egg money interest.

gem4

sorry if this has been discussed somewhere already. I opened my egg money card in Jan as a preload, cashback, mule card. It's set up to pay the full balance of anything owed each month by DD. I thought if I had -ve balance and it was paid in full before the due date I wouldnt get charged interest but I've been charged £0.01p. I know its not a huge amount but it was unexpected. Has anything changed that they've 'forgot' to tell me about?

Careful_ly

I wouldn't have expected you to be charged unless your negative balance was caused by a cash withdrawal. Probably a computer glitch.

Firsttimebuyer_4

hmmm....

A small computer glitch of £0.01 on millions of customers soon mounts up. I've suspected banks to add an extra penny or two loads of times on my statements.

But not a lot of people actually calculates their interest on credit cards as it is almost impossible to do so.

Linda32

I'd send them an email, to ask what went wrong. I've got the same set up on my account. But I'm in my first month of purchases, so I havn't paid them anything yet.

The_Boss

Demand £25 back as the £0.01 is clearly a punitive and illegal fee

gem4

The_Boss wrote:

Demand £25 back as the £0.01 is clearly a punitive and illegal fee

lol.........i'd love to
I've emailed them and asked them to explain. They dont charge for cash withdrawals according to their t&c either, so its not for that. My balance has been mainly +ve anyway, only a couple of weeks ago did I go below zero and paid that back within a day or two.
Gem4

YorkshireBoy

gem4 wrote:

They dont charge for cash withdrawals according to their t&c either, so its not for that.

Whilst they don't charge a 'fee', they'll charge you 6.9% APR (typical) interest on any negative balance caused by a cash withdrawal transaction.

...only a couple of weeks ago did I go below zero and paid that back within a day or two.

If this was due to a small cash withdrawal, then this could be what has triggered the interest charge.

roswell

are you sure they charged you 1p not paid you 1p, look at your statyement and you will notice for some reason they list credits as -£X.xx eg my last payment was -£376 but my billed statement amount was £375.95 I payed manauly and the result was 5p credit (because i couldnt be doing with typing £375.95 at the time knowing i was certain to spend more than 5p this month anyway.

gem4

Hi again,
No it was definately £0.01p charge as the interest for the +ve balance was above it on the statement.
Yorkshire boy may have the answer, I did withdraw £20 cash whilst I had -ve bal already, (the one and only time i've withdrawn cash on the card), but I thought I'd understood that they dont charge for cash withdrawals on either + or - balance, so thought I'd be 'safe' doing that. The reply I had from the email I sent just said to read their faq.....which I'd already done before I sent them the email. I'm awaiting another reply from them.

Careful_ly

Careful_ly wrote:

I wouldn't have expected you to be charged unless your negative balance was caused by a cash withdrawal. Probably a computer glitch.

They don't charge for a cash withdrawal, but they do charge interest if the cash withdrawal makes you have a negative balance.