Are egg still cancelling accounts?

jinx_uk_98

Hi Guys,

Over the past year my egg is constantly going over it's limit and I've been in the position where I had to take about £400 of cash out on it. As a result I'm being charged a fortune in interest and charges.

I have a plan to reduce this interest that I would like to run past you guys 1st.

My parents are about to pay for their holiday, in cash. If I pay off the total balance of my egg card with this cash, wait a few days then pay off their holiday with my egg card will this stop egg charging so much interest?

Also, what are the chances that egg will take this opportunity to close my account thus not enabling to pay for the holiday?

Any thoughts?
Cheers

maemaesmummy

What happens if you pay it off... then they reduce your limit right down (even if they dont cancel the card) so you dont have enough free funds to pay for the holiday?

jinx_uk_98

yea that was my question really, can they do this without any notice?

NickX

maemaesmummy wrote: »

What happens if you pay it off... then they reduce your limit right down (even if they dont cancel the card) so you dont have enough free funds to pay for the holiday?

This could happen and is a risk.

However always have a backup plan - why not take out a new Credit Card, preferably on a low introductory purchase rate, then if Egg do suddenly reduce the limit, you could use this new Credit Card to pay for your parents holiday.

Just be careful with 2 cards not to rack up more debt.