egg no longer free BTs for existing customers

koru

The monthly e-mail to say that I should view my on-line statement says they have changed the T&Cs. Their "summary" of the key changes does not seem to think it important, but if you view the full T&Cs, they now include a 2% fee (capped at £50) for BTs and SBTs.

Looks like they have extended the 2% fee to existing customers (unless I have been singled out for some reason). No more mule.

Reaper

That's bad news. When do these take effect?

Are their T&C for existing (not new) customers online? If so do you have a link as I couldn't find them.

koru

I can't immediately see when they take effect. Here's the link from my email:http://new.egg.com/visitor/0,,3_60374--View_1124,00.html

Reaper

Hmmm. I wonder if they have made a mistake and pointed to the new customers T&C since they fail to point out the change.

However even if the worst happens and it is correct it may not be the end of using it as a mule. Here is the important bit from their T&C:

a handling fee of 2% (maximum fee £50.00) on the amount of each Transferred Balance made during an introductory offer period or made under a Special Promotion

Now I only ever use it as a mule outside the promotion periods (anniversary 0% offer) so as far as I can see the BT fee does not apply.

EDIT: Of course making use of the 0% anniversary itself will incur a fee now, which is a shame, but I'm happy enough as long as I can keep muling.

koru

Reaper wrote:

Hmmm. I wonder if they have made a mistake and pointed to the new customers T&C since they fail to point out the change.

You may be right. I hope so. Next time I need to do a BT, I will probably phone and check.

koru

Reaper wrote:

However even if the worst happens and it is correct it may not be the end of using it as a mule. Here is the important bit from their T&C:

Now I only ever use it as a mule outside the promotion periods (anniversary 0% offer) so as far as I can see the BT fee does not apply.

This is a good point. It would be foiled if the new T&Cs banned you from having a positive balance on the egg card. Other cards have introduced this term, but I did not spot this in the egg T&Cs. Anyone with sharper eyes than me spotted it?

Milarky

koru wrote:

This is a good point. It would be foiled if the new T&Cs banned you from having a positive balance on the egg card. Other cards have introduced this term, but I did not spot this in the egg T&Cs. Anyone with sharper eyes than me spotted it?

That still wouldn't prevent the card being of use to you - You would just balance transfer [let's say] to Egg in the morning that you got your new non-Egg card and go straight to the non-Egg provider to transfer from Egg to them: "Have you a balance transfer"? "Yes, I have [now!]" Egg will process the BT from a nil balance and the covering payment can take as little as two days [interest to Egg] - that's all - a lot less than 2%.

cronshd

I just got a reply from my message to Egg this morning regarding this.

They said there would be no fee for a BT for existing customers.

That is what I am going to run with - as it is in writing from a named individual at Egg.

Stonk

The on-line T&Cs used to have a load of different clauses only one of which would apply based on when you took out the card. This has now gone and been replaced with a flat clause for everyone:

7.2 We will charge:

...

a handling fee of 2% (maximum fee £50.00) on the amount of each Transferred Balance made during an introductory offer period or made under a Special Promotion;

...

I think this wraps it up pretty cleanly. However, if you have corrrespondance (incorrectly) stating otherwise then you'll have no problem getting the fee refunded when you complain.

YorkshireBoy

Stonk wrote:

The on-line T&Cs used to have a load of different clauses only one of which would apply based on when you took out the card. This has now gone and been replaced with a flat clause for everyone:



I think this wraps it up pretty cleanly. However, if you have corrrespondance (incorrectly) stating otherwise then you'll have no problem getting the fee refunded when you complain.

If you read the top paragraph of the "Legal information you need to be aware of" section of the "small print", you will see the following text...

===================
CREDIT CARD AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974
This is a credit card agreement between Egg Banking plc of 1 Waterhouse Square, 138-142 Holborn, London EC1N 2NA and you, the person who signed this Agreement.
===================

The "agreement" *I* signed made NO MENTION of any BT fees. In the absence of any PERSONAL communication with me DIRECTLY, then as far as I'm concerned, the T & C's that *I* signed are the ones that govern my contract with Egg. Even if they wanted to RETROSPECTIVELY change my T & C's, I don't believe they could do it "with immediate effect".

Setting the above aside, I have had communication with Egg today who tell me that, as a pre-May 1st applicant, all my BT's are "fee-free" - FULL STOP.

Now my next words may come back to haunt me but...

I think this is another example of poor web site layout from Egg with regard to T & C's, old vs new customers, etc. For example, the 95% BT ruling is not in their T & C's - it's hidden away in their FAQ section.

However, I suspect they were trying to do a T & C's "tidy-up" because, as has been stated above, they previously had a very complicated T & C's structure due to them changing deals every month. It's just that they overlooked one or two of the basics!

Just my views - am I wrong?

cronshd

I think you're very right YB.

That is the position I am taking. If you have it in writing from an Egg employee in response to a specific question about fees, then it's a done deal. Egg are not going to retract that - in those circumstances it is not worth their while.

If you want to be super safe, then ask the same question again - and wait for the reply.

---