MSENews: Egg closes credit cards to new customers

Shadow68

Hi,

My Egg Money Card is about to expire. Presumably my replacement card will be Barclaycard. Has anyone out there been in this situation and if so can you confirm my understanding and let me know if Barclaycard sent their terms and conditions with the card?

thenudeone

Shadow68 wrote: »

Hi,

My Egg Money Card is about to expire. Presumably my replacement card will be Barclaycard. Has anyone out there been in this situation and if so can you confirm my understanding and let me know if Barclaycard sent their terms and conditions with the card?

The replacements will still be branded egg but will have Barclays' name in small print on the back. The only change to Ts and Cs so far is that Barclays are the other party rather than Citibank (?).

thenudeone

Greenfly wrote: »

I've had an Egg Money card for quite a while. 6.9% in debt interest and 4% in credit interest.

egg Money stopped allowing credit balances a few years ago, not long after they brought the in-credit interest rate down from a decent rate (4%?) to a miserly 0.5% or so.

When my OH transferred a five-figure sum out of the egg money account when the 4% stopped, the account was put on a money laundering alert and she had to have a telephone interview to explain her income, assets, and where the money was going to and from; before they allowed her to use the account again.

Who'd have though that dropping the interest rate from 4% to 0.5% would result in people withdrawing all of their funds?????

I would have advised her to tell them to **** off if it wasn't for the fact that our combined spend is more than the cashback spend limit on one card so it's useful to have a second card to use once the limit is reached.

BeautyandtheBeast_3

i wondered why i had a letter trying to increase my interest rate - i said no to the interest rate jacking - makes sense now! xx

lisyloo

Who'd have though that dropping the interest rate from 4% to 0.5% would result in people withdrawing all of their funds?????

Companies have legal obligations to prevent money laundering.
Annoying I know, but they are forced to do it to try to prevent terrorism etc.
I know it's annoying because I have experienced the same thing, but it's not because they are suprised you are withdrawing your funds, it's because they are obliged to run checks.