Warning when clearing Egg Credit Card Balance

marvin

Recently cleared my egg CC balance did this by debit card part way through a month so got an interest charge on the next statement for the interest due up to the point the balance was cleared. (quite rightly)

This amount was cleared via the DD at the end of the month in the normal way but this month when my balance should be 0 got stung for 4p interest and a 46p minimum finance charge = 50p

Now no idea what this 4 p is for as the balance transfer I originally had on the card had no fee attached too it and the whole balance was paid in the normal way.

Just be aware of this if clearing a balance from the normal egg credit card not the money one.

I shall be querying this 50 p with egg as it seems a little strange too me.

thepearce

The 50p minimum charge is some stinking thing they bought in a while ago. I was done over in the same way.

missile

It takes two months to clear interest charges on any residual balance. It is a bit sneaky but they are within their T&Cs.

marvin

missile wrote: »

It takes two months to clear interest charges on any residual balance. It is a bit sneaky but they are within their T&Cs.

Same occurred with Lloyds TSB except all they charged was 1p now that I can understand to a degree as there was a balance transfer fee also on that one.
Now there was no balance transfer fee on the egg one so as all I was doing was paying off the interest on the interest on that loan there should have been no residual as far as I am concerned. What are they charging interest on? bearing in mind I was on a fixed rate deal for LOBT 6.9%

now from my egg statement January 26th

IF YOU ONLY PAY YOUR MINIMUM PAYMENT, YOUR ESTIMATED INTEREST (SEE EXPLANATION) ON YOUR NEXT STATEMENT WILL BE 0.50

I did not pay the minimum I paid the whole balance, no warning there that if I pay the full balance I will get charged 50p anyway.
More reasons I think to drop the Egg and watch it smash!
This is only posted as a warning too others to look out for and plan for this ridiculous charge.

Mozette

Yes, you need to overpay a bit to cover the extra bit of interest, because even if it's 1p there is a minimum charge of 50p. It is in the T&C.
I did email them when this happened to me, and had a bit of a (polite) moan so they knocked it off. Worth a try?