Is this new - only 95% of credit limit with Egg?

mary

Using Egg as a mule, £3K landed from M & S in the account on 31st May, giving me a positive balnace of £3k.

Egg Anniversary started on 1st June. So did a BT for the full £15K credit limit to bank account. On 2nd June the balance was showing, logically as £12K, so tried to do a further BT of £3k. Got an email from Egg saying that would take me over the limit (yet 12+3 = 15). Sent them a reply querying it .

They said "You'll be able to request a balance transfer on your Egg Card at any time. Please note that you can only make a balance transfer for up to 95% of the available credit on your card. This means that the maximum you'll be able to transfer will be £2850.00."

Is this a new policy or have we hit a muppet who doesn't know the rules?

charlie12

Interesting. Perhaps it's new policy - to allow a "buffer" for interest and charges. Of course there won't be any charges for pre-May 1st cardholders, but it may have been introduced to stop new customers going over their limit (even if Egg profit from this...)

Bargain_Rzl

charlie12 wrote:

Interesting. Perhaps it's new policy - to allow a "buffer" for interest and charges. Of course there won't be any charges for pre-May 1st cardholders, but it may have been introduced to stop new customers going over their limit (even if Egg profit from this...)

I'm still enjoying my Egg introductory rate (opened account in March) and managed to SBT the proceeds from my latest stooze card only yesterday, which took the Egg card up to 98% of its limit - no email from Egg yet saying I can't do this any more

charlie12

Bargain_Rzl wrote:

Not true. The original poster says she was hit by this change during her anniversary period...

However, I'm still enjoying my Egg introductory rate (opened account in March) and managed to SBT the proceeds from my latest stooze card only yesterday - no email from Egg yet saying I can't do this any more

I know the original poster was in her anniversary period. I was simply speculating that "perhaps" it might be a new policy applied to both old and new customers, but not necessarily everyone.

mary

Just answered my own question really!

Have gone on to their website on FAQ about BTs
and they say:

How much can I balance transfer?
You can ask to transfer any amount, as long as it's over £100 and less than 95% of your available credit limit

Don't know how long that's been hiding there. Very puzzling as my initial transfer online for the full £15K went through without a hitch, i.e. 100%. Maybe it's because I'm doing a second BT in rather quick succession and the computer system doesn't like it.

ctm_2

I think it's a new thing since May when people now get charged a fee for transfers to stop people going over their credit limit.

fatboyonadiet

Must be a new thing, MBNA has the same rule, the M&S card doesn't though.

sly_dog_jonah

mary wrote:

Using Egg as a mule, £3K landed from M & S in the account on 31st May, giving me a positive balnace of £3k.

Egg Anniversary started on 1st June. So did a BT for the full £15K credit limit to bank account. On 2nd June the balance was showing, logically as £12K, so tried to do a further BT of £3k. Got an email from Egg saying that would take me over the limit (yet 12+3 = 15). Sent them a reply querying it .

They said "You'll be able to request a balance transfer on your Egg Card at any time. Please note that you can only make a balance transfer for up to 95% of the available credit on your card. This means that the maximum you'll be able to transfer will be £2850.00."

Is this a new policy or have we hit a muppet who doesn't know the rules?

I had precisely the same problem today and yesterday, so I've just submitted a request for 95% of my limit. Maybe third time lucky it will work...

mary

Before I made another attempt to do a BT, I contacted Secure Message again and this was their reply.

"We have recently made amendments to balance transfer requests.

Your credit limit is ?15000.00.

The maximum balance transfer request is up to 95% of your authorised credit limit.

We have changed this to stop our customers from going over the authorised credit limit. Covering costs for any interest charges etc.

If you need any further assistance, please let me know.

Regards

Internet Customer Services"

So, presumably £750 less to stooze with on this amount. Oh well.

thor

Same happened to me in this my anniversary month. Sent an email off to customer service but have not checked it yet, though it is almost certain I'll be given the 95% limit as the reason. Maybe it only applies to each transfer so that you could try splitting the request into 2 - do the first 95% and then later send in a second request for the remaining 5%. Anyone tried this?