Egg Money Rate Increase to 16.9%

PROLIANT

Stop your complaining and just accept it. :rolleyes:

Silver_Rocket

PROLIANT wrote: »

Stop your complaining and just accept it. :rolleyes:

Brilliant advice.

Nobel Prize for Economics for you. old boy.

PROLIANT

Silver_Rocket wrote: »

Brilliant advice.

Nobel Prize for Economics for you. old boy.

No more problem...

gmj_3

TFD wrote: »

If you don't like the APR they quote you then get rid of the card! They clearly don't want your business at a lower APR (increased risk). Are your feelings hurt that they see your account as a possible risk?

So many people like you are happy to exploit the 0% balance transfer loophole, and you wonder why they need to increase the APR on their accounts to make a profit! Blatant hypocrisy if you ask me.

It's not hypocrisy. Banks were/are happy to offer me and many others 0% - and it's not a loophole, it's part of their business strategy. They take an arrangment fee, remember, and also take a well-calculated risk that (a) I'd repay them (b) perhaps not in full by the time the 0% time ran out. So they'll make money out of me, one way or another. The true cost of them lending money is never going to be 20%+. I defy any institution to justify that. If their business model can only support rates at that level, then they should give it up; otherwise it is flawed and toxic.
I don't get emotional about banks and rather than my feelings being hurt, I laugh at them for spurning the good business they could have had from me. I'm willing to go along with them up to a certain point, but that point has now being reached.

clio

0% offers come with a 3% fee so the offer makes money straight away for them.

oldone_2

I can't help feeling that credit card companies are increasing their rates to sky high levels because they know that eventually the government will turn their attention to their rates in the same way as excessive bank charges were looked at.
Banks are now making as much short term money as they can before they are curbed by punitive legislation.

Simon_B_2

silverbullit wrote: »

As to the 4% on positive balances, I suspect that will change pretty soon! But I agree that the 1% cashback is pretty useful which is why I took out the card in the first place.

This is what i use it for and pay it off at the end of each month, its annoying that they have upped it to 16% but then i've never used it to borrow money

chris-j

Remember if you decide to cancel the card - if you have any cashback to be paid, wait until this is paid at start of March - T&Cs state that cashback wont be paid if account closed. Cashback usually paid at start of March.

Also annoyed at this second increase in 6 months, but if you pay off in full every month and cashback stays at 1% still worthwhile for everyday purchases. Also while the 4% paid if you are in credit (or is it debit) this is a better rate than a lot of savings account at the moment.

KTM_Gordo

I got the e-mail yesterday, and in less than a year it's gone from 6.9% to 16.9%. Bizarre. Although that's the same rate at the Egg Credit Card, so they're probably attempting to merge the two.

But EM still pays 1% cashback, and isn't available to new customers. Don't throw the baby out with the bath water!

Egg hasn't been the same since it became park of Citi Group - an American bank that's been struggling lately.

poorbabe

I have an Egg Card which I've had for a number of years now. Like most here, I've had the email increasing my APR from 10.9 to 16.9 as of 6 March.

I was a little shocked at first then I thought this might be a blessing in disguise as my objective for this year is to reduce my cc debts as much as possible. I have two others: one at 14.9% and the other at 0% (til July), so I still have an emergency card for the time being.

I'm going to close the account and pay off the outstanding balance at the present rate.