Changes to Egg Terms and Conditions

GreyPilgrim

just posted this is the Credit Card forum but thought it would be useful here too?

Received email notification of a whole raft of changes to the Egg T&C's. The only one that applies to me is:

Condition 4.5
If any interest is payable, there is a minimum interest charge of 50p. This means that if the interest amount is calculated to be less than 50p, the amount of interest shown as payable in your monthly statement will be 50p.

Erm, that strikes me as extremely shi*ty. This can't be the norm, surely?

Gemmzie

I saw that too

We've just cleared an Egg card which had 2p on it, but under new rulings it would be 50p.

Monthly, that's gonna make a big difference to people who have only teeny balances to clear

GreyPilgrim

Gemmzie wrote:

I saw that too

We've just cleared an Egg card which had 2p on it, but under new rulings it would be 50p.

Monthly, that's gonna make a big difference to people who have only teeny balances to clear

My point exactly. Was quite gobsmacked to read that...

Kevicho

Just goes to show that despite how we fight back through charges, the CC companies will do whatever it takes to squeeze every last panny it can from mr joe consumer

Ive just cancelled my egg card, at the 2nd attempt!

Broken_hearted

Call me stupid but how do you ever manage to shut it. If you clear the balance then they stick 50p on. Clear the 50p they stick another on.

nrsql

>> If any interest is payable, there is a minimum interest charge of 50p.
You will have to pay 50p if there is any interest payable. The next month there will be no interest so you don't pay anything.

They aren't charging 50p just making that the minimum payment which will take you into credit.

Iwantmorecash

also did you note the default charges are reducing to £16 ..... not £12 like most others

Gemmzie

I think they may have uncapped their balance transfer fee too

Dr.Shoe_2

Hang on a mo.

Assuming they're charging 1.5% per month or thereabouts, 50p implies a balance of just over £30! Why the f**k are people paying 20% APR or more on a mere 30 quid! :eek:

Buy one less newspaper and drink one less cup of coffee per day and pay it off next month!



The only people it's going to hit are those with big balance transfers at 0%, well I don't need to tell you what to do next do I?