Egg Card - interest rate increase again

stephenhodgkiss

I have an had an egg card for a few years now. Despite getting a great rate at the start, I'm currently on 17.9% after a recent increase.

Today, i've received another email saying that from the 13th Dec it's going up again to 21.9%. what a rip off!

Maybe it's because i've transferred £11,000 to the card 3 months ago at 0%

Regards

janettemorrison

Blimey that's a good rate!!!!

I got an email from Egg today and it said

A summary of the changes effective from 13 December 20073 – this change is to notify you that the new APR for your agreement is 26.9% (variable).
As fast as I try to pay it off they add more interest.

The dogs - makes me more determined to pay it off as quickly as possible.

Regards

stephenhodgkiss

Oh well. I didn't realise they could give people different rates like that.

Lucky there's not much balance on there at this rate.

DesG

Welcome to the gouging world of Citibank

(Not that egg/citibank are the only ones increasing rates)

Cheers, Des.

Zebedee69

Woo, time for a switch to a 0% card methinks!

janettemorrison

Unfortunately can't switch because of my horrid credit rating.

I have though found a lovely person who is willing to loan me the cash to pay it off and then pay them back interest free.

There are some nice people in this world.

Regards

maddriver

yep same here, gone from 16.9% to 21.9%. haven't had time to ring up and complain yet (worked with A&L).

can't help but wonder if these companies do this because they know our cedit ratings and know we can't move away from them.:mad:

scotlass99

Same here - up to 21.9%!!

Grr makes me angry!! But I too have a shocking credit history so no chance of getting a 0% card...

jay78

I've gone from 17.9% to 19.9%. At first I thought it was because I had recently BT'd my balance over to another card but I guess this isn't the case.

bargains83

How can they justify increasing rates now when the BoE has just dropped the base rate by 0.25%?. They've not changed mine yet this year. I was upped from 15.9% to 17.9% last year but thankfully have just recently cleared my account balance.

My Egg money has always been 16.9%

janettemorrison

bargains83 wrote: »

How can they justify increasing rates now when the BoE has just dropped the base rate by 0.25%?.

I was thinking the same thing...

This is the second time that Egg have increased my rate in two years from 22 to 24 and now to 26.

Still I was £25,000 in debt I am now only £5,000 in debt and going down.

Regards