Egg Card Advice - (sorry - long!)

Rupert_Bear

I have the EGG money card and use it for the 1% cashback. My apr is 16.9% and not bothered if it is increased as I pay the debt off each month.

sparklygirl71

i got exactly the same email from egg and Im in a similar situation to you.

I hd a telephone call from Halifax, my mortage provider and they have pre-approved a credit card with a 0% balance transfer for 9 months so I think Im going to go with them and then cancel egg for good and try to pay off as much as I can in 9 months. I already cancelled off my capital one when they hiked up the interest rates.

At this rate I dont think egg are going to be left with any customers.

paulczar

i got the same email yesterday. i had just recently transfered 4k off the balance off to a virgin card. Now with this ive applied for a santander card to transfer the other 1k. Mind you i have heard santander take ages to deal with applications unlinke virgin who couldnt get my new CC out to me quickly enough.

LeeSouthEast

Bearing in mind this decision will have been made by a computer, there is no harm in sending them a secure message asking for them to reconsider, or you will close the card down. Lost business is lost business.... it gives you some leverage (assuming you've been a good customer).

Tixy

I received the same rate jacking email from egg today (to be honest I was suprised not to get one in the last 'cull')

So whilst I'm not exactly thrilled I do think Egg should at least be given credit for making it obvious you get an opt out choice. Its clear from posts on this board that some providers have been in no way as transparent as Egg as lots of people have no idea they can opt out.

I shall certainly be sending my opt out email.
For anyone this has already happened to can you confirm that egg haven't put anything detrimental on your credit report? I'm concerned it might show as arrangement to pay or something.

DGJsaver

Tixy wrote: »

For anyone this has already happened to can you confirm that egg haven't put anything detrimental on your credit report? I'm concerned it might show as arrangement to pay or something.

good question Tixy , lets keep this bumped up , because we had to do this with our BOS card and i would like to know if the above is likely to happen...

Intransigent_2

Meh - I did just that...E-mailed and asked why they rate jacked me to 29.9%, despite me having no 'black marks' of which I'm aware...

They sent a standard response -

"Thank you for your message.

The interest rate charged on our cards is determined by many factors and includes:
* Customers' credit profiles and how accounts have been managed since they were opened.
* Our costs of providing credit in the current economic environment

We review all of our customer interest rates on a regular basis taking the above factors into account. As a result of these reviews we may increase or decrease the rates on some of our accounts.

Your interest rate is therefore determined by more factors than your personal profile and history alone. The credit information we use does not involve a formal search and as such would not show on your credit file.

In determining the interest rate for an account we've followed the industry principles in relation to re-pricing and offer our customers the ability to avoid being affected by the increase by choosing to cancel further use of the card and pay off any outstanding balances at their exsting interest rate.

We believe that the option to cancel the use of your card any time before 9 April 2010 is a fair one as it allows you to pay any outstanding balances at your current contractual rates until those balances are repaid in full.

Thanks for your message."

Been with them since 1999, and they've made thousands from me in interest, with never a late payment...Guess they've lost another customer...

DGJsaver

Intransigent wrote: »

* Customers' credit profiles

How do they know this without searching your credit file ?

Intransigent_2

Exactly!

And I checked my credit file on Experian yesterday, and there hasn't been any searches on me by egg for a very, very long time...

Just about to e-mail them, to ask further about their process - Fully expect another standard reply...

wickyt

Received the same email today. Again, I've been with Egg for 10 years and never missed a payment. Sure my card has been almost maxed at times however never have I exceeded the limits. Gone from 16.9% to 25.9%

Gutted really as I liked the online interface and the original marketing that drew me in! Ah well...time to move on!