Egg Money Help - Charged Interest ??

thumshie

abitrubbish wrote: »

I have had a minimum interest charge of £0.50 on my last couple of statements...

This IS the interest you are paying. If you don't withdrawl cash, this charge wouldn't appear. As you say because it's small withdrawls, you are actaully worse off. Instead of only charging 4-5p they've charged you 50p.

abitrubbish

lisyloo wrote: »

yes, sounds like you have been paying off the cash advances and incurring small interest.

You should also check the order between the balance transfer and purchases.

Martins advice is NEVER, EVER, EVER, EVER spend on a stoozing card.

This is becuase sometimes they pay off the balance transfer first so you have to pay interest on your purchase for the entire length of the stooze period.

Thanks, this is very good advice. However, you misunderstood me, I had transferred a balance ON to the Egg Money (ie putting it into a positive balance) before onwardly transferring it somewhere else (my bank account). Maybe I should have said SBT rather than stooze. So whilst saying earlier that the card was never in positive balance this isn't strictly true, it was very positive for a few days (during which time I didn't withdraw cash!)

I always pay off the balance in full, and often more, using a set payment each month, and additional payments when I am approaching my limit.

I shall from hereon stop using my Egg Money card to withdraw cash!

stylus360

me too.

thanks

bumpybecky

I might have the answer....

I used my money card to make two small purchases, then transferred £1000 ONTO the card, then moved my £1000 to other accounts (two transfers of £500) and have been charged interest.

The explanation from egg is that when you pre-load the card like this it automatically pays off the purchases first (despite the fact they were in the interest free period as they were new purchases and wouldn't normally be paid until the next statement).

This means when I did the balance transfers off the card, I ended up owing them money. As balance transfers have no interest free period, interest gets charged straight away. Like you, this ended up as a 49p minimum charge.

I also always pay the balance off in full every month, never late. I only ever balance transfer money off the card that I have previoisly loaded onto the card and yet keep being charged interest!

I've attempted to close the account (and the Egg Crad and the four savings accounts - got a bit cross and hormonal with them last week :eek: ). In the mean time I've been charged more 'trailing interest' and they wont show me the last statement :rolleyes:

Mozette

I misjudged my timing a bit when doing BTs in & out, so was charged a few pence (made up to the minimum 50p) last month, then this month I get the minimum 50p charge - I queried it, and now have it refunded as it was an error. Pays to ask if you don't think you should've been charged. Anyone can make an 'error'.... or whatever...

bumpybecky

the first two times it happened they refunded me and I did think it was an error! after that though I got passed to the 'complex issues' department (I find their existance amusing for some reason!) now I always seem to be referred there and no more refunds

the total charge over the four or so months it's happened is less than £2, so it's not like I'm asking for much back either!

wacko911

:mad: Grrrr!

Got hit 50p minimum charge this month and shouldnt have (IMHO)

I had just over £100 in the account, and withdrew this at an ATM, and then later the same day bought something with the card. Egg money grabbing $%"£$%$ have printed the statement showing a purchase and THEN £100 cash withdrawal and hence interest charged.

Sent them an email will see what happens!