Egg Money Rate Increase to 16.9%

IWantToBeFree_2

wescarmichael wrote: »

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:

You've answered your own question there, if someone offered you free money would you turn around and say 'no sorry I don't want that, please give it to someone who is living beyond their means instead'...

KTM_Gordo

stagflation wrote: »

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

Have you been paying late and going over your limit? If you have, then they're allowed to charge for it - your charges are at the new lower rate.

If you've been paying on time and always within your limit then yes, you've probably got a claim.

HTH

benf90

CD_Man wrote: »

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.

I don't want to hijack this thread but please do yourself a favor and pay off the MBNA card first, it'll cost you less in interest if you do.

Read this guide for reasons why:

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

Back on topic... I have also had my rate increased to 16.9% from 12.9% (cash advance to 21.9%).

I also pay off the balance in full so thankfully it won't really affect me.

I am starting to wonder how much longer Egg Money will actually last though. I just get the feeling those of us with Egg Money will either see it replaced with the standard Egg Card if we don't already have one or just taken away.

drink-stella

Mines gone upto 21.9%, think it was 16.9% before

anewpensioner

I was enjoying a rate of 10.9% with Egg and using it regularly and never defaulted ever and been with them for a million years!. Now they are hiking it up by a whopping 6% to 16.9%!! I asked if it was because I am recently retired but of course could not be answered. I, like many, have chosen to close and will continue to pay off the remaining 1K at the lower rate. I don't care what others say - it DOES feel like a slap in the face to be told that you have suddenly changed from being a 'very important' customer only a month ago to a high risk customer now!! Stuff em - I will use my other credit card until they also decide to follow suit and hike up the interest, then it will be time to revert to the tin box under the bed !!

.......in other words, use my money and not a credit card and hence no high interest. I use a card because unfortunately along with age comes a vulnerability and nowadays I do not feel safe carrying money around.

TFD_2

anewpensioner wrote: »

tin box under the bed !!

how do you borrow from a tin box? I assume that's why you use a credit card.

KTM_Gordo

TFD wrote: »

how do you borrow from a tin box? I assume that's why you use a credit card.

Not necessarily. I use mine to earn cashback and repay in full every month. I could use my debit card, but the credit card earns me money.

I'm sure there are many money-savers who do the same.

HTH

pstrett

I suppose i am lucky have been with Egg for years had a personal loan in the past and a mortgage. I had 6.9% on my credit card but now going up to 10.9%. I have emailed them how can they justify an increase when the bank rate is now only 1%. There response is to encourage me to go else ware and close the account after setteling the balance of course. Why did we as tax payers put several billions £ into the banking to be given higher interest rates. I will drop egg when it suits me

psycho_scorpion

I just had the rate increase email for my Egg Card (VISA) increasing rate from 10.9% to 16.9%.

This came a week after I queried availability of anniversary balance tarnsfer and was told that even after continuous availability every January since card was new in 2002, this year it was not available.

They also failed to give me the instant cash back on Shell fuel that was promised, though got it eventually after 3 emails.

This used to be the best card and one of Martin's favourites especially for stoozers. Perhaps that is the problem, but more likely is that the Pru sold the business to Citigroup recently and Citi are now in an appalling mess financially.

Clearly they think that fleecing their customers will help their financial situation, but that seems to me to be the height of short-termism.

I feels stiched up, and despite normally effective complaint techniques, they do not seem to give a st**f.

Shame on Citi for destroying the customer base in the Egg brand - the goodwill write off will sting.

lympus48

Surely the very low UK base interest rate is part of their costs & they are taking the mick if they pretend otherwise- the UK government has requested the credit card companies to bring rates down accordingly after all the whole point of that is to boost demand & help the economy - these Citibank rates (16.9) are appalling & exploitive when the base rate is at a historical low.


We know of course this company are making many , many people redundant here in the UK & they will have their eyes on increasing their American share price.

Well I will look around for somone else e.g. a proper mutual BS. Why should i give my money to a fat cat corporate US bank anyway

A pity really as Egg Money has been good, user friendly and effective but citibank seem to have killed the golden goose. That's financial capitalism folks why are we so suprised?