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

markmc999

mr-mac wrote:

There is a diffrence between varying the product APR (ie a single rate for the card) a little, this is what they have set asside for in the T&C's, and a complete and total change to how the the product works into a claimed risk based pricing credit card and give massive hike in a lot of peoples intrest rates....

<snip>

(no CCJ's or anything just the odd missed payment - and tbh the missed payment was caused by somthing the other company did and not somthing I did).....

First things first - I dont like egg, I left them after there APR started 'creaping' up slowly but surley.

I cant understand how its unethical however. Card companies are out there to make a profit and they do this via many ways. While we may not like it its a fact of life.

Regarding your comment about missed payments - if they are not your fault, get them removed. I have done this with o2 and Halifax both of whom cocked up in one way or another and 'marked' my file - I've sucessfully appealed and had both removed.

mr-mac_3

markmc999 wrote:

First things first - I dont like egg, I left them after there APR started 'creaping' up slowly but surley.

I cant understand how its unethical however. Card companies are out there to make a profit and they do this via many ways. While we may not like it its a fact of life.

It's unethical as they havn't just changed the rate but changed the whole product so it now works in a totally diffrent way to product we took out (the T&C's don't indicate that egg will assess the quality of your account from time to time and alter your personal rate accordingly).... It will mean this is a credit card that will now have to quote a typical APR (at least when loans quote typical you know up front before you take them out)....

YorkshireBoy

mr-mac wrote:

(the T&C's don't indicate that egg will assess the quality of your account from time to time and alter your personal rate accordingly)

See condition 17.1 (4th bullet)

It will mean this is a credit card that will now have to quote a typical APR

It's always (since being required to do so) quoted a 'typical' APR for it's product. The Egg Card was 14.9% when I took mine out, but moved to 15.9% sometime last year.

mr-mac_3

It's not the same at all...

Anyway we can agree to disagree we are just seeing it from a diffrent point of view...

I understand the industry and as far as I can see this is very wrong... Gonna see what I can do to jump ship as there is no point in keeping trying to pay this off at 21.9% intrest....

YorkshireBoy

mr-mac wrote:

It's not the same at all...

What isn't? Please could you explain.

mr-mac_3

YorkshireBoy wrote:

What isn't? Please could you explain.

Sorry must have been reading somthing else as well... Silly me... Just igone the it isn't the same at all comment.

John

DontDoDebtKids

21.9% puts Egg up there with the very worst of them, surely?

I had an Egg card a long long time ago - they seemed very good then.

I don't think I would touch them now!

As someone said earlier, all they are doing by this are trapping those who are worse off into paying higher interest charges! Those that can afford to pay off their debts quickly, or who can get credit elsewhere, aren't affected to badly by this. Those that are slowly but surely paying back what they borrowed are getting nailed :mad: :mad: :mad: :mad: :mad: :mad:

I don't know what prompted me, probably Martin, but I moved most of my debt to life of balance deals earlier this year and I'm extremely glad and feeling that it was lucky that I did!

Murray

martyn4764 wrote:

When you open an account (card, savings, whatever) there are T&Cs associated with it; you agree to them... you then decide you don't like the nasty ones (and Nanny Government is happy to agree with you, there's nothing they like more than a nice bit of plastic-splashing to prop up the economy)...

and you're a "VICTIM"!?!?!?

Companies exist to make profits (pay Corporation Tax, create employment...) It's a commercial relationship; if you deem it 'unfair' / 'extortionate', then take your custom elsewhere.

Everyone has a different definition of 'unethical'; I think it includes agreeing to a contract then deciding you don't like it so won't p(l)ay anymore...

In a banks terms and conditions, it is implied and sometimes stated that they will conduct themselves in a lawful manner - yet they are allowed to ignore this by applying illegal charges??? By your definition this makes them unethical.

Companies shouldnt be allowed to make a profit at any cost to consumers (and as far as I am concerned that is against the ethics of this site). I dont think they are a great asset to our economy either when the majority will transfer thousands of jobs to India at the drop of a hat.

Anyway this is going off topic....as far as I am concerned Egg are in the wrong, they should have taken the small chink in their profits on the chin rather than recouping the revenue in a way that adversly affects the customer.

loubie_lou

Will brand new customers be charged this rate as well?

pinkfluffybabe

DontDoDebtKids wrote:

I don't know what prompted me, probably Martin, but I moved most of my debt to life of balance deals earlier this year and I'm extremely glad and feeling that it was lucky that I did!

I did this too and am also very glad. I only use my Egg Money to take advantage of the cashback.