my incredible stupidity-Egg rip off

eira

I am profoundly ashamed of my stupidity but just wanted to post this to warn anyone out there who might end up in the same trap-although hopefully no one in the world will be as stupid as I've been.Had an Egg offer of 1.85% on balance transfers and was heartily sick of the endless hassles with Citi card.So I paid the balance on my Citi card with my Egg card.Then I took out a 0% offer with the Post Office to pay off what I thought was the remaining balance on my Egg card.Checked today and what Egg did was use the money to pay off the Citi transfer that there should have been only a 1.8% interest rate on.As a consequence I've now paid a balance transfer fee for a 1.8% for a week and now have to pay 17.8% on the remaining balance-there was a week's gap between the transfers. No wonder they haven't suspended my Egg card ! Needless to say I won't be taking up any Egg offers ever again

CannyJock

eira wrote: »

I am profoundly ashamed of my stupidity but just wanted to post this to warn anyone out there who might end up in the same trap-although hopefully no one in the world will be as stupid as I've been.Had an Egg offer of 1.85% on balance transfers and was heartily sick of the endless hassles with Citi card.So I paid the balance on my Citi card with my Egg card.Then I took out a 0% offer with the Post Office to pay off what I thought was the remaining balance on my Egg card.Checked today and what Egg did was use the money to pay off the Citi transfer that there should have been only a 1.8% interest rate on.As a consequence I've now paid a balance transfer fee for a 1.8% for a week and now have to pay 17.8% on the remaining balance-there was a week's gap between the transfers. No wonder they haven't suspended my Egg card ! Needless to say I won't be taking up any Egg offers ever again

You may still be able to salvage a result from the mixup.

If the Egg offer of a 1.85% balance transfer still exists, what you need to do is transfer the balance off the Egg card to another card so it has a zero balance. Then when you get a nil balance statement in, you transfer the full balance back onto the Egg card at 1.85%.

If you do this then voila, all your debt is at 1.85% for the duration of the offer period. You then need to look at the period of the 1.85% offer and remember to count the fees (normally around 3%), so if it's for 12 months then that's like moving your debt onto a 4.85% rate.

If your "old" Egg debt is at 17.8% then it's still worth doing this IMO.