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

YorkshireBoy

markmc999 wrote:

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.

I think you'll find that Egg can raise their interest rates with NO notice...

17.3 We may make interest rate changes or any other changes to this Agreement which are not to your disadvantage immediately and will tell you about them within thirty days after the change. These changes will be so notified by statement notice, letter, by sending you an e-mail, or separate written notice.

However, if you don't like it, you can always pay your bill (within 60 days) and leave...

17.4 Where the change is to increase the interest rate, provided you have repaid all amounts you owe us and have notified us that the increase in interest rate is the reason for doing so, you have the right to close your Account at any time up to 60 days from the date of the notice referred to in 17.3, so that the higher interest rate does not apply to your Account.

If ever there was a reason not to run up a debt you can't clear within 60 days, this is it isn't it?

http://new.egg.com/visitor/0,,3_11087--View_1068,00.html

mr-mac_3

I got this

3 – we're increasing the APR on your card from 15.9% to 21.9%.
4.1 – we're increasing the variable annual interest rate you pay on purchases and balance transfers from 15.9% to 21.9% and for cash advances the variable annual rate increases from 20.9% to 24.9%.
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 £167.43 due to the increased interest rate. As this example is based on a set of assumptions, this does not reflect your actual interest payments.


this is rediculous I am doing my best to pay a few things off and this is gonna kill me.....

It looks like they have en-masse introduced risk based pricing to all customers so as to leave the worst off people and the people struggling in an impossible situation....

I don't see this as just a general change to interest rate that they have allowed for in t&c but a complete change to the contract/product to a risk based pricing structure.... There is a diffrence from varing the intrest for a product and changing the product completely so that they can rob the poorer customers to keep the rich ones more likely to leave.... Why? Because they know us poorer customers probablly aren't able to leave...

We need to do somthing about this as it's preying on the weak and not so good customers who were lulled in by their low rate and are now struggling due to rediculous intrest.... I think this may even leave some customers who pay the minimum payment in a situation where balance will go up....

Also egg are a bit cunning and will charge you over limit fee if the intrest applied by them takes you over (even if you pay the agreed min payment in agreed date)... Funny thing if you look at T&C it states over limit fee if applied if "you" do somthing to take card over limit. However, it says intrest is somthing applied by "us". I pointed this out in writing to customer relations and they fobbed me off....

A nasty company now showing it's true colours...

I will investigate this, complain to egg then the obudsmen...

You get some risk based priced loans but at least they are up front about the charges the change from a product intrest rate to a risk based priced one is so nasty... It's like egg said ooh your not doing so well at the moment lets really twist the knife and squeeze every last drop out of them.. besides where else they going to go.....

John

stokelee

Long time reader, first time poster.
Ive had this email today from egg about treating me as an individual. I knew i should of gone to nationwide ,lol
Ive the same increase as everyone else on here, and im sent them a message too.

ill be paying the outstanding amount off. Asking them to reduce the apr etc , and then telling them to cancel my account whenthen deny this.

There loss. If only we could all do this, then companies doing this would soon understand that they can not bite the hand that feeds them

tesuhoha

me4bargains wrote:

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.

I think you should go onto the Debtfree Wannebe Board and post your SOA and detail your problems. There is so much expertise on there that I am sure someone will be able to help you.

greencat_2

They've cut mine by 6%. Hardly use the thing and always pay it off in full so a bit academic anyhow. I think they must be getting worried about bad debt (not that its any reflection on those of you with increases - their risk assessment tool is probably not that subtle).

[Deleted User]

my rate egg money o/d rateis going up from 6.9 to 7.9%

I haven`t been overdrawn and have no intention of so doing

JasonW_2

Risk assessment... how ironic and stupid is this!?? Now I assume the risk is your ability to pay it back.. so what do they do? Review and identify someone who *might* struggle, so increase the APR so they will definitely struggle now. Oh makes perfect sense that one. That is just trying to get people into debt, unable to pay so they can offload these customers to debt collection agencies, however if they don't then they make a nice profit out of their misery in the meantime. Makes me sick although it doesn't affect me, I hate this kind of thing.

J

goldmercury

i have very good credit and my personal circumstnaces with egg have been good, had the egg green with a 15k balace never a late payment. I now have the egg money and had the maximum credit limit on that however i reduced it to the minimum allowed (£500) so I have more credit for stoozing. Anyway i got the interest rate increase to. So I'm guessing it all depends on your current credit limit with them.

Question I've got is if they are increasing the interest on credit how about the interest on the savings they offer with the egg money card?

Egg have been good to us all and listened to us as customers in the past, thats why they have such products like egg money card with savings and credit and the ability to have all our online account in one place.

However I suggest that everyone in this thread and if you know anyone with an egg card tell them to use the instant message facility on their online account and tell egg how annoyed you are!

chocaholic110

Moochoo99 wrote:

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.

me too, and OH also. Wonder how long it would last as was planning on taking out a A+L loan to pay off cards but seems silly to do so now as loan rate is 6.9

LizD_2

Seems to me they are penalising most customers to apparently keep a few others happy. How is this right, after all, Egg are going to make the money either way.