Egg Money Terms & Conditions Changes

reehsetin

jdavtz wrote: »

I sent a secure message about this a few days ago; here's their reply:

still a bit confused (long day) if im not in credit but pay off the full balance at the end of the month (no interest should be payable) is the 50p charge applicable?

tyllwyd

I read this "If any interest is payable, the minimum amount which will be applied to your account will be 50p. This charge doesn't apply if you have a zero balance or are in credit." as saying that if you owe them £0, they won't charge you anything. But if you owe them 1p or more interest (up to 49p), they will make it up to 50p.

BTW if you owed them 1p and they charge you 50p, does that mean that you would be in credit by the 49p, or do Egg take that as their fee?

YorkshireBoy

reehsetin wrote: »

still a bit confused (long day) if im not in credit but pay off the full balance at the end of the month (no interest should be payable) is the 50p charge applicable?

The first 5 words of Egg's reply answer your question...

"If any interest is payable"

...ie, if NO interest is payable, then no (minimum) 50p is charged.

tyllwyd wrote:

BTW if you owed them 1p and they charge you 50p, does that mean that you would be in credit by the 49p, or do Egg take that as their fee?

At that 'instant' you'd owe them 51p wouldn't you?

karie

so confused

i have a £2k balance which is interest free for about 10 more months. it was originally a balance transfer. i pay a couple of hundred pounds off it a month. as i dont make any other transactions on the card, would i have to pay the 50p each month?

JimmyTheWig

reehsetin wrote: »

still a bit confused (long day) if im not in credit but pay off the full balance at the end of the month (no interest should be payable) is the 50p charge applicable?

I'm equally confused.
It's clear what the deal is if you pay interest (doesn't seem to have changed, apart from the terminology).
It's clear, from the response given to jdavtz, what the deal is if you have zero balance or credit balance (hasn't changed).
But it's not clear what the deal is if you have a debit balance (on your statement) and pay off in full.

Either all that has changed is the terminology (i.e. it used to be the minimum interest was 50p, now there is a fee instead to top it up to 50p) or the one thing that has changed is the one thing that wasn't mentioned in the response to jdavtz.

karie wrote: »

i have a £2k balance which is interest free for about 10 more months. it was originally a balance transfer. i pay a couple of hundred pounds off it a month. as i dont make any other transactions on the card, would i have to pay the 50p each month?

I have no idea.
But to be honest, even if you have to pay this charge, that is only like paying interest at 0.3% a year. I don't think you can complain at that!

girltuesday_2

I emailed them last week to close my Egg card, and they sent me a message yesterday 'reminding' me of all the great things about the Egg card and offering me some promotional rates...

...Then this morning I got one of the standard emails as above telling me my interest rate is rocketing to 19.9%!

Strangely enough, I will not be changing my mind about cancelling the card!

tyllwyd

YorkshireBoy wrote: »

:)At that 'instant' you'd owe them 51p wouldn't you?

I didn't read it that way - I thought that you'd have interest of 1p, but they would charge you 50p anyway - so at that point you'd owe them 50p, which would be made up of the 1p original interest and 49p top up fee.

But once you'd paid them their 50p, I assume that 49p is gone forever, they don't credit against the next month's bill?

Imhotep

I just got a secure message back and I think I got a bit overexcited as (like many of you have said) there is no fee if you pay off the account in full every month, just a minimum 50p charge where there is any interest outstanding.

I haven't heard anything about a change in interest rate, though - I'm not sure whether that means it won't be changing or they just haven't told me yet.

Thanks for all the responses,

Stephen

JimmyTheWig

Imhotep wrote: »

I just got a secure message back and I think I got a bit overexcited as (like many of you have said) there is no fee if you pay off the account in full every month, just a minimum 50p charge where there is any interest outstanding.

Thanks for clearing this up. Sounds to me like it is just a change in terminology!

I emailed them myself half an hour ago, so lets hope I get the same response...

tyllwyd

Imhotep wrote: »

I just got a secure message back and I think I got a bit overexcited as (like many of you have said) there is no fee if you pay off the account in full every month, just a minimum 50p charge where there is any interest outstanding. ...

To be fair, I don't think you were unreasonable to read it that way - £0 is definitely less than 50p, and it doesn't actually say in that condition that it only applies where there is interest to pay. I think Egg should have worded it better.