Egg Money card changes

harz99

I have just received in the post a letter from Egg Money with a periodic changes to T&Cs booklet dated July 2008.

I have my account setup to always pay the balance in full by DD each month, consequently never paying interest to Egg.

It appears from new condition 7.2, that every card holder will pay at least a 50p fee on each statement, even when no interest is due (see last part of new 7.2).

Okay 50p is not much, but that is £6 per year off my cashback, that I would rather have myself!

YorkshireBoy

You've misread the notice of variation/new T&C's.

They've just re-worded an existing clause re the minimum interest 'rounding up'...

http://forums.moneysavingexpert.com/showthread.html?t=1077065

rsykes2000

You misunderstand it. Actual clause is :
[FONT=Arial, Helvetica, sans-serif]a top-up fee where the amount of interest charged to your Account on any statement is less than 50p and the fee will be the amount required to make the top-up fee plus that interest equal to 50p.[/FONT]
Fee only payable if there is any interest due, not if there is no interest due.

(edit - YB posted while I was finding the clause online)

harz99

Thanks guys, clearer now I have read the other thread.

Why on earth they couldn't simply start that clause off in plain English with "where interest is payable" I don't know!

Still I can go and spend my £6 on 2.5 pints now, as I'm better off than I thought I was.:beer:

clio

Are the new full t&c,s that come into efect from sep 4th online anywhere, as i would like to read them fully??

YorkshireBoy

clio wrote: »

Are the new full t&c,s that come into efect from sep 4th online anywhere, as i would like to read them fully??

They were updated a while ago on the Egg site.

That's what was so unusual about these changes because new customers got them straight away and existing customers had a grace period. Normally what happens is existing customers get to know first, and then everyone drops on to the new terms at the same time.

Then again, like all providers, Citi are in a spot of bother at the moment.

Cloudane

Anybody happen to notice any other potential gotchas? I'm not very good with legalese...

YorkshireBoy

Cloudane wrote: »

Anybody happen to notice any other potential gotchas? I'm not very good with legalese...

The APR lift and the introduction of the BT fee are probably the most important changes for most people.

Some discussion in the thread I linked to in post #2.

clio

Y/b
I read them there and because no date was on them i thought they were the old ones. cheers anyways:)
ps not everyone is getting apr lifted, in the letter it says something along the lines off if there is no mention
in the letter then nothing has changed[ apr/ agreement].

I cannot find my booklet hence why i asked but i still have the letter mentioning t&c,s to be changed from 4th sep.

Cloudane

Oops, I missed that link. Cheers!