Egg Money Rate Increase to 16.9%

POSSETTE

im still on 7.9 and have just been informed im going up to 12.9 in march.i do carry a smallish balance over though..but will be paying it off next month..

sjstokes

Mine's gone up from 21.9% to 26.9%...

However, I paid off the substantial balance I had on the card only last week so 26.9% of nothing is nothing!

asandwhen

I think they are just changing my cash advance interest rate from what I can see.

We're making some important changes to your Egg Money agreement. It's important you understand what the changes below mean to you, so please read the following information carefully.

A summary of the changes effective from 6 March 2009:
Clause 4.1 - this change is to notify you that the new standard variable annual interest rate you pay for Cash Advances is 21.9%.

It's simple to check your current interest rates
To check what interest rates currently apply to you, log in to 'your accounts' at www.egg.com then select 'view' next to 'Egg Money' followed by the 'Statements' option. Then choose to view 'More details about your Egg Money Card'.
The estimated interest shown on your next statement (which is a guide to the interest you may pay) might not reflect the changes to your rates as outlined in this letter but will be reflected on future statements.

Your options
If your rate has increased, you have the option, at any time before 6 March 2009 to end your agreement, cancel the use of your Egg Money card account and stay at your existing borrowing rate. To do this, please contact us within this timescale by sending a secure message by logging in to 'your accounts' via www.egg.com. If you currently have a credit balance on your account, and choose to exercise this option, then in accordance with Condition 22.8 of your Egg Money agreement, we will refund your credit balance to the account from which your direct debit is paid unless you give us alternative payment instructions.

If you choose to cancel the use of your account, please be advised you won't be able to use your credit card or PIN and you won't be issued a new card when your current card reaches the expiry date. Also, if you have an outstanding balance, interest and charges will still apply at your existing rate until the balance is repaid in full and you must still continue to make your minimum monthly payments. Any regular payments you have arranged, e.g. monthly subscriptions, will not be paid from your account and you will need to cancel them with the provider and provide an alternate means of payment.

If you have any questions about these changes, please log in to 'your accounts' at www.egg.com, select 'Need help?' at the top of the screen and then choose Egg Money and select 'Rates and Charges'.Yours sincerely

John Jones
Head of Portfolio (UK Cards)
Egg Banking plc

PROLIANT

You guys want to be thankful that your rate of interest has not risen above 30% like many MBNA customers.
You will find it increasingly difficult to start voting with your feet in the current financial recession despite your "good" credit ratings, just accept the hand that has been dealt and try and ride this recession out until the economy stabilizes - then start looking around for a better deal.
Better the devil you know.

sjstokes

PROLIANT wrote: »

You guys want to be thankful that your rate of interest has not risen above 30% like many MBNA customers.

Actually my MBNA Alliance & Leicester card did go over 30% too. Egg cards and MBNA cards aren't necessarily mutually exclusive.

PROLIANT

sjstokes wrote: »

Actually my MBNA Alliance & Leicester card did go over 30% too. Egg cards and MBNA cards aren't necessarily mutually exclusive.

You will it hard to start demanding new credit cards in the current climate, as I stated in my last post - just ride it out for now or you may end up cutting your nose off to spite your face.

ksawers

Hi,

I have received messages from both Capital One and Egg card in the last few weeks saying my interest rates are going up. I have opted out of both of them (as you have the opportunity), but since I have received 2 in quick succession, I just wondered if it was because of my credit score? I am going to be applying for an extension on my current mortgage shortly to move home and worried that I might be turned down because of my credit score. Am I right to be worried, or are they just trying to make more money due to the increased cost of lending at the moment?

anotherpaul_2

It's got nothing to do with your credit score. It looks like they are doing this pretty much across the board. I just had mine - from 16.9 to 19.9. Currently, all I have on the card is about 7K at 0%.

It can't hurt to get your credit records from Experian and Equifax to check there's nothing unexpected on there though, if you're planning remortgage soon.

gizmo111

Mines gone 16.9 to 21.9 - still on 0% deal for another 2 months - then I guess I'll pay it if I can't get another deal elsewhere.

utopiah

mines also gone from 16.9 to 21.9 - have opted to cancel card and continue paying until balance is finished at 16.9%. Will no longer be able to use the card but still pay the balance. Can't wait to be rid!!!!!