Egg and Barclays

deepintrouble

I've just heard on BBC news that Barclays are taking over some Egg cards as of today.

I have an egg card with a zero balance but owe egg around £12k on a loan (this is now with apex).

Do they have any right of off set now that egg have sold some accounts to barclays?

I know I'm probably worrying about nothing but I lost a whole months salary to LTSB with them offsetting one account against another.

Clarie_2

I think (though someone on the credit card boards might know more) that if your loan is sold to Barclays they will inform you in writing. At which point, yes, you might need to worry about offsetting.

Clarie

ehlo

If the loan has already been sold to Apex, then it will not have anything to do with Barclays

slicktony

I think you're probably alright. The Press Association has reported that only the credit card business is being sold to Barclays, while other products covering savings, insurance, loans and mortgage will remain with Citi who are holding on to the Egg brand.

Unfortunately for me it means I'm going to have to get rid of the Egg Money card I use on a daily basis for its 1% cashback as I swore blind I'm never giving Barclays another penny.

deepintrouble

Thanks guys.

I know I was probably being irrational, but after my LTSB experience you can never be too careful.

climbgirl

slicktony wrote: »

Unfortunately for me it means I'm going to have to get rid of the Egg Money card I use on a daily basis for its 1% cashback as I swore blind I'm never giving Barclays another penny.

If you pay it off in full each month and never pay them a penny in interest, then you'll actually be taking money off Barclays when they pay you the cash back

We'll have to watch and see if that deal is continued. I have the same card purely for the cash back deal.

missworks2jobs

OH NO!!! I hope this isn't true, i've had numerous dealings with barclays which after numerous phonecalls in tears and an ombudsman complaint to get them to shift their backsides I finally sorted and moved everything away from barclays (bank account, credit card, home insurance). I have also vowed never to let them have another penny from me.....and i've just signed up to an egg 0% balance card in January. I pray I dont have to deal with the same incompetant barclays lot again. Sorry if I offend any barclays employees but my own personal experience with them was a nightmare and that's putting it politely.

climbgirl

missworks2jobs wrote: »

OH NO!!! I hope this isn't true,

It is definitely true. They will move over to Barclayscard division around May 2011 (date to be confirmed) so you have some time to move elsewhere if you want to.

basiaking

climbgirl wrote: »

If you pay it off in full each month and never pay them a penny in interest, then you'll actually be taking money off Barclays when they pay you the cash back

We'll have to watch and see if that deal is continued. I have the same card purely for the cash back deal.

Every transaction you make earns them money as they take a percentage from the company you are buying from. They definitely take more than they are paying you in cashback so you are still making them money even if you don't pay any interest.