Egg Card - Minimum Finance Charge?

*Scarlett

Hi

I have an Egg card that was originally on a 0% offer.

The full balance was not paid by the time the offer ran out (maybe 1 or 2 months of interest).

I then had an offer on my Virgin MBNA card for 0% so transferred most of the balance up to their limit. So was left with a balance of £54 on the Egg card which was paid by DD on 16/09.

I had thought the card was paid in full but today have noticed a 50p balance on the account which is labelled "minimum finance charge".

Can anyone advise what this is?

Many thanks.

KingElvis

It's a minimum finace charge :rotfl:

No seriously, have a read of this.

a top-up fee where the amount of interest charged to your Account on any statement is less than 50p and the fee will be the amount required to make the top-up fee plus that interest equal to 50p. Where this applies, your statement will show a 50p minimum finance charge. Any top-up fee will be treated as interest for the purposes of calculating the minimum payment. Interest will be charged on the top-up fee at the standard variable rate applicable to Purchases."
So 20p interest charge has 30p added and then interest charged on that top-up fee as well.

*Scarlett

Thanks KingElvis.

This card was paid by DD. So if I allow this to go through on DD as normal I will be getting interest charged on the 50p?

Would I need to pay this by debit card as soon as the statement is produced to get rid of this 50p?

Am I understanding this correctly?

Sorry to seem a bit dim but I've never had this before.

sghughes42

I've just had one of these minimum finance charges on my latest statement but I'm at a loss to understand it as I paid my last bill off in full... Previous month I couldn't quite cover the full amount but my September statement was paid off in full 2 days after the statement was sent to me so no way the payment was late. (Paid Sept 20th, payment due Oct 4th, even Barclays can't be that incompetent!)

Any ideas anyone? Is 50p worth worrying about... (Well, I suppose it is if they have charged it in error!)

bigheadxx

I have had one on todays statement. Last months bill was paid in full. Money maker for Egg for those who pay in full each month so high time this card was ditched I think.