Egg BT Fee Official Line

Joe_Bloggs

Thanks Milarky
One Major problem with Egg is that they seem to change the terms and conditions every month these days. There are pending changes for April 1st that will be superseded by changes from May 1st. Many different rules apply either side of the account opening date.

J_B.

Careful_ly

I thought the same as Milarky may apply and that is why I sent a secure message.
That stated no fee, see post 3 in this thread. http://forums.moneysavingexpert.com/showpost.html?p=1869985&postcount=3

We have an egg each and reply to secure message on other account reads

Dear xxxxxxx
To clarify, from 1st May 2006 we are increasing the balance transfer handling fee to 2.5% per balance transfer, this applies to any balance transfer made during a special promotion, which now includes the anniversary offer.

This was sent by them on 29th the quoted secure message in post 3 was sent on 27th.

I would guess that Martin has been given the correct info, but where does that leave us, with a secure message saying no fee in June?

Careful_ly

Smitty

I interpreted the change in conditions as Milarky has, it wouldn't be the first time the horse's mouth has got it wrong and fed Martin duff info Sly Dog....

fingers crossed

Thefunkygibbons

I am going to wait and see for a time, but after 6 weeks the card will be closed so I can use the limit somewhere else, unless it is 100% that the anniversary will not be capped

sly_dog_jonah

Hope you're right smitty but I'm not confident. Egg have a window of opportunity to redeem themselves as I have a 1.9% balance on there until the end of June. I only wish it was worthwhile paying off a month earlier and getting a *proper* anniversary deal on June 1st. I'll just have to wait until the dust settles in May.

Smitty

If the 2.5% uncapped fee does apply to the anniversary offer, it renders it completely useless except to the less financially astute people out there

sly_dog_jonah

Smitty wrote:

If the 2.5% uncapped fee does apply to the anniversary offer, it renders it completely useless except to the less financially astute people out there

That's a little unfair, the anniversary deal is still better than nothing for those with credit card debts who perhaps don't have the credit history to tart between 0% deals. Up til now though, it was a cracker its just a shame they've shifted the goalposts.

galileo

I recently had a run in with Egg regarding interest on a BT made during my anniversary period but outside my anniversary month. They sought to charge interest because the transfer was outside the anniversary month. I wrote a letter of complaint raising 2 primary legal arguments (I am a lawyer) threatening to take the matter up with the FS Ombudsman unless they refund the interest charges and honour the BT at 0% for the remainder of the anniversary period. They duly complied with my request.

During those negotiations, they confirmed to me:

1) My anniversary period would apply again in January 2007 (for a third successive year, as I opened my account in Jan 2004); and
2) No BT fee would be payable now or in the future on any BTs (due to when I opened my account). I was told there is a cut-off point (I do not know it off the top of my head) where, if your account was opened after this point, BT fees would apply, whereas if it was before they would never apply. I have this in writing.

Tr@cker

That looks promising galileo, my second anniversary will be in September-i opened an account with egg in September 04- i'll be hoping to do a sizeable BT without a fee. Its fair enough to charge for BT's made in the anniversary months for accounts opened after the new T&C's were announced but not retrospectively i reckon-maybe egg have changed their position a little in the light of complaints-otherwise they're sure to lose a lot of business i'd say.

galileo

Unfortunately, I think (although I haven't checked this for a while) that most credit cards have a term whereby the right is reserved to unilaterally alter the terms on reasonable notice or something along those lines.

At the very least you can ring egg up and put the cut-off point question to them and see what they say...