Problem with Egg Card - Advice Needed Please

Ambersky

Hi,

I have an Egg card which is constantly increasing my interest rates, the obvious answer here is to transfer the balance to another lender but I have not been able to find anyone currently who is willing to do this. So it is not proving that simple.

I have the option to cancel the card, freezing the current interest rate but if I do this am I stuck with Egg till the balance is paid off, unable to ever transfer to a better lender?

Any advice much appreciated.

Tixy

Hi, welcome

If you reject the rate rise and close the card you then just carry on paying off the debt. You need to make at least minimum payments but can pay more at any time. There is no reason why you could not balance transfer away from the card if you should be able to get better credit in the future.

Ambersky

Thanks Tixy, So am I right in saying my best option at this time is to cancel the card, freezing the interest rate, and despite canceling the card I would still be able to transfer the balance at a later date.