Egg card interest 26.9%!!!

fozmcfc

I got that survey too and scored them down on my CC APR and also send negetive comments to them about it. Not sure they will bother to read the surverys anyway.

Since my original post, I have upped my loan payment for it to finish in early September and that will save some interest too and once it's paid off I'm seriously considering just binning Egg altogether. I can't see them reducing my APR so I see no point in having the card.

I also see Egg are no longer offering loans, certainly not to new applicants, maybe they are looking at completely streamlining their business and cutting their customer base again.

ILW

Why do people seem to take IR rises as a personal insult. If you dont like it just close the account and move on.

Fruit_and_Nut_Case

ILW wrote: »

Why do people seem to take IR rises as a personal insult. If you dont like it just close the account and move on.

I can't speak for anyone else but my objection is the spurious reasons they come up with for making the change. Anyway, I have already closed the account as it had a zero balance anyway.

chattychappy

Fruit_and_Nut_Case wrote: »

I can't speak for anyone else but my objection is the spurious reasons they come up with for making the change.

Oh that's just a British "I've got my dodgy media studies degree so know how to patronise the customer " thing...

You know the stuff: "As part of our policy of improving our service to customers we have decided to X"... where X is something detrimental to customers.

Nothing to do with credit cards... I even get this stuff from HMRC!

People are funny about the price of credit. They do take it personally. My local shop now charges £1.30 for my favourite juice which I always used to purchased for £1.18. And I've been a loyal customer for 3 years - and always paid on time.

Lincoln_Imp

Just paid mine off in full and closed the account ,served its purpose though as had 0% for a year

crispy_chris

phildamb wrote: »

They have now confirmed that the card is cancelled and the interest rate held. I've signed up for a new savings account elsewhere so will be closing my savings with them by the beginning of next week.

I think the bigger question you should be asking yourself is why, when you have an outstanding credit card balance at over 20% PA interest, are you saving money at all which will (at most) be giving you 5% PA interest.

woody01

Responsible lending, or profit maximisation?

They aren't there to do you a favour though are they.
They are there to make money.

Fruit_and_Nut_Case wrote: »

I can't speak for anyone else but my objection is the spurious reasons they come up with for making the change. Anyway, I have already closed the account as it had a zero balance anyway.

They do not have to give a reason.
If you are seen as higher risk, you get clobbered. It's the same in any other financial business

BLT_2

ILW wrote: »

Why do people seem to take IR rises as a personal insult. If you dont like it just close the account and move on.

They take it personal as they assume it to be a personal attack on their own reliability. The fact that the same computer printed letter may have gone out to another 20,000 people at the same time doesn't even occur to them.

Our lives are run by computers. Operative A puts a certain set of criteria into the computer, computer runs query, produces list, everyone within those criteria gets rate jacked, computer sends out pre-printed letters.

BLT_2

fozmcfc wrote: »

I got that survey too and scored them down on my CC APR and also send negetive comments to them about it. Not sure they will bother to read the surverys anyway.

Since my original post, I have upped my loan payment for it to finish in early September and that will save some interest too and once it's paid off I'm seriously considering just binning Egg altogether. I can't see them reducing my APR so I see no point in having the card.

I also see Egg are no longer offering loans, certainly not to new applicants, maybe they are looking at completely streamlining their business and cutting their customer base again.

One hopes not, they just agreed a 15 month 0% credit card for me with a 6500 limit

justsimon

I have a perfect credit score, and I asked egg to reduce my interest rate they said no, so I terminated my card. I was with egg for 5 years!