Warning - Egg 0% Anniversary Offer! Interest Charged on Other Purchases Made

urbanfrit

stevie1 wrote:

Hi Helen - thanks for the useful post. I really wasn't looking for sympathy. I am in the fortunate position of being able to pay the amount in full and not being badly affected by it. But what about others who think they are getting a bit of a debt breather and only get swept up in further interest payments.

I took my card out 3 years ago, and the 0% offer seemed a fair one when reading the T&C's of the offer. I just didn't think I would have to read all the T&C's every time I use my card, in order to calculate the various scenarios. The 0% offer is meant to be a "thank you" for using their card; but is the most expensive gift you could end up receiving.

If you feel like you're getting a raw deal, then the only way to change that is to vote with your feet. Why will companies ever change the way they rip us off if we never cut up their cards and give custom to companies who treat us more fairly?

All you are "achieving" by your one man protest is to forego any future profit available to you from forthcoming anniversary offers and throwing away the best mule card you can get.Fair enough move your savings elsewhere but if you really want to screw them the best way is to increase your credit limit every 3 months then next year you'll get (up to) £15000 at 0% for 5 months with no fee.You won't get easier regular free money anywhere.

FTD

Yeah - don't ditch them, use the card for spending and get your credit limit increased as said above, then screw them next 0% offer - but until then, pay off in full each month!!!

FTD

Clariman

I took my card out 3 years ago, and the 0% offer seemed a fair one when reading the T&C's of the offer. I just didn't think I would have to read all the T&C's every time I use my card, in order to calculate the various scenarios. The 0% offer is meant to be a "thank you" for using their card; but is the most expensive gift you could end up receiving.

Hi Stevie. While I sympathise with you, it is really, really important to understand the card's Ts & Cs. I know that it may be a pain, but it is a contract between you and the lender and it defines how the card operates. If you read the Ts & Cs then there will be no surprises. Also, don't regard the anniversary offer as "thankyou". It is not. It is a very good offer that is part of their customer retention programme i.e. they want to retain customers so they offer something that will make it less likely for customers to close cards at the end of the 0% period. They are not doing it to thank you, they are doing it to retain your business. Not quite the same thing !

Clariman

smartsaver

Maybe time to look here again... http://forums.moneysavingexpert.com/showthread.html?t=50253&highlight=anniversary+explained

Hope it helps someone