the new egg money card

KathrynPenguin

Well I am an Egg card blue holder and I have been given the 15.9%APR. I am not happy about it.

The credit limit on my Egg blue card is £1150 and I am actually 975 in CREDIT (I paid from a savings account last month and did it too late to stop the DD also going out of my bank account so paid them twice!).
The credit limit on my Egg Green card is £1150 and I have a zero balance
I have £1120 in my Egg savings account.
I once had an egg loan that I paid off early
My salary is in the region of 28k
I don't have a mortgage
I have credit cards all paid off monthly except on on an interest free period.
I have 2 credit agreements for interest free credit.
I make all payments on time.
I am even a shareholder! (I know it makes no difference)

Hey I have a good credit rating! So why 15.9%. I emailed them and asked them and all they have told me is that I can apply to increase my credit limit and that their interest rates have been set at 6.9%, 9.9% and 15.9%. No real explanation about why I have been put on the high one. I may cancel this card now (as the interest free period is over) and get one again next year when I want to stooze there again and see what they offer me then.

YorkshireBoy

KathrynPenguin wrote:

Hey I have a good credit rating! So why 15.9%.

Just a thought, but how do you know you have a good credit rating? Have you obtained a recent report from the CRA's?

It sounds like you have a lot of credit cards and interest free buy-now-pay-later cards/agreements. Whilst your salary is reasonable at £28K, these cards, coupled with your "relatively" low Egg limits would seem to indicate the your "available" credit might be a little high for Egg.

You might want to check and make sure all unused available credit accounts have been marked as settled on your file.

Careful_ly

KathrynPenguin Why cancel? Why not keep the card for the 1% cash back and in time I'm sure they'll drop the rate.
But if you pay in full, does it matter what the rate is anyway?

pinkfluffybabe

KathrynPenguin wrote:

Well I am an Egg card blue holder and I have been given the 15.9%APR. I am not happy about it.

The credit limit on my Egg blue card is £1150 and I am actually 975 in CREDIT (I paid from a savings account last month and did it too late to stop the DD also going out of my bank account so paid them twice!).
The credit limit on my Egg Green card is £1150 and I have a zero balance
I have £1120 in my Egg savings account.
I once had an egg loan that I paid off early
My salary is in the region of 28k
I don't have a mortgage
I have credit cards all paid off monthly except on on an interest free period.
I have 2 credit agreements for interest free credit.
I make all payments on time.
I am even a shareholder! (I know it makes no difference)

Hey I have a good credit rating! So why 15.9%. I emailed them and asked them and all they have told me is that I can apply to increase my credit limit and that their interest rates have been set at 6.9%, 9.9% and 15.9%. No real explanation about why I have been put on the high one. I may cancel this card now (as the interest free period is over) and get one again next year when I want to stooze there again and see what they offer me then.

I too am an egg blue card holder, and have been offered 9.9%. I secure messaged them right away to request 6.9% and was told that all egg blue customers were given this rate in the interim to see how the account was handled. Apparantly we will be emailed in due course when it is going down.

I am keeping it anyway, I don't need it particularly as i have a 5.5% and 3.9% life of balance deals elsewhere. I am going to load it up for Christmas shopping and take advantage of the cashback.

saintstreaky

First, someone earlier in this thread said they were advised to contact Egg in (say) six months and they might reduce the rate to 6.9%.

Second, as Careful said, why on Earth does it matter anyway if you pay off in full every month? Keep it, unless you've got another card that pays 1%.

I've applied successfulyy for one, and am very pleased: I haven't been able to get any other high cashback cards, because my income is too low, and the rumoured 2% up to Christmas takes some beating!

aliasojo

Yip...15.9% here too. When ours comes to the end of it's 0% period, we'll just ditch it.

I prefer to use our Tesco card for the points. The deals available with Tesco are more beneficial for us.

freedebt

pinkfluffybabe wrote:

I too am an egg blue card holder, and have been offered 9.9%. I secure messaged them right away to request 6.9% and was told that all egg blue customers were given this rate in the interim to see how the account was handled. Apparantly we will be emailed in due course when it is going down.
.

You were told wrong! im a existing egg blue card holder, and was offered the 6.9% rate. Have had it over a year, and pay it off in full each month. This is great, was going to apply for a cashback card soon, waiting a while because was turned down for the last card. Now i dont have to do a thing and no credit file search either. Also does this mean that egg money will be a competitive card for overseas spending, up there with liverpool vic and nationwide debit c? or are there catches?

YorkshireBoy

freedebt wrote:

Also does this mean that egg money will be a competitive card for overseas spending, up there with liverpool vic and nationwide debit c? or are there catches?

See posts #85-#87 on page 9 of this thread. There may have been an earlier post (I can't remember) which prompted Martin's post #85.

KathrynPenguin

YorkshireBoy wrote:

Just a thought, but how do you know you have a good credit rating? Have you obtained a recent report from the CRA's?

It sounds like you have a lot of credit cards and interest free buy-now-pay-later cards/agreements. Whilst your salary is reasonable at £28K, these cards, coupled with your "relatively" low Egg limits would seem to indicate the your "available" credit might be a little high for Egg.

You might want to check and make sure all unused available credit accounts have been marked as settled on your file.

Yes I have checked CRA's - I followed Martins advice about doing it when I heard him talking about it on Radio 2 a little while ago. Being aware that I had often chopped and changed cards I thought I would check and yep its pretty good.

I can't see any benefit in the card at the moment, if I don't pay in full one month the APR is too high (there are some months when I don't) so I will chop this one now and get another interest free period elsewhere. As for cashback - I use a Tesco card for 90% of my purchases, a John Lewis Partnership card when I shop at Waitrose (so I can scan and pack :T ) and the Egg cards sit by my PC and I use them for online shopping. I don't bother to take them out as I can't remember the PIN numbers and never seem to get round to changing them.

shak

Finally decided to get it and got 6.9%. I think it is time to get rid off all my other cards I don't use..

Thanks again