Egg 2.5% balance transfer fee

YorkshireBoy

strange wrote:

My Egg Money account has never been in the negative. In April I passed 6k through it from another card to my bank account.

Today I see that they have taken 50 pounds from my account. Apparently I had the choice between a high interest rate and no fee or a low interest rate and 50 quid fee. Since the account never went into the negative I wouldn't have paid any interest but they decided without asking that I wanted the latter and then wrote to me to tell me that they had done this as it was 'more advantageous'!!

I have written to them asking why that is...

Watch out folks, Egg have started playing games.

Str

Are you sure this is Egg Money and not the Egg Card?

If you were attempting to BT to Egg Money and used the 'move money' tab, then this defaults to Egg Card (do you have one of these as well?). You have to use 'Egg Money admin' to BT to Egg Money. The £50 fee is probably the result of a 'special promotion' running on your account that you were not aware of.

Redrum_2

strange wrote:

Today I see that they have taken 50 pounds from my account. Apparently I had the choice between a high interest rate and no fee or a low interest rate and 50 quid fee.

There's no annual fee on Egg Money, see http://new.egg.com/visitor/0,,3_79827--View_1682,00.html about 2/3 of the way down

Same for the Egg Card http://new.egg.com/visitor/0,,3_61028--View_1150,00.html

You should send them a secure message and ask specifically what the £50 was for. I certainly don't remember a "trade-off" of benefits when I applied, and have had no fees applied to my account

strange

I had no idea the distinction between Egg Money and Egg Card was so blurred.

It was a BT to Egg Card but I think I organised it through Egg Money - the part of the website that looks like a bank. They unilaterally decided that I wanted a low interest rate with a handling fee for a BT - when the account was in credit and there would be no interest for me to pay!

I have been unable to make them understand that the 'with handling fee' option costs me more, but apparently they will change it anyway.

Can anyone say for sure that it is possible to continue using Egg products for stoozing without incurring any fees? I'm rather worried now.

Str

schiff

A lot of unhappy people on here!

I stooze but have no experience of the complexities of egg, so haven't really been able to follow the problems that have been suffered. And it looks as if egg has reneged too on certain aspects - which is of course a bit naughty.

But lets not forget that stoozing is ripping off credit card companies (promoted by Martin as exactly that, because in many ways they rip us off). And if they fight back it's very understandable and when they use underhand tactics it's only like those we use to maximize our gains from the 'system'.

It might sound as if I'm taking their side; but I'm not. We just don't have any right to continual stoozing being available and I think these 0% offers from CC companies will decline, and I think it could start soon.

I have always been amazed that they effectively give us virtually interest free loans, sometimes for quite lengthy periods. I know they hope we fall into the usual traps which make big money for them, like forgetting the expiry date of the offer, but as consumers get more and more wised up, it's going to get less profitable for them. And that's when they will start withdrawing from the current climate.

For as long as it lasts I'm very happy to continue stoozing - I have three on the go at the moment and the equivalent value is nestling quietly in a high interest account, so I'm well in profit. But I'm not under any delusions that the credit card companies have any obligation to keep me able to do this ad infinitum.

asharon

I thought the problem was that they wanted to be bought out and so offered the interest free to encourage peopel to get into debt and then hope they didn't pay it back or at least all of it. The temptation being if you have the cash in an account you might spend it. Then it looks as though too many stoozers didnt do this so they had to stop it.

dealseeker

Message to egg

• I can't understand why you are changing the terms of a promotional offer that had been made to me last year (the terms and conditions of the offer were clearly set out).
• Why have you done this affecting new customers who have opened accounts with egg in good faith recognising that the anniversary offer was a good benefit.
• Not only that you charge interest on the balance transfer fee!
• Ridiculous and unethical that you are not honouring the terms and conditions throught the promotional period. The reason I took out the card was for the advertised 0% anniversary offer not anticipating they would increase fees to penalise customers you roped in under this promotion!

Yet again after having a good product for savings accounts when you started you slashed the savings rates, then you launch a good credit card offer and once again we have been duped.....

Please confirm my rights to complain to the relevant regulators and please record this matter as a formal complaint.

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egg's bog standard ill thought out response

Thanks for your message, and I'm sorry that you feel that way.

Egg are increasing their balance transfer fee from 2% maximum of £50.00 per balance transfer processed, to 2.5% fee, uncapped with a maximum fee.

We made these changes to ensure we remain competitive in a changing market place. And we want to continue encouraging customers to take more control of their finances by discouraging them from moving balances from one card provider to another, without first thinking whether it's the right decision for them. :rotfl:

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What rubbish... comments welcome.

JollyNolly

schiff wrote:

...I have always been amazed that they effectively give us virtually interest free loans, sometimes for quite lengthy periods. I know they hope we fall into the usual traps which make big money for them, like forgetting the expiry date of the offer, but as consumers get more and more wised up, it's going to get less profitable for them. And that's when they will start withdrawing from the current climate...

The current climate?? I'm sure I heard on the news today that the main high street banks are making a combined profit equal to the gross domestic product of Luxemburg. Doesn't sound like a bad climate to me.

Robert_Sterling

richgirl wrote:

Recieved a letter recently that said the balance transfer fee is now 2.5% and it is uncapped. So that means no more stoozing

Same here rich girl.

YorkshireBoy

dealseeker wrote:

Egg are increasing their balance transfer fee from 2% maximum of £50.00 per balance transfer processed, to 2.5% fee, uncapped with a maximum fee.

Is this a copy and paste, or have you mis-typed it? It doesn't make sense...the fee can't be uncapped *and* have a maximum!!

Paul_Herring

YorkshireBoy wrote:

Is this a copy and paste, or have you mis-typed it? It doesn't make sense...the fee can't be uncapped *and* have a maximum!!

Well since the maximum limit on the card is £15000, I suppose technically, there is a maximum fee...