Egg - Minimum Finance Charge 50p

viktoriya

I have been hit with the minimum finance charge of 50pence. I have just tried to pay it off as this is the only outstanding balance on the card and their system won't let me pay it off as the minimum payment is 1.00 pound and also I cannot overpay, it says I can only pay up to the outstanding balance on the account. I aggre with #28 above about it not being fair or legal, in my opinion, that I am not able to pay it off and not accrue any further charges - be them minimum finance charges or interest charges.
Really not impressed with Egg. Have been their customer for a few years now, and this is how they treat me!
Shame on them!

jamesd

Just use BACS or Faster Payments to make the payment. It's simple and effective, though you may still be limited in how little you can send by the bank the payment is coming from.

izools

viktoriya wrote: »

I have been hit with the minimum finance charge of 50pence. I have just tried to pay it off as this is the only outstanding balance on the card and their system won't let me pay it off as the minimum payment is 1.00 pound and also I cannot overpay, it says I can only pay up to the outstanding balance on the account. I aggre with #28 above about it not being fair or legal, in my opinion, that I am not able to pay it off and not accrue any further charges - be them minimum finance charges or interest charges.
Really not impressed with Egg. Have been their customer for a few years now, and this is how they treat me!
Shame on them!

I can't believe you actually posted this literally straight after a post explaining how to pay any amount you like from your bank account.

Ignorance ain't the word...

digital-one

You cant pay by bacs either if the account shows a balance of 0.00 you have to wait to incur interest at the next statement when its generated/calculated/guessed then you can pay it off by calling them. bacs with many banks these days is free however most have a £1 min.

Now this is funny as hell.

First you can ask to pay off what you owe in full or do it via the website, at which stage you must wait till the next statement to have them give you the full amount to pay off...

[FONT=Arial, Helvetica, sans-serif]If you make the payment for the current outstanding balance now, any future interest and charges will be calculated exactly, added to your next statement and collected as normal by your following Direct Debit.[/FONT]

Which is where i began, but theres good news, i got them to quash the unfair agreement. As a gesture of goodwill they didnt charge me the 50p.

They maintained it was a fair and legitimate part of the contract etc etc, but when you cant pay what you owe, and end up oweing more even if its a tiny 50p that can never be fair!

noh

digital-one wrote: »

You cant pay by bacs either if the account shows a balance of 0.00 you have to wait to incur interest at the next statement when its generated/calculated/guessed then you can pay it off by calling them. bacs with many banks these days is free however most have a £1 min.

Now this is funny as hell.

First you can ask to pay off what you owe in full or do it via the website, at which stage you must wait till the next statement to have them give you the full amount to pay off...



Which is where i began, but theres good news, i got them to quash the unfair agreement. As a gesture of goodwill they didnt charge me the 50p.

They maintained it was a fair and legitimate part of the contract etc etc, but when you cant pay what you owe, and end up oweing more even if its a tiny 50p that can never be fair!

Yes you can pay by BACS whatever the balance of your CC account.
You send the payment from your bank account to egg as detailed in my post above.

noh

Ok
By way of an experiment I have just sent 3p from my First Direct account to my Egg credit card by faster payment.
The balance of my Egg card is zero and has been for a very long time.
I will let you know tomorrow if it shows up on my online balance or whether it is rejected as you seem to think it will be.

YorkshireBoy

Stoozers send £1,000s via BTs to place Egg Money in credit.

BTs are made by BACS/FP (ie sort code/collection account number/16 digit card number as the reference). Why would a personal BACS/FP transfer be any different?...rhetorical question because it wouldn't!

I expect noh to report a 3p credit balance tomorrow morning.

jamesd

digital-one, BACS transfers are perfectly fine and people have paid thousands over the balance using them since this change without Egg blocking them. You just can't start it from the Egg screens, you have to start from the account you're paying the money from.

noh

Rather unsurprisingly the 3p has arrived in my Egg card account putting it 3p in credit.

In case digital-one still doesn't believe it here are screen shots.

3p leaving my FD account



3p arriving in my Egg account putting it in credit.

MiserlyMartin

I too have been hit by the 50p fee. Actually its 48p minimum finance fee with a T/FER 0.00 AT 1.313% INT PER MONTH - 2p.

The only thing out of the ordinary that happened on this month (August) was I did a balance transfer from another card bringing the egg card £2500 in positive balance. I asked egg to do a card to savings transfer but they (for the first time) said they could not but they would transfer it to my account where the DD comes from. This they did but I can't see how this relates to the minimum finance fee!

Also I didn't think these new rules about not being allowed to be in positive balance did not come in until this month. Its an old egg card.

Any ideas please?