My increase on my egg card is to go up by six per cent.

dchurch24

Yes, mine went from 15.9 to 21.9.

I can't wait to get home and see what I can put on ebay to pay this b*tch off!

(should have done it earlier really!!)

me4bargains

I owe them a substantial amount of money from when I was at uni and struggling to raise two babes alone.
I'm still struggling on my own (boo hoo)
I haven't spent on it for a long time, if they feel I am a bad risk why don't they lower my credit limit.
I am so cross, I want to cry!!

tesuhoha

Ive just had a look on my email after seeing this but I havent had any communication from Egg at all. I have £2900 outstanding on the account at the moment and the last email I had from them was on 3rd August offering me 3.9% on BTs till 31st August which would have been very nice had I not already had expensive debt sitting on the card already. I am going to apply for a 0% card to get rid of this debt but expect to get the anniversary offer as it was promised when I opened the card. They cant go back on it, Im sure when theyve used it in their advertising.

dchurch24

Don't cry - get even.

Flog stuff on ebay and try and pay it off as quick as possible now.

I'm in a position where my ex-partner has pretty much wrecked my credit rating, so I am unable to balance transfer the card to another. She's just moved out and I'm having a serious clear out - I hope to get the balance paid off by xmas.

In a way, them raising the interest rate will have done me a favour - I wouldn't have been motivated enough to try and do anything about it if it were not for the rise.

LizD_2

tesuhoha wrote:

Ive just had a look on my email after seeing this but I havent had any communication from Egg at all. I have £2900 outstanding on the account at the moment and the last email I had from them was on 3rd August offering me 3.9% on BTs till 31st August which would have been very nice had I not already had expensive debt sitting on the card already. I am going to apply for a 0% card to get rid of this debt but expect to get the anniversary offer as it was promised when I opened the card. They cant go back on it, Im sure when theyve used it in their advertising.

Unfortuneately, I bet they can (and do), cause they usually have some small print saying somthing like 'offers may be withdrawn at any time'. :mad:

tesuhoha

Me4bargains, how do you know youve got a bad credit rating? It might be worth finding out for sure to see if you can apply for a 0% or life of balance card.

tesuhoha

Are they attacking the people with the worst credit rating because they know they cant take their custom elsewhere and are forced to put up with the high rates?

drewb

Dear Mr xxxxxx

At Egg we want to treat customers as individuals both in our approach to service and the products we offer. In line with this, we are now personalising the interest rate on your Egg Card – this is great news for you.

We have taken into account how you run your Egg Card and your relationship with us. For our most valued customers, including you, the interest rate on your card will be reduced. In addition however, there is an increase to the cash handling fee which applies to all customers.

It's important for you to understand what these changes mean to you, so please read the following information carefully.

Changes effective from 8 September 2006
As of 8 September 2006, we're reducing the standard variable interest rate you pay on purchases and balance transfers. We are increasing the rate you pay on cash advances. This affects Conditions 3, 4.1, and 6.

3 – we're reducing the APR on your card from 15.9% to 9.9%.
4.1 – we're reducing the variable annual interest rate you pay on purchases and balance transfers from 15.9% to 9.9% and for cash advances the variable annual rate increases from 20.9% to 22.9%.
6 – the illustration has been changed to show that if you make a Purchase of £1,500 and then repay in 12 equal monthly repayments the interest to be paid would be £76.39 due to the reduced interest rate. As this example is based on a set of assumptions, this does not reflect your actual interest payments.


Change effective from 8 October 2006
7.2 – this change is to confirm the handling fee of 2.5% of the amount of each Cash Advance (minimum fee £2.00) is increasing to 3% (minimum fee £3.00).


As a result of these changes, the estimated interest shown on your statement, which is purely given as a guide to interest you may pay, may be incorrect this month. This is due to the timing of monthly statements, and will be rectified on future statements.

You can find your current standard variable interest rate for purchases and balance transfers by logging into 'your accounts'. Select 'Egg Card' followed by the 'Statements' option. Then choose to view 'more details about your Egg Card'.

If you have any questions about this e-mail please feel free to get in touch by calling us on 08453 040 391 and we'll do our best to help.

Best wishes

Mark Powys
Head of Credit Cards
Egg Banking plc

Gemmzie

Are these emails coming in with your monthly statements? Or seperately?

nrsql

There's probably a number of things behiond it.

Maybe trying to get fund increase in savings rate.
Discovered they have a lot of risky debt.
Worried about the state of the economy

They could just be assuming that interest rates are going to go up further and will put more people in trouble. Increasing rates could be there way of trying to get people to reduce balances, transfer to other cards and stop them transferring from other cards .

Unfortunatly they are in business to make money and it looks like they have decided to change from attracting customers to reducing their customer base (for debt anyway).
Can't say that's a bad thing but it sounds like the way they are doing it seems a bit harsh and likely to be counter productive.

Hope people can transfer off or pay up quickly.

Re the 0% - if you call they will tell you if it's available for your next anniversary. If they say no then ask them to check (tell them you were told earlier that it was).