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

me4bargains

tesuhoha wrote:

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.

Because I have tried a number of times in the past and keep getting turned down.
It's so unfair because I have never missed payments and all I'm trying to do is keep over myself and my two children's head above water.
I agree with the other poster that they are picking on people like me who have no where else to go.
When I first started with egg their interest rates was 9.9% cheapest on the market.
They now are no better than anyone else in fact worse.
I have no choice but to plunge deeper into debt thanks to their bully tactics.
I have nothing to sell on Ebay, I have sold it all to get by.
I'm so fed up now.

Hereward

I'm not surprised at these changes in APRs. The Credit Card companies need to recover the lost revenue from the lower late payment charges, now that that have been lowered to £12. I am disappointed that the APR on my Egg Money account has been increased to 7.9%, but I suppose that as I am a fairly new customer (I have only had the account 2 months) that Egg have not had the chance to fully appreciate my account management skills yet.

Moochoo99

I've had an email from Egg saying my Egg card rate has gone down from 15.9% to 5.9% because I have my mortgage with them. I know it's not good news for those of you with a 6% rise, but this is great news for me, and anyone else who's got a mortgage and a card with them.

maffew_2

I just got the same

6% increase seems outrageous. Need to try and move I think, though again must be for a reason. At my limit, paying mimimum payments. not happy

brightonman_2

Though I've been receiving Martin's moneysaving emails for some time, I've never been prompted to post here until now. I've been so angry for the past hour that I could barely speak. In fact, it's only by coming here and finding that I'm not alone that I've been able to calm down enough to think straight.

I'm another victim of Egg's preposterous decision -- my interest rate is climbing from 15.9% to 21.9%, an unprecedented hike in interest rates for anyone, let alone its most vulnerable clients.

I immediately got on the phone and complained to a bored-sounding operator who basically said, "sure, go on then, complain to the Ombudsman if you want."

So I will.

I also used the Egg website's secure message facility to restate my complaint in writing. Someone mentioned that they didn't feel terribly confident about letter-writing, so perhaps this will help them to at least get their feelings made clear to Egg. I wrote (and by all means copy and amend this as appropriate for your own case):

---

Official complaint

I have just received an email telling me that the rate on my Egg card is to be increased by a preposterous 6% from 15.9% to 21.9%. This is a completely outrageous way to treat someone who has been a loyal customer for many years and I demand a full explanation in writing immediately.

Your phrase "We have taken into account how you run your Egg Card and your relationship with us" is meaningless waffle. All you have now done is make THIS individual's personal circumstances much worse, as I suspect you have done for many others around the country. Egg's marketing is based on a cosy, friendly image, but this decision has exposed the truth.

I would advise you to reconsider this decision, as it leaves me with no choice but to contact the banking Ombudsman, consumer groups and the Press as clearly, the public need to be made aware of just what your organisation is capable of.

I shall never trust a bank again.

Yours etc.

---

Now, the thing is, I really am going to kick up a stink about this. I do hope that Martin himself sees this thread, because we can do with all the media-savvy help we can get. I want to see if we can get this decision reversed, or at the very least considerably moderated -- and if not, make sure that Egg's fluffy image takes a kick in the nadgers it will never forget.

The other thing I want to find out, of course, is whether their arbitrary decision has affected our credit rating in any way.

If ever one needed proof that you should never trust a bank -- well, this is it.

martyn4764

Mmmm...


Blame all the people claiming back 'unfair' bank charges (despite them being part of the T&Cs)...

Blame the people who complained about 'unfair' charges for late payments and exceeding the credit limit (despite them being part of the T&Cs)...

This is what's going to happen, and probably plenty more of it - or did everyone think the banks would just make less profit?

M_Thomson

martyn4764 wrote:

Mmmm...


Blame all the people claiming back 'unfair' bank charges (despite them being part of the T&Cs)...

Blame the people who complained about 'unfair' charges for late payments and exceeding the credit limit (despite them being part of the T&Cs)...

This is what's going to happen, and probably plenty more of it - or did everyone think the banks would just make less profit?

Agree with you Marytn. This is just the start of it. Look for charges for current accounts soon.I guess the banks are looking to charge people rates based on their perception of the risk that the person may incur. This is unfair, because people who run their accounts properly are being penalised with interest rate rises to pay for people who refuse to adhere to there credit agreement and then claim charges back!

vwman_3

Its not only Egg doing this, my OH had a letter today from LTSB informing her that the rate on her Platinum card was going up to 15.9% from 9.9%

vwman_3

M_Thomson wrote:

Agree with you Marytn. This is just the start of it. Look for charges for current accounts soon.I guess the banks are looking to charge people rates based on their perception of the risk that the person may incur. This is unfair, because people who run their accounts properly are being penalised with interest rate rises to pay for people who refuse to adhere to there credit agreement and then claim charges back!

Yep totally agree with you.......

ChrissieI

Capital One did this to me about a month ago.
I have been a good customer with them for six years. I phoned them and wrote to them and they still refused to reconsider or to give me a reason why I was chosen so I have taken out a 0% card and transfered the balance over.