EGG anniversary offer explained

simonleblank

I can confirm it is the 1st day of month start

dougggie

If my anniversary month is May and statement date is 17th of month, what date do I need to have repaid the balance to avoid an interest charge? Is it any time in the month of Oct, or before the Oct statement?

Thanks

douggie

YorkshireBoy

dougggie wrote:

If my anniversary month is May and statement date is 17th of month, what date do I need to have repaid the balance to avoid an interest charge? Is it any time in the month of Oct, or before the Oct statement?

I only got my Egg card last month, but my understanding of the anniversary offer would mean you have to pay it off by 30th September.

HTH
YB

PS: Someone please correct me if my post is incorrect.

smartsaver

You are right. It needs to be paid off by the end of September.

sly_dog_jonah

I was charged 'purchase' interest (albeit marginal amount) when I cleared my egg balance a few days before doing a promotional BT. I was told that had I cleared the balance before the statement date, then I wouldn't have been charged the 20p interest. (In previous months I had always paid off the balance in full, so there was no purchase interest outstanding).

The lesson then is that to avoid interest charges, you must have cleared the balance in time for the previous statement date (the 17th in my case). Any purchases after that date will attract marginal interest even if you pay them off before doing a 0% BT.

Here's the edited snippets from my Jan/Feb statements:

January statement:
OPENING BALANCE £0.00

27 Dec 2004 Purchase £<purchase amount> DR
06 Jan 2005 PAYMENT RECEIVED - THANK YOU £ <purchase amount> CR
10 Jan 2005 BALANCE TRANSFER . GB £<BT Amount> DR
T/FER <BT Amount> AT 0.160% INT PER MONTH £2.94 DR

Closing Balance <BT Amount+interest> DR

Minimum payment £<Min Payment>

February statement
OPENING BALANCE Previous month's closing balance

31 Jan 2005 PAYMENT 2 EGG . GB £ <Min Payment> CR
17 Feb 2005 MERCHANDISE INTEREST AT 1.167 PER MONTH £0.20 DR
T/FER <Previous month's closing balance> AT 0.160% INT PER MONTH £11.01 DR

And before any asks, yes I did query the interest charge by Secure Message and was told it was correct. I wasn't bothered about pursuing it and wasting my time over 20p, but for other people with larger balances it might be worth bearing in mind.

smartsaver

I am still confused over the new SBT charges. I am sure they will apply for new customers during the anniversary offer. This is quoted from the EGG website:

'0% interest until 1 February 2006 on balance transfers from credit/store cards, overdrafts and loans, then at 14.9% pa variable. For each balance transfer there is a 2% handling fee (maximum £50).'

Not good news for those who apply from this month on . Those that have an EGG card - hang onto it

Chadsman

I phoned Egg 1/5/05 just after applying for the card and was told then the 2% charge would only apply during the introductory 0% BT period.
Tho the wording is sufficiently vague for them to change their minds if they wanted.

smartsaver

For EGG card newbies it would be worth having a blue card too as no BT fee applies to this and it could be the new mule . I know the switched on use this during the anniversay period now.

mary

I've just started my anniversary month May 1st. Got a Blue Egg as well to use as the proverbial mule. Chatting to the guy on the phone yesterday as I wanted to change the balance on my Green to £13K and to £2K on Blue. Not a problem. Did it instantly. However, it was by pure chance he told me that my regular payment was still on OUTSTANDING BALANCE and he reminded me that I would probably want to change it to MINIMUM PAYMENT.
Now that could have been an expensive oversight. Beware others who are going on to their Anniversary Month to check what your repayments are, as it is probably left where you last used it. i.e. at the end of the original 0% promo period.

smartsaver

Thought it worth resurrecting this thread in view of a recent posting....