Egg Card Cancelled - Interest?

heathdene

Can Egg still charge interest on a cancelled card?

Thanks

Lavendyr

Yes, they can.

Paul_Herring

If you're one of the 7%, they haven't reneged on anything in the agreement - section 18 of their T&C's applies in this case - and yes, you're liable for any interest on balances:

[FONT=Arial, Helvetica, sans-serif] 18. Limiting use of the Account

We may, without warning and without ending this Agreement:

[/FONT]

• [FONT=Arial, Helvetica, sans-serif][/FONT][FONT=Arial, Helvetica, sans-serif]
  
• refuse to authorise a Transaction;
• cancel or suspend the right to use the Account; or
• refuse to replace a Card.[/FONT]

[FONT=Arial, Helvetica, sans-serif] But we will only do this with good reason, for example, if you are in breach of this Agreement, to prevent such a breach, for fraud prevention purposes or for legal or regulatory reasons.[/FONT]

[FONT=Arial, Helvetica, sans-serif] Nice thinking though
[/FONT]

angelesque

Am I right in thinking that my Egg card (which has been cancelled as per this latest fiasco) is now essentially just an exceptionally expensive loan, as I can't use it as a credit facility?

My bank is trying to push me into extending my loan and the interest rate is a third of that being charged on my Egg card - think most sensible option is to extend my loan and take any profit I still offer to Egg away from them...

Paul_Herring

Am I right in thinking that my Egg card (which has been cancelled as per this latest fiasco) is now essentially just an exceptionally expensive loan, as I can't use it as a credit facility?

Only if you're not paying it off in full, yes. (In fact it was before it was cancelled )