Egg - Strange Micro-Charges

gggg84

Hello all, was hoping one of you sage Moneysavers could help me out here. Just got my latest credit card bill from Egg, and there are two points confusing me slightly. One line says "Minimum Finance Charge - £0.20DR", while the other says "T/FER 0.00 AT 0.561% PER MONTH - £0.30 DR."

So, basically:

1. What's the first thing? I did have a positive balance on my card at the start of this month - does this make any difference?

2. How can they charge interest on a BT that's already been paid off?!?!?

I realise it's only 50p, but it's the principle of the thing. Going to contact Egg secure message service too but any input from here would be greatly appreciated:o

surreysaver

Egg charge a minimum of 50p interest, unless there is zero interest to pay.

Catseyes777

Hiya,

This happened to me 3 times now. Ring them up, complain and ask for it to be credited back, which should appear in your account within 5 days.

VesuvianRuin

I've just applied for an Egg Card and will have to watch closely for this especially as the reason I want the card is the cashback element which would be pointless if they are charging extra monies

CannyJock

gggg84 wrote: »

1. What's the first thing? I did have a positive balance on my card at the start of this month - does this make any difference?

Shouldn't do - no interest or charges for having a positive balance.

gggg84 wrote: »

2. How can they charge interest on a BT that's already been paid off?!?!?

Isn't the interest on the BT calculated daily so that even if it's paid off the next day, there's still 1 day's interest?

Did you make a BT and purchases in the same month from your positive balance? Sounds like the order of transactions has triggered a miniscule amount of interest that's been rounded up to their minimum fee.

Hopefully secure message should sort it out, they're normally fairly reasonable.

CannyJock

VesuvianRuin wrote: »

I've just applied for an Egg Card and will have to watch closely for this especially as the reason I want the card is the cashback element which would be pointless if they are charging extra monies

Cashback is on the Egg Money card: http://new.egg.com/visitor/0,,3_78868--View_1636,00.html

Hopefully that's the one you mean, not the Egg Card: http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

So long as you have a DD setup to pay the balance in full you should avoid any charges or interest if you're only making standard purchases.

chairman_miaow

I've been getting those on my statement for the past few months too - even though I always pay my account in full ( and haven't taken cash out since 10th June )

I've sent them a few secure messages to ask why they're charging me interest on an account which is always settled in full , but so far haven't received a satisfactory response (the last one stated "interest is charged daily until your account is paid in full" , and a condescending piece of advice to phone their customer services "if you still don't understand")

So even though my bill is paid in full on the 1st working day of the month , they're saying I still have to pay interest ?!

jamesperrett

As I understand it, if you pay less than 50p in interest each month, you have to pay a 50p fee.

I haven't had to pay this yet as my account is very slightly in credit but, if they do take any money then my account will be closed straight away.

Cheers

James.

chairman_miaow

Just had my latest egg Money statement , which shows another £6.83 "merchandise interest"

I phoned them to ask what this was and was told this relates to cash taken out in June (which I was charged for at the time)

So even though I always pay my account in full on or before the due date , I was told that when cash is taken out it "throws a spanner in the works" and takes up to 3 months for the extra charges to appear on the account...

Apparently next month I'll be charged another 50p "minimum charge" and then "hopefully" that will be it.....seems a bit odd to me....