Egg Anniversary Offer - the rules have changed

Anwen_2

Hmm, I haven't been charged any interest on the fee on my current BT (which is almost out of the 0% BT deal, so definitely past the 0% purchases point...)

Gah. Anyway, thanks for the warnings, folks!

Xenos

They were deliberately vague when I asked them if I would be charged interest on the balance transfer fee, and directed me to the terms and conditions (which also don't specify, at least, not anywhere that I could find). Given that it's really a very simple yes or no question, I assumed I was, in fact, going to be charged interest. However, the BTF is only about £50 so the interest on that isn't too unbearable.

Herb

The extra interest on the balance transfer fee is just under £5 a month for me. So to borrow £14200 my "0% offer" will cost me £355 + £28 extra interest - Total £383 for 6 months - Hardly 0%.

I asked what extra costs there were and they just said the BTF - no mention of interest. NOW they tell me I sould have been aware of the T&C's- Sleazy

Paul_Herring

Herb wrote:

The extra interest on the balance transfer fee is just under £5 a month for me. So to borrow £14200 my "0% offer" will cost me £355 + £28 extra interest - Total £383 for 6 months - Hardly 0%.

This is what is narking people. They advertise "0% interest on your balance transfer" - and this is indeed what you're getting - you are not being charged interest on the balance transfer. Only. No obvious mention of the fee, and even less mention of the interest charged on that fee.

I asked what extra costs there were and they just said the BTF - no mention of interest. NOW they tell me I sould have been aware of the T&C's- Sleazy

What would have been fun was to ask them what the APR is

westernpromise

Will this apply if you are simply using their card to move money into a current account? I.e. you do a BT to Egg from a new Barclaycard and then BT from Egg to your current account?

If they are going to start charging for that as well, then there is no remaining reason to keep one's Egg card.

Voyager2002

westernpromise wrote:

Will this apply if you are simply using their card to move money into a current account? I.e. you do a BT to Egg from a new Barclaycard and then BT from Egg to your current account?

If they are going to start charging for that as well, then there is no remaining reason to keep one's Egg card.

It depends when you opened the account. I have had my Egg card for a long time, and my terms are:
if I do a balance transfer during the anniversary offer, I face the BT charge but then have interest-free credit (big deal);
if I do a balance transfer when there is no special offer, I do not have to pay a BT fee but do have to pay interest on any money I have borrowed.

So I can still use Egg as a SBT card: I have just transferred funds from the Post Office card to Egg, and then transferred the positive balance from Egg to a savings account. No BT fee, and since I am not borrowing anything I don't have to pay any interest. However, doing this with Egg has been an incredible hassle and took a whole week.