Egg Card Advice - (sorry - long!)

rachyp

Mine's gone up to 21.9.

Am I right in thinking I cancel my card and I don't have to pay off the balance straight away?? I just keep paying the minimum payemts as I have been doing?

Someone please tell me this is right?
I read it initially as I have to pay it off completely OR the rate goes up to 21.9.
Is it worth me swapping this onto my Barclays and Tesco card which are slightly lower APR? 16.9, not 17.9 (increasing to 21.9)??????

Tixy

Yes that right rachy

You can opt out and continue to pay gradually at your existing level -providing you are making at least the minimum payments. I shall have to do this for a bit until I can move it elsewhere.

If you do a BT to your other cards is there a BT fee? If so its probably not worth it just to move if from 17.9 to 16.9.
If your tesco card is still clear (from your sig) you could see if they'd do a promotional rate for a balance transfer, then it would probably be worth it.

wickyt

My understanding Rachyp is that you opt out/cancel and so long as you pay at least the minimum, your original rate will be applied. No need to pay it all off immediately.

rachyp

So (I am tired here sorry!) will they still take out the direct debit or will it be a case of me remembering to pay? Can I still get access to my balance on their website?
Thanks for any help! I am going to phone Tesco and see if they'll give me a good BT, then opt out. Never even spent on the Egg card- it was purely a BT. Funnily enough, my anniversary month is coming up soon.........

alamaya

i got this email today tried to up mine to 26%. cheeky beggers. been with them for 9 years and when i started it was 11%. within 5 mins sent a secure message to tell them to close. Its the smallest of my cards and i dont want it anymore so

nickmack

It seems that perhaps Egg feel they still have far too much exposure to risk.

At least this time, they've been a little more honest and specified the reason could be because of 'Our costs for providing credit in the current economic environment'.

I'm trying to dig out the wording for the last cull where they implied interest hikes and account closures were the fault of the customers financial behaviour, which was clearly not the case for many people.

It's a pretty clear message that Egg don't want some customers, so I would suggest obliging and voting with your feet if at all possible and transferring the balance away.

If this is not possible, inform them in writing by recorded delivery you want to close the account and repay the balance at your current rate.

lympus48

I have just had an email from EGG jacking up my interest rate to %19.9. I am a good customer we have circa £3000 on it and I pay around £100 a month. Both I and my wife use it in the UK and when were away in places like Thailand etc., Why do thay want to offend customers like me around 60 yrs old, mostly own their own property, sound income, near London - it does not make sense. Oh well... back to CO-OP, NW or other tried and tested UK decent company. Shame I really liked the EGG set up but honestly an interest rate 40 times base right they can stick it where their bonuses cant reach.

soul619

the fact is banks got very lapse and excepted anyone and everyone and now they are tightening their belts! truth is if they had used this strict criteria back then most of you wouldn't even have got a card!

Intransigent_2

soul619 wrote: »

the fact is banks got very lapse and excepted anyone and everyone and now they are tightening their belts! truth is if they had used this strict criteria back then most of you wouldn't even have got a card!

Maybe, but their profits would have been miniscule if they'd used this strict criteria back in the 'good old days' - They've done very well out of 'most of us'...

The issue is, that egg have jacked the rates for long term, well behaved (pay on time / never miss a payment) customers.

If you look through this thread, you'll see that several of those posting (myself included) have the means to either pay off the balance, or move the debt to a more favourably rated card.

In this thread alone, egg have lost at least half-a-dozen customers of a 'known quantity' - I'm sure they'll find replacements for us, but who's to say that they'll all pay up on time / not default, as many of us 'old timers' have for 10+ years...Doesn't seem to make much business sense, but then; the banks know best...

cash-magnet

Mine just had a 63.3% increase from 7.9% to the new 12.9%.

I read their reasons for doing this very carefully.

I felt the need to email them asking why, given the complete lack of common sense, the computer didn't just round the increase up to an even 1000000% per minute APR. It would, after all, have exactly the same impact with my account. I simply don't pay them any interest, so my APR is irrelevant. 1bn% increase on zero is still zero.

And because of all this, I have told them this move has made me question their systems integrity as it makes no sense in my case, so can they confirm their financial stability or should I pull all my savings from Egg just in case this is a warning they are getting short of cash and about to join the likes of the other collapsing banks?

Oh yea, and your computer just !!!!!! off a long term customer.