Egg scrap cashback on Green Cards

gt94sss2

Just received a notification of changes to Egg's T&C for my two Egg credit cards (Green and Blue)

Included in this (as well as increases in interest rates etc) was:

Changes which come into effect on 1 September 2005. The following changes are only on your green Egg Card:

"We are amending Condition 11, regarding cash back. Cash back will no longer be payable on all Purchases for those customers who applied for an Egg Card from 1 October 2001. The definition of cash back in Condition 8.1 is being changed to reflect this. For customers who applied before October 2001, cash back will be paid provided the total amount is £10 or more. These changes will not alter the amount of cash back that is paid out to you in September 2005. All customers will still be able to take advantage of our special cash back offers with online retailers."

Regards
Sunil

cheets99

i just got an email saying this

Changes which come into effect on 1 August 2005 are:

We are increasing the variable annual rate of interest on your Egg Card from 14.9% to 15.9%.

We are clarifying Condition 7.2 to confirm that we don’t charge for payments made by BACS.

We are inserting a new Condition 9.5, setting out limitations on cash withdrawals.

tin

See ya, egg.......

gt94sss2

The full list of changes is:

Summary of changes

Changes which come into effect on 1 August 2005.

The following changes are on both your green Egg Card and blue Egg Card:

- We are increasing the variable annual rate of interest on your Egg Card from 14.9% to 15.9%.

- We are clarifying Condition 7.2 to confirm that we don't charge for payments made by BACS.

- We are inserting a new Condition 9.5, setting out limitations on cash withdrawals.

Changes which come into effect on 1 September 2005.
The following changes are only on your green Egg Card:

- We are increasing the variable annual rate of interest on Cash Advances from 17.9% to 20.9%.

- We are amending Condition 11, regarding cash back. Cash back will no longer be payable on all Purchases for those customers who applied for an Egg Card from 1 October 2001. The definition of cash back in Condition 8.1 is being changed to reflect this. For customers who applied before October 2001, cash back will be paid provided the total amount is £10 or more. These changes will not alter the amount of cash back that is paid out to you in September 2005. All customers will still be able to take advantage of our special cash back offers with online retailers.

The following changes are on both your green Egg Card and blue Egg Card:

- We are making a change to Condition 2 to ensure that your minimum payment covers interest plus a part of your balance in line with Banking Code requirements.

- We are making a change to Condition 7.1, which will now state that we can charge a returned payment fee if a payment you are required to make is returned or recalled for any reason.

- We are inserting new wording into Condition 10 which clarifies that payments made by debit card will be applied to your Account within four business days.

- And finally, we are also inserting a new Condition 20.3 which allows us to end this Agreement if you fail to comply with any other agreement we have with you.

Regards
Sunil

YorkshireBoy

gt94sss2 wrote:

- We are making a change to Condition 2 to ensure that your minimum payment covers interest plus a part of your balance in line with Banking Code requirements.

I've not had any e-mail notification, but only applied for my card this spring. Do you have any more detail on "condition 2"? As a stoozer, I wouldn't like the minimum payments to be increased from their existing 2%.

jeeves_2

I just got the same mail too...
Good point YB....but if stoozing then the interest should be zero anyway shouldnt it?
i think soo anyway

J

We_Laugh_Indoors

yeah i just got that too, and i have an outstanding balance on my card which i can't yet afford to pay off!

YorkshireBoy

jeeves wrote:

I just got the same mail too...
Good point YB....but if stoozing then the interest should be zero anyway shouldnt it?
i think soo anyway

J

I just had the thought that they might plan to lift the min payments to 3% or so, bearing in mind all the OFT stuff on charges lately.

After all, they'll be looking for all sorts of ways to gain back what they lose in penalties etc. For example, increasing purchase APR's from 14.9% to 15.9% in a climate of falling interest rates.

Joe_Bloggs

My cashback rate on the egg green for me is 0.1% so I needed to spend £5000 to get the minimum pay out of £5. It looks like I would have to spend £10000 with the new T&Cs. Fortunately they have removed the temptation by scrapping the rate all together.
My Amex blue spend, days from the first anniversary, has just gone through the 5K mark. My cashback with them is around £130 ( I don't believe it myself !). Do the maths as to which is the better purchase card.
I am not going to get rid of egg green because it is the SBT card of choice and their anniversary deals help to maintain a modest stooze pot. There limits are easily increased if you close the dead wood cards. Next year could be my last green year as the anniversary deal runs out after that.

J_B. (Too mean/lucky to pay a BT charge yet.)

smartsaver

tin wrote:

See ya, egg.......

Still good to use as a mule if it's pre May 05... Not to mention the anniversay deal ... Don't canx in haste and repent at leisure.... Or you could have EGG on your face... LOL..

crankup

I take it that the Blue Egg card is still paying 0.5% on cashback?