Egg - Anniversary Interest!

dccarm

I did an Egg SBT into my cuurent account on March 4th as it was the start of my anniversary period. Today I got my online statement and I've been charged interest! So now I'm over my limit and possibly accruing more interest.

Should I be concerned? I have sent a secure message pointing out that I was within my anniversary period, and I transferred cash from my current account to bring me back under my limit just in case.

I just hope this is their mistake and not mine. (It definitely is my anniversary period as I got the phone call telling me I was in my anniversary period and trying to sell me card protection insurance 2 days after I made the transfer.)

Woby_Tide

I'm having similar problems, there system is 'slow' to pick up on Anniversary periods, I got charged interest but they refunded and sorted it out by 're-balance transferring' the money onto the account so it was new transactions

then this month the new balance transfers had no interest, but I had 2 balance transfer showing £0 transferred £2.50 interest....so for some reason the original balance transfers were still attracting interest despite being for no money, again they have refunded interest

mattp_3

i know this isn't much use to you, but I managed to take advantage of the anniversary offer over the phone, only took a couple of minutes

dccarm

You're right, it's not much use! I had no trouble making my transfer either - the problem came later!

To update anyway, I received a reply to my secure message. They confirmed the transfer was in my anniversary period and that they will refund any charges and interest as a matter of urgency. So all is well in the world again.

nickcpickard

I have today found out i am paying interest on my Anniversary balance transfer.I spoke to EGG to question why & was told i was paying interest on my purchases not my balance transfer. I do not understand this as i pay my card off every month but am still paying interest.Can anyone tell me why?

dccarm

Possibly because they take your monthly payments off the balance transfer first rather than the purchases Nick? I think that is correct but you'd need to check. I think I saw that in the conditions as I've been aware of the fact that my Egg Card is out of bounds as far as purchases gp for the next 5 months.

MarkyMarkD

Absolutely right, dccarm. Nick - you CANNOT use your card for purchases whilst you are taking advantage of the anniversary balance transfer - or indeed any other card's balance transfer promotion.

If you do, then the payments are ALWAYS posted against the 0% balances, leaving the purchases accruing interest at the full regular rate.

Use a DIFFERENT card for purchases whilst you are using a balance transfer deal.

As you've already messed up, STOP spending on this card and bear the fact you'll be incurring this (presumably relatively small) amount of interest whilst getting the big benefit of the free balance transfer. Or, if the purchases are already significant compared to the purchases, just give up on the balance transfer and transfer the whole lot somewhere else.

deemy2004

Yeh, you have to be careful and again read the T&C

There are only a few cards that allow you to both spend and balance transfer at 0% i.e. IF.com, and halifax.

Most of the rest are only 0% for balance transfers OR spending, Not BOTH.

Reaper

Nick, this is the classic sneaky trap on almost all balance transfer cards. If you have money available then one way to get out of it is to repay the credit card completely then balance transfer it all back out again. If you are still within your initial (not anniversary) offer with Egg then this will stop you having to pay any more interest.

If you don't have the money available then you will have to live with it or find another card to transfer to.

Whatever you decide to do start using another credit card for everyday purchases.

Bash

Sorry if this is a little OT, but I'm now just out of my 0% Period with Egg.

What I want to know is, if I have a balance of £0 with Egg, then can I get Capital1 to pay my full credit limit to my Egg card (as a balance transfer). Then once I'm in credit with Egg, do an SBT into my bank account without incurring any charges other than the 50 max. charge on Cap1?

I think you answered this before but I wasnt absolutely sure if you can have a large credit balance on a Green Egg Card, without arousing suspicion?

deemy2004

Yes you can.

I.e. the cap1 to egg to current.