egg money scraps 4% interest from april 25th

Anon

So in summary, it is now the same as any other Mastercard (from what I recall most of the insurances stated as value are the same as I get elsewhere) and therefore nothing to write home about. The feature that they have removed, i.e. positive balance, was its feature as no one else did it - without it, they may as well close it down and get you onto Egg Green (oh, sorry, forgot - haven't used that for a while as got it for the BT years ago in the days when they gave out high credit limits but if I don't before 20th they are cancelling that as well).

Anon

WaltD

Geedoubleu wrote: »

Dealing with your positive balance


Whatever the amount, you can access it easily.

• Transfer it
  • If you've got a positive balance of £100 or more you can transfer it to your current account. You can do this by logging in to 'your accounts' and selecting your Egg Money account. From there, select 'Egg Money admin' followed by 'Transfer a balance' from the list of options. Then select 'Current account/overdraft' and provide the bank account details into which you wish to transfer the balance. No balance transfer fees will be incurred.

That's all well and good ... but when you try to transfer a balance to your current account, it tells you it will take "7 working days" for the balance to reach your account. That's at least nine days in limbo, earning no interest! I think this is absolutely outrageous, bearing in mind that most banks now use Fastpay which moves your money to the destination account on the same day.

WaltD

Paul_Herring

bearing in mind that most banks now use Fastpay

Erm - no they don't,

which moves your money to the destination account on the same day.

... and certainly not for the amounts most people are concerned about here (i.e. in the thousands.)

financial_warrior

student100 wrote: »

I'm one of the many people that never have a positive balance on Egg Money, so on the whole I think these changes are for the better.

So you must be enjoying the benefits of their new higher APR.

Particularly like the idea of event ticket cover - will be good to see the full conditions of this!

The devil is in the detail. Exclusions, exclusions, exclusions. Remember, they're insurances, so the when you need to claim you'll be demonised and given multiple reasons why your claim is invalid.

And quite impressed they're not scrapping or cutting the cashback, few cards pay 1% these days.

That I do agree with, a surprise of most people I think.

Wonder if now they're not expecting people to have a positive balance they will be more generous with credit limits (for those with suitable credit records)?

These changes won't affect how much money they're prepared to lend you. Cash-for-risk has been in-place for some time now. (i.e. You can have a £4k credit limit if you like, but we think you're a bit dodgy, so we're charging you 22.9% APR for the privilege)

Jennifer_Jane

Well, I'm really saddened (though not surprised) at the changes. I use the card for muling/everyday spending for the cashback/and for the excellent interest rate. For various reasons I didn't fix into the 6% savings rate when it was available, and I'm now stopping my stooze.

What a pity.

Jen
x

sicker

Two more £500 cash withdrawels to go and that's me back to 'normal'. Will still use card for 1% cash back. (long, long time to go!!)

withnell

Anon wrote: »

So in summary, it is now the same as any other Mastercard (from what I recall most of the insurances stated as value are the same as I get elsewhere) and therefore nothing to write home about. The feature that they have removed, i.e. positive balance, was its feature as no one else did it - without it, they may as well close it down and get you onto Egg Green (oh, sorry, forgot - haven't used that for a while as got it for the BT years ago in the days when they gave out high credit limits but if I don't before 20th they are cancelling that as well).

Anon

But still 1% cashback - I don't think there's many cards offering that on everything

simongregson

Personally, at 1% cashback it is still a great deal. Moving these customers to the standard card would just lead to loads of account closures as the customer base for this card is completely different. Also, World mastercard is mastercard's premium brand and the insurances are better than my other cards (well, I had extended warranty on my Nationwide card, but now I get cashback as well!!)

CopperPlate_2

Okay, 1% cashback is still decent compared to the offerings from other cards. You do have to wait a year to get it though.

The insurances - could I be bothered to use them? Purchase protection, possibly if something was lost/stolen/damaged, etc - but then there's a minimum threshold for claiming; price promise - possibly, but given that any purchase I make is usually researched first, and usually bought online, it isn't covered by this policy. The rest of it just doesn't appeal. As I said before, will they remove the 'in-transit delivery insurance' which I HAVE used twice before and I think is a good thing. The extended warranty might be useful depending on what I'm buying, but again, I think there's a minimum spend for that to have effect too (not too much from what I can remember reading).

King_Weasel

WaltD wrote: »

but when you try to transfer a balance to your current account, it tells you it will take "7 working days" for the balance to reach your account. That's at least nine days in limbo, earning no interest! I think this is absolutely outrageous ...

WaltD

Maybe, but not so outrageous as the other cards, who won't let you bt to your current account at all.