Have Egg calculated my interest right?

Still04

I have a new Egg CC, which I balance transfered £475.00 onto. I received my Egg Statement today and they've added a Balance Transfer Fee of £11.88to it which is fine (2.5% charge). So my total closing balance is £486.88. The problem is is that the minimum interest I have to pay is £14.50, but 2% of £486.88 is not £14.50. I'm probably calculating it completely wrong, but why is it so high? It's 0% for Balance Transfers and purchases until January 2007.

Paul_Herring

That sounds more like 3%, also taking into account interest on the balance transfer fee.

YorkshireBoy

2% of £475 is £9.50

The purchase (aka BT fee) balance of £11.88 has a minimum £5 payment.

£9.50 + £5 = £14.50

Still04

Thank you both for your reply. YorkshireBoy, I had no idea that I'd be paying £5 minimum for the BT fee. The £14.50 charge makes sense now that I look at your post. Will the £5 be deducted from my £11.88 BT fee, so on my next statement it'll read £6.88 for the BT fee? Basically is the £5 minimum paying going towards paying off my BT Fee? Thanks!

YorkshireBoy

Still04 wrote:

Thank you both for your reply. YorkshireBoy, I had no idea that I'd be paying £5 minimum for the BT fee. The £14.50 charge makes sense now that I look at your post. Will the £5 be deducted from my £11.88 BT fee, so on my next statement it'll read £6.88 for the BT fee? Basically is the £5 minimum paying going towards paying off my BT Fee? Thanks!

If you don't make any purchases on the card, you'll then make one more £5 payment and a £1.88 payment (both in addition to the 2% minimum payment each month for the BT balance)

It's explained in section 2 of your Egg Card Credit Agreement

Still04

Thanks, I really appreciate your help!