More Egg Credit Card Lunacy

Canny_mal

I also agree that a 50p minimum interest charge is completely out of order. My Barclaycard had minimum interest of 50p going way back in 2003 when I took it out so it's not a new thing. However, earlier this year they put it up to £1 so who's to say the next change won't be up to £2.50 or whatever and so on.

The comparison I draw is if you have a cashback card and you don't use it much over the year and only build up cashback of say, 25p you can bet your bottom dollar the card company won't round that up and pay YOU 50p!

I genuinely believe the practice of minimum interest should be illegal because if as in the example stated above you owe less than £39 on your statement but yet get charge 50p interest it renders their APR figure as meaningless.

super_reds

Blimey I can't believe so many people are getting so excited about 50p, if you don't like it you could always get another card

peawack

Stonk wrote:

Twaddle. It would be stealing if they didn't tell you about it. How more clear would you like it than having it written in the T&Cs? Do you not read them or something!

Pedantic or what ? Are you so obsessed with T&c'S that you miss a valid point.

Paul_Herring

Canny_mal wrote:

The comparison I draw is if you have a cashback card and you don't use it much over the year and only build up cashback of say, 25p you can bet your bottom dollar the card company won't round that up and pay YOU 50p!

Indeed. If your cashback with Egg Money is less than a fiver, you forfeit it.

Egg wrote:

We will not pay Cash Back if the total amount of Cash Back is less than £5. If, in any year, the Cash Back you earned is less than £5, it will not be carried forward to the following year.[1]

[1] http://new.egg.com/visitor/0,,3_79778--View_1666,00.html

Stonk

peawack wrote:

Pedantic or what ? Are you so obsessed with T&c'S that you miss a valid point.

The original point is valid. I do not miss that.

Calling it "virtually stealing" (which virtually the same allegation as "stealing"), is not valid - because it is pre-notified, written in the T&C's, which you are free to stop accepting at any time.

If reading my T&C's and accepting them as the definitive basis of a contract makes me "obsessed", then I'm glad I am. I am quite happy if you prefer to remain oblivious to your T&C's - people like that make credit cards profitable for people like me.

peawack

Stonk wrote:

The original point is valid. I do not miss that.

Calling it "virtually stealing" (which virtually the same allegation as "stealing"), is not valid - because it is pre-notified, written in the T&C's, which you are free to stop accepting at any time.

If reading my T&C's and accepting them as the definitive basis of a contract makes me "obsessed", then I'm glad I am. I am quite happy if you prefer to remain oblivious to your T&C's - people like that make credit cards profitable for people like me.

They must make great bed-time reading.

MPH80

peawack wrote:

They must make great bed-time reading.

They might not make good reading - but reading them carefully has helped me avoid many fees and ensure that I know what the bank expect of me and what I can expect of them.

Amazing that people are willing to sign detailed agreements without even reading them first.

Perhaps I should set up a company offering £3k of credit and just insert that they signed their house over to me in the T&C ... I'd make a fortune even if the person failed to keep up on payments ...

M.

richardw

Rounding up to 50p is taking extra interest without notification of the revised interest rate. The T & Cs tell you they are going to do it if the circumstances arise, but the revised interest rate is vague.

peawack

MPH80 wrote:

They might not make good reading - but reading them carefully has helped me avoid many fees and ensure that I know what the bank expect of me and what I can expect of them.

Amazing that people are willing to sign detailed agreements without even reading them first.

Perhaps I should set up a company offering £3k of credit and just insert that they signed their house over to me in the T&C ... I'd make a fortune even if the person failed to keep up on payments ...

M.

Another one missing both the original point, and mine. Mine being that nobody is advocating that people should NOT read the T&C's,(for obvious reasons), and that there are people who like to lecture other people on these boards whilst disguising their comments as advice.
Just like saying don't walk in front of a moving car, talking down to people with regard to the reading of credit T&C's is not really necessary, as they are already aware of the danger or it's too late anyway.