have just hiked it to 21.9% from 6 March 2009.

i suppose I've simply got a worse deal from them, though they are being damn cheeky doing this in the current climate. I'm glad I only use it for the Cashback, paying off the balance each month. At the rate that Egg charges, it would be cheaper to borrow the dosh from Tony Soprano!

- Mike

gardnt1 · 4 February 2009 at 11:21AM

think yourself lucky, my email raises from 16.9 to 21.9........ i know where the cards going now

apt · 4 February 2009 at 11:29AM

I would not throw away Egg money in a fit of pique. Yes, if you've got borrowings on the card try to transfer them to a lower rate card if you can. But Egg Money still offers 1% cashback (plus special cashback offers) and 4% on positive balances. As these are very hard to match elsewhere it's worth keeping hold of the card, especially as it is not available to new applicants.

withnell · 4 February 2009 at 11:29AM

There's not many cards on the market paying 1% cashback - and compared to some other cards, I still think the rate is pretty good with the cashback on top

moneyuser · 4 February 2009 at 11:30AM

At least they are still paying 4% on postive balances

silverbullit · 4 February 2009 at 11:38AM

As to the 4% on positive balances, I suspect that will change pretty soon! But I agree that the 1% cashback is pretty useful which is why I took out the card in the first place.

Paul_Herring · 4 February 2009 at 11:53AM

silverbullit wrote: »

I've just received an email informing me that the rate on their Egg Money card is to increase from the current 12.9% to 16.9% as from 6th March 2009. Those who have the card may recall that the rate increased from 7.9% to 12.9% in August 2008.

It would appear that they're mopping up the ones who didn't get the increase in August. I just got a mail informing me my rate's gone from 7.9% to 12.9%.

Just sent a secure message off to them enquiring !!!!!! they think they're doing increasing the APR by 63%.

spuckle · 4 February 2009 at 11:55AM

Mine's going from 10.9% to 16.9%. Utterly ridiculous.

INT1 · 4 February 2009 at 11:59AM

Capital One have done the same thing, My Interest rate goes from 14.9 to 22.88 (22.9) Must be a new trend in the market place to do this. I have sent a letter to Capital One as it's not really treating the customer fairly in this current climate. The BOE reduced their base rate to help people get through this :mad:

^!£$& · 4 February 2009 at 11:59AM

Got the same Email today mines also going up from 12.9% to 16.9%
Thankfully I pay off my balance every month and only really use it take advantage of the cashback and egg customer deals!

However I do see it as a smack in the face to loyal customers, but I guess I'm not the type of customer they want as the make no money from me!!

Egg Money Rate Increase to 16.9%

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