Egg Money Interest Rate Hike

surreysaver

Got the same. Never really use the card anyway. Just a £5.00 top up dd goes on it every month. Tried to change that several time to the minimum repayment, but it never goes through - maybe has something to do with the positive balalnce.

Stu78

Same email here. I wonder if the 'in credit' rate is going up by the same percentage i.e. from 4% to say 6 or 7%. somehow I doubt it.

CopperPlate_2

surreysaver wrote: »

Got the same. Never really use the card anyway. Just a £5.00 top up dd goes on it every month. Tried to change that several time to the minimum repayment, but it never goes through - maybe has something to do with the positive balalnce.

Why don't you set it up to pay the 'full negative balance'. That way it won't take any more DD's until you spend on it and move the balance into debit.

clio

I wonder if i will be getting an increase as i didn't get the typical rate 5 months ago when i took card
out i,m on 16.9% will they be putting mine up as well ??

Nomad25

... and another one. Think it must be a 'round-robin' blanket mailing.

Martinslovechild

The most worrying part of the email is:-

Clause 7.2 – is changed to increase the commission on Transactions that have to be converted to Sterling, to introduce handling fees for Balance Transfers and Cash Advances (which are now defined to include Gambling Transactions) and to increase the fee that applies to Gambling Transactions. It has also changed to include reference to the Faster Payments Service.

The new T&C's state:-

7.2 We will charge:

• a handling fee of 3% on each Transferred Balance, or less if we tell you so;

To my eyes, this reads as the end of Egg SBT's.

Is this how anybody else is reading this sentence??

YorkshireBoy

Martinslovechild wrote: »

To my eyes, this reads as the end of Egg SBT's.

Is this how anybody else is reading this sentence??

No. There's still the BACS transfer option isn't there?

And maybe the new BT fee applies only for transfers using, or creating, a negative balance?

clio

Ive sent them a secure message so i know where i stand my apr is allready 16.9 and i,m not wanting it any higher i,ll leave and find a better card if i,m increased.. i asked about the BT fee as well and when it ,s effective from.

am3n3

I received the email as well, but I've not spent on the card in ages. I still pay off a fixed amount each month, so it looks like I'll ditch the card as soon as it's paid off now that the 7.4% APR is no more.

Nomad25

SBT's.

What does this stand for?