Egg Money Under-hand %APR Allocation tactic.

neverdespairgirl

Grade_A_Reject wrote: »

You can of course only get £25 per month for 8 months of the year as Egg's cashback is capped at £200. I find my £1000 severely restrictive in allowing me to reach my full cashback potential.

Try the Amex cashback card - 5% for the 1st few months, then 1.5% and no max.

wayoflife

Theres no argument with this....dont assume anything, if they told you over the phone when you asked that it would definately be 7.9% and it wasnt then you have an argument....

they will give different APR'S out according to your credit status...

What is unfair is when you apply for a capital one card (sub prime, but also good deals which now match high street lenders) and are given the basic classic card, that is underhand, as you were applying for a sepcific card with specific benefits and given something else alltogether.

The Egg card is brilliant, and if you closed it down then you have missed out on alot of benefits. It really is market leading and everyone should have one

Not only all of them mentioned above, but you can also get Egg money manager, which allows you to view all of your accounts online, securely in one place for free!

also this card acts as a mule and is one of only 3 (that I know of) that you can transfer funds directly from your CC to your current account

Is is a cashback card don't forget, what are you expecting??--- cashback on all purchases, interest paid on a positive balance, facility to transfer directly to your current account free of charge AND a really low APR....

I also question your meaning of 'whopping'. ok 16.9% is not really low, but isnt high considering the other main card APR'S at present

james10999

Don't know why anyone is complaining about this card, it's one of the best all round credit cards in the market:

1 % cashback on ALL spending
4 % interest on positive balances

...and my APR % is 7.9% however I never need it as I pay by balace off in full every month.

I try and put everything I spend on this card and when I get home just transfer the exact amount of money out of my bank account so I know i've paid for it. This way, i've earnt over £125 so far and I get my cashback in March

:beer:

terafarma

Lavendyr wrote: »

It should have been on the screen when they told you your credit limit during the application - that's when I saw mine.

I'm on 16.9% with Egg Money too, but I pay the full balance off each month so it didn't really matter to me.

Very well said LAVENDYR, exactly my point of contention with Egg. The technology is there, they could have displayed the applicable %APR for purchase and negative balance on their online application screen for me to see and decide before proceeding to sign the online agreement form.

I have no doubt that egg money offers good value for money, cashback wise, my grouse with the card is the none disclosure of the %APR on the screen in the course of you applying for the card. As I said in my post, I have a good credit history and was expecting a 7.9% APR interest rate as opposed to the 16.9 % that was offered by Egg. For the sake of clarity, I already have and enjoy sensible APR interests of 6.8% with Barclaycard and 8.9% with Intelligence Finance and was simply trying to lay my hands on the Egg money mastercard for the cashback benefit that it offers and the use of it as a mule.

Making me sign the credit agreement online before disclosing the applicable %APR was both under-hand and unfair. And for someone who enjoys interest rates of 6.8% and 8.9%, surely, 16.9% is a whopping interest rate to have to swallow and contend with credit crunch or not.

All said and done, I could still push my luck by asking for the cancellation request of the card to be reversed with all benefits restored status quo ante.This is following CLAPTON's advice and Milarky's wise counsel.

I should hope to still ask for a downward review of the applicable %APR after a few months of use.