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Beware EGG's smallprint!!
missbsi
Posts: 1 Newbie
Hi MSE's! My first post, so bear with me! I was one of the saps who Egg decided wasn't fit to have a credit card with them, despite only having a £1700 limit, paying a fixed amount of £600 per month, having the account for 7 years, and never once being late with a payment or over my limit. Once they decided to drop me, I paid off my balance in full, and cancelled my dd. I have since received the "check your statement online" e-mails, but ignored them. Decided to check this month, and got a real shock to discover the cheeky sods are charging me 50p per month as a "minimum finance charge". I e-mailed to query, and that e-mail and the reply are printed below. MSE EGG A/C HOLDER WARNING!!!! Do NOT let this happen to you!! If you've been dropped too, watch for this happening to you once you've cleared the a/c DO NOT GIVE THESE IDIOTS MONEY FOR NOTHING!! Imagine how much cash they'll get if they nap everyone with this smallprint! To coin a phrase, yours, angry from Darwen !! :mad:
Ps - to clarify, you CANNOT have a nil balance for 2 consecutive months BECAUSE of this 50p charge they apply the moment you clear down your balance, so to stop this happening, when you pay off your balance, make sure you overpay by a couple of quid to get your a/c in credit.
Date: 08 Jul 2008
Time: 19:55
Subject: mimimun finance charge
Dear Donna The reason you?ve received an interest charge on your June and July statements is due to you not clearing your full statement balance when you first made transactions with your Egg Card and only paid the minimum or a fixed amount. The balance that was then carried forward became what is known as a revolving balance and therefore accrued interest on a daily basis until you cleared that balance in full on 9th May 2008. The interest that was applied once you had cleared your balance is known as trailing interest and will apply until you clear your full statement balance for two consecutive months. For further information on interest please copy and paste the link below into your web address bar and view section 4: new.egg.com/visitor/0,,3_11087--View_1068,00.html If you've any further queries, feel free to contact me. Thanks for your message. Regards Kirsty Manning Internet Customer Services <BR><BR>
Original Message
Subject: <b>mimimun finance charge</b><BR><BR>
Please explain to me why when YOU cancelled my agreement with you, and took the final payment to clear the account to a nil balance, that you now have the nerve to be charging me 50p per month on the account as a minimum finance charge? I now apparently owe you £1 - why?
Ps - to clarify, you CANNOT have a nil balance for 2 consecutive months BECAUSE of this 50p charge they apply the moment you clear down your balance, so to stop this happening, when you pay off your balance, make sure you overpay by a couple of quid to get your a/c in credit.
Date: 08 Jul 2008
Time: 19:55
Subject: mimimun finance charge
Dear Donna The reason you?ve received an interest charge on your June and July statements is due to you not clearing your full statement balance when you first made transactions with your Egg Card and only paid the minimum or a fixed amount. The balance that was then carried forward became what is known as a revolving balance and therefore accrued interest on a daily basis until you cleared that balance in full on 9th May 2008. The interest that was applied once you had cleared your balance is known as trailing interest and will apply until you clear your full statement balance for two consecutive months. For further information on interest please copy and paste the link below into your web address bar and view section 4: new.egg.com/visitor/0,,3_11087--View_1068,00.html If you've any further queries, feel free to contact me. Thanks for your message. Regards Kirsty Manning Internet Customer Services <BR><BR>
Original Message
Subject: <b>mimimun finance charge</b><BR><BR>
Please explain to me why when YOU cancelled my agreement with you, and took the final payment to clear the account to a nil balance, that you now have the nerve to be charging me 50p per month on the account as a minimum finance charge? I now apparently owe you £1 - why?
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