Egg interest???

hilary1

I looked at my egg statement on line today and saw the last entry was 'merchandiser interest £1.76'.

I rang them and was told that htey charge 15% per year charged monthly gor the use of their card which means I had 39p cash back and £1.76 interest.

Is this correct because if so it doesnt warrent using the card for purchses.

The_Boss

They are charging for use of their card? Surely what they said relates to interest. I remember some dodgy issues when it comes to Egg and them charging interest that relates to when you make payment.

hilary1

I couldnt have been charged interest on anything other than purchases as I've only started using the card 2 months ago and the balance is taken on full by DD. At first I thought I'd been charged interest for ?? well I dont know what it would be for, which is why I rang them.

They said there is no free period on purchases and the 15% annual fee is split between the 12 months but surely they are simply charging interest on ALL purchases.


Wouldnt everyone be well out of pocket on their cashback scheme?

I'm really annoyed about it and definately wont be using egg for purchases.:mad: :mad:

MPH80

Have you done any 'like cash' transactions on it:

e.g. withdrawing cash, gambling transactions, foreign currency purchases?

Those would count as cash advances and thus interest would be charged from date of transaction and don't qualify for the 56 interest free period.

M.

hilary1

MPH80 wrote:

Have you done any 'like cash' transactions on it:

e.g. withdrawing cash, gambling transactions, foreign currency purchases?

Those would count as cash advances and thus interest would be charged from date of transaction and don't qualify for the 56 interest free period.

M.

None at all. I only use it for shopping as I thought I'd be better off than points with Goldfish.

I was definately told that the charge is normal and is on all purchases.

YorkshireBoy

hilary1 wrote:

I was definately told that the charge is normal and is on all purchases.

My first thoughts were that you'd paid late (due to Egg's recent changes to their payment clearing times), but you say you pay in full by DD each month so that can't be the case.

You need to dispute the interest charged officially (via secure messaging) as something is very wrong here.


Edit: Just one thought...you haven't made a BT to the card have you?

sicker

I had this once. Phoned and told them I was on 0% balance transfer rate and should not be paying any interest. They refunded it next statement.

John

hilary1

YorkshireBoy wrote:

My first thoughts were that you'd paid late (due to Egg's recent changes to their payment clearing times), but you say you pay in full by DD each month so that can't be the case.

You need to dispute the interest charged officially (via secure messaging) as something is very wrong here.


Edit: Just one thought...you haven't made a BT to the card have you?

no. I've had egg for quite a long time but when I had goldfish about 3 years ago I stopped using egg and as I said I only went back to using it 2 months ago. There is absolutely no reason for any interest to be added on other than like they say they have charged on my ourchases.

I was thinkiing of doing a large BT then transfering it to my bank but after this palaver I'm not sure its worth the risk

hilary1

All has been sorted out.

its annoyed me all day so at 11.15pm I rang them again.

Apparently they have now decided that they have made a mistake and are refunding me the princely sum of £2 for my inconvenience.

And even 'advised' me that I could get a better cash back with Egg Money card.

Actually Scott was quite nice even though he did say that with 2000 people working for egg there was bound to be the odd mistake. I wonder how many people are the odd mistakes

Anyway thanks for your interest.:D

sicker

hilary1 wrote:

no. I've had egg for quite a long time but when I had goldfish about 3 years ago I stopped using egg and as I said I only went back to using it 2 months ago. There is absolutely no reason for any interest to be added on other than like they say they have charged on my ourchases.

I was thinkiing of doing a large BT then transfering it to my bank but after this palaver I'm not sure its worth the risk

Hilary1 REMEMBER if you are in an anniversary period you have to balance transfer before 1st May to avoid fees.

John

hilary1

sicker wrote:

Hilary1 REMEMBER if you are in an anniversary period you have to balance transfer before 1st May to avoid fees.

John

unfortunately my aniversary is june:cool:

plus mycredit limit is fairly low on this card (1000)for wahtever reason and I'm not sure any interest will outway the fees. Think I 'll ask for an increase.