Egg Card - reviewed all accounts - APR shot-up

mariusvb

i have a balance on that card of around 900. so that will bite me a bit.

Megalomaniac

Yeah seems that way. Not bad for someone on £12k a year (tax free) - I'm a student on a government grant. Anyway, back to the work!

p.s Interesting (excuse the pun) to hear if anyone else has experienced a rise/fall in their interest rate. Especially since the infamous cull of customers in the early part of this year!

Andy1970

I've just received an email from Egg, advising that my interest rate is going to increase by 1% to 17.9% in a month's time. :mad:
Is it just me, or has everyone else received the same email? How can Egg justify raising interest rates when the Bank of England has just cut rates by 0.5%? I've just sent Egg a message to ask this question. Maybe others would like to do the same?

I'll post the reply when I get it.

Andy

clio

Is this an Egg Visa or Egg Money card ??

Andy1970

It's an Egg Visa card

huntersc

My email said: Clause 3 – this change is to notify you that the new APR on your card is 16.9% (variable).

huntersc

As for how they can justify it, well, for the moment they are a private company, they exist to make money. You'll have room to complain if they do it once nationalised

_Andy_

They can do what they want - and why shouldn't they? They're there to make money.

TheExpert

1. Credit cards are never linked to changes in base rate and are a very different form of business to other types of lending due to no securitization of the debt.

2. Egg raise interest rates by 1% every year for most if not all of their customer base.

clio

Stacie
The balance you have on 0% will be safe i reckon..