Hike in Egg Card Interest Rate

CraigT_3

Hi

Is it just me, or has anyone else had a hike in their egg card interest rate?

Now maybe I'm just a bit nieve / stupid, and thought the credit crunch would not directly impact me, however my egg card rate has just been moved from
10.9% to a whopping 19.9% - an increase of well over 80%!!?!?!?!?!?!?!?!

I normally pay off my balance (or most of it) in full each month, so it's unusual for there to be a huge balance on my card, and I've been a loyal and good customer with them for a few years, and therefore I'm struggling to see how egg can justify such a hike, especially as my rate was 9.9% until a few months ago.

I've been with egg some years, and never really looked around at other credit cards, however I cant help but feel a bit foolish, as I guess there are many other better rates / offers / cards out there on the market place, and I'm now off to check them out!

Anyone else had this hike in rates imposed on them, and is it just restricted to Egg, or are they all at it?

Cheers

Craig

VenuS

Mines still at 16.9%, which is what it was when I first got my egg card a couple of years ago. I keep it for BT's each year (if I need them) as it has a high credit limit. My anniversary is just before xmas, so it helps alot.

I feel Im owed though on at least one of my cards for some hike in interest rates. Most of them though are at 13.9% to the egg which is my most expensive one at 16.9%

There is deffinately better cards out there, but Im sticking with mine as I said for the above reason.

arfster

They figure you can afford more, so jack it up a bit.

There's no reason to be paying interest at all these days though - why not just get a 0% card and BT to it? Saves you a bundle over the course of a year.

CraigT_3

Cheers for the replies...

Since posting, have looked around the forums (sorry, should probs have done this before I posted) and I can see that many others are in the same situation with other cards etc.

Have made formal complain to Egg as they are unable or unwilling to justify the hike, all they can say is market forces!

Unless I get a positive outcome, I will deffo now be looking to end my 4 year relationship with egg and ditch their card, in favoiur for one of the others who seem to offer better deals.

Shame really, Egg dont seem to realise that customers will vote with their feet...

Ho hum, c'est la vie I guess..

Cheers

Craig