Egg Money Rate Increase to 16.9%

IWantToBeFree_2

Mine has gone up from 19.9% to 21.9% but seen as I pay in full every month, I am not particulary bothered as it doesn't effect me.

I never pre load either, so wouldn't be bothered if they cut the 4% rate either.

If they were to cut the cash back... that would be a different story!

Megalomaniac

Glad to say I have not received the email Still at 7.9% APR - never paid a penny of interest with them either. Incidentally, on my Egg Visa card, they cut the rate to 10.9% a few months ago... they must see something in a 26 year old postgraduate student!

CD_Man

Once my egg card is paid off that'll be 1 card gone, MBNA will next to go, just £900 to go at their extortinate 34%! So glad I managed to get rid of most of the debt before it went up to that rate - they are so unhelpful on the phone about it aswell.

The_Architrave

Mine (Egg Card and Egg Money) have also gone up, not sure how much but as I always pay in full it's irrelevant.

I notice that Egg say "the rate changes include both increases and reductions" - has anyone here had their rate reduced?

wescarmichael

Looks like we are not alone...

I've just sent a rather scything message to Egg for their hike to 21.9%. (Got the old style Egg Card)

I fail to understand, other than for purely cynical reasons, how they can justifiably still offer 0% balance transfers (knowing how many cc tarts there are out there) to new customers (anyone tried to get credit recently?) just because they, in their infinite wisdom, loaned freely to uncertain characters in the past. Peeps like you and me, who have NEVER defaulted on any credit (loans, cc, mortgage, o/draft) are left to pick up the pieces of their failed attempts at running businesses.

Surely there must be some legal precedent where we can all challenge this ridiculous hike in rates?

Over to you, Martin...;)

wescarmichael

A personal message to all those that come on this forum and gleefully jaunt about the fact that they "pay in full every month" and are "not particulary bothered as it doesn't effect me".

No disrespect, but why have a credit card at all? If you're only doing it for the cash back that you're taking from them, which is good, for you, but the rest of us who can't necessarily afford to pay back each month are basically paying your cashback...

So, instead of sounding so smug (I am not particularly bothered...) why don't you leave this forum thread to those with a genuine gripe?
:mad: :mad: :mad:

KTM_Gordo

wescarmichael wrote: »

Surely there must be some legal precedent where we can all challenge this ridiculous hike in rates?

No, not really - interest rates are a commercial decision, and if a lender wants to increase their rates then that's their perogative.

We, as consumers, have the ultimate sanction: We can take our business elsewhere. (Although I know that's easier said than done!)

Even those people who pay off their account in full each month make money for the card companies - the retailers have to pay a fee for every transaction.

Paul_Herring

No disrespect, but why have a credit card at all?

Section 75 coverage. Able to delay having to pay for purchases.

A personal message to all those that come on this forum and gleefully jaunt about the fact that they "pay in full every month" and are "not particulary bothered as it doesn't effect me".

And even though I pay my bill off every month, I'm disgusted by the fact that they've upped the rate by (in my case) 63%.

In an era where we have the credit card companies boasting about having 'personalised rates' (as demonstrated throughout this thread actually - not everyone is on the same rate,) and Barclaycard cutting the rate for 1/3 of it's customers, this stinks of either money-grabbing on the part of Egg at the expense of those who do carry balances, or a sign that they're in more trouble than they appear to be.

Last time Egg made the news it was by cancelling the contracts of thousands of customers - is this a different way of trying to get rid of them? What next when/if that doesn't work? Reduced limits?

MABLE

Egg have been very good at reducing my interest rate on my isa and savings.

I can only hope by increasing the rates on the their cards this will be some benefit to savers and will result in a rise in those rates.

Perhaps the time is now to check to see if I signed my credit card agreement and if not signed perhaps I would not need to pay them back.

Now theres a thought!

stagflation

I wanted to know if we able to reclaim on egg card. They have been charging me £16 on late payment and £16 over limit charges.
thanks