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

M_Thomson

ChrissieI wrote:

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.

What was your increase on Capital One?

ChrissieI

If any one is looking to transfer their balance I used the Sainsburys credit card. 0% for 5 months on transfers and purchases. 13.9% I think is the normal rate. No transfer fee
not a long period of time but might help

ChrissieI

M_Thomson wrote:

What was your increase on Capital One?

From 14.9% to 19.9%

Never missed a payment or made a late payment in six years


(Sainsburys card is part of Halifax if anyone is interested)

PinkPig

My egg card rate has decreased from 15.9% to 9.9% - I've been with them just over a year and have always paid off my balance in full on time. Since I intend to continue doing so, it hardly makes a difference.

I guess it's in their interest (no pun intended) to raise rates where there's risk and lower them elsewhere - even if you've only failed to pay once and have a regular large balance which you don't pay each month (which I guess you must do if the change makes a significant difference to you) then I suppose they are inevitably going to see you as a slightly higher risk customer.

kuohu

I appreciate that this thread is for Egg card, but I got an email today relating to Egg Money...

3 – we're increasing the APR on your card from 6.9% to 7.9%.
4.1 – we're increasing the variable annual interest rate you pay on purchases and balance transfers from 6.9% to 7.9%.
4.2 – if you fail to pay the minimum payment required under Condition 2 during any introductory promotion period, we may charge interest on Purchases at a variable annual rate of 7.9% instead of the rate applicable for that introductory promotion.

Under my circumstances I never pay any interest on this card anyway, so it doesn't make any difference to me.

Background: I use the card for cashback purposes only and only stay in positive balance, mainly for psychological reasons as I have CC debt elsewhere (albeit under £300 now, woo). I have a good credit rating.

I am conscious that I have not added to the debate but I wanted to post because, unlike others, I haven't been hit with a 6% hike.

GSD4ME

I got an e-mail today, raising my interest rate by 4 %. My husband has not had one yet, I am waiting.

I am pretty surprised that I am supposedly a bad risk, another credit card recently offered me a credit limit of £9,000 straight off. I will check my credit rating immediately. The only thing I have done recently is claim back and win my illegal bank charges. Would that have affected my credit rating, I wonder?

M_Thomson

GSD4ME wrote:

I got an e-mail today, raising my interest rate by 4 %. My husband has not had one yet, I am waiting.

I am pretty surprised that I am supposedly a bad risk, another credit card recently offered me a credit limit of £9,000 straight off. I will check my credit rating immediately. The only thing I have done recently is claim back and win my illegal bank charges. Would that have affected my credit rating, I wonder?

If the charges related to the fact that you went over your overdraft, then yes that would affect your credit rating,

seagles_2

I got the following:-

3 – we're increasing the APR on your card from 6.9% to 7.9%.
4.1 – we're increasing the variable annual interest rate you pay on purchases and balance transfers from 6.9% to 7.9%.
4.2 – if you fail to pay the minimum payment required under Condition 2 during any introductory promotion period, we may charge interest on Purchases at a variable annual rate of 7.9% instead of the rate applicable for that introductory promotion.


Raptor.:rotfl:

Paul_Herring

Again, while not really adding to the thread, my (closed!) Egg Card is telling me 15.9%, and Egg Money (still open) is at 6.9%. Just wondering when/if that's going up (not that it'll really apply. I also pay off the balance every month) over the past 4 months I've spent £4k on Egg Money - typically it's around £600 a month. Wonder if I'm in line for an 'increase'?

markmc999

Genuine question, can the OFT actually do anything however? It is in the T&C's of the card companies that they can increase their APR at any time with usually 1 months notice, if they have done this then its within there rights.

If your APR is now sky high - try and leave. Even if you have poor credit rating have a careful look around and see if another card would be viable for you, even if it isnt a low APR one. CapitalOne may be helpful - they usually take people on with poorer credit ratings. Just becareful which one you choose - the CapitalOne card I just saw has a standard APR of 34.9% :eek:

Also its worth noting that egg isnt the most profitable company around and has been looking for a buyer for a while. It may be that with all of these APR increases they are trying to make themselves more attractive/profitable. Egg UK does make cash - but Egg France loses it. Whoopsy!