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egg anniversary and zero balances
DebtEverest
Posts: 64 Forumite
in Credit cards
The other posters message about credit limits has prompted me to ask for your opinions on my egg card anniversary quandry.
I noticed something on my last statement that fellow stoozers may be able to help me with.
Even though my balance was zero (paid off the card thorugh october) I noticed in small print at the bottom of the statement that "if I only paid the minimum balance of 5.00 I would be charged 36p interest on my next statement".
If I have a zero balance - how can that be ? ???
Second question - if i did only pay the minimum - and I then stoozed almost all of my 10,000 credit limit - what would happen to the 36p?
If they then added the 36p interest to the account, and i did nothing about it then (only paid the minimum) would i then be charged the normal interest rate 13.9 (or whatever it is !)
BUT when I then made my next payment, would the 36p by paid off first BEFORE my stoozed balance?
I noticed something on my last statement that fellow stoozers may be able to help me with.
Even though my balance was zero (paid off the card thorugh october) I noticed in small print at the bottom of the statement that "if I only paid the minimum balance of 5.00 I would be charged 36p interest on my next statement".
If I have a zero balance - how can that be ? ???
Second question - if i did only pay the minimum - and I then stoozed almost all of my 10,000 credit limit - what would happen to the 36p?
If they then added the 36p interest to the account, and i did nothing about it then (only paid the minimum) would i then be charged the normal interest rate 13.9 (or whatever it is !)
BUT when I then made my next payment, would the 36p by paid off first BEFORE my stoozed balance?
Bank Charges Claimed: 180
Debenhams card: 600 now paid
Littlewoods: 100 now paid
Debenhams card: 600 now paid
Littlewoods: 100 now paid
0
Comments
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The Egg card is a little different than others with regard to 'minimum payments'. If you have a balance transfer AND a purchase balance [what Egg refer to as a 'revolving' balance] the minimum payment [being the greater of 2% of statement balance or £5.00] is applied to each part separately. As I understand it, therefore, your '36p' .. if it ever got charged .. would be swept up by the first minimum payment because it is less than £5.00.
This is not something to lose sleep over...
To have no interest on a current statement AND no balance on that statement either I cannot see how you can be charged either? You've got me there......under construction.... COVID is a [discontinued] scam0 -
Why not send them a secure message and let us know where they discovered the 36p!0
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I think i've worked it out - my mistake! :-/
I checked the statement again to send a secure message and technically, the closing balance wasn't zero - the balance was zero and then egg added an interest charge of 8.26, so the closing balance was 8.26.
therefore, if i made the minimum payment of 5.00 then that would leave 3.26, and 1 months interest on the 3.26 would be 36p.
It all became academic as I paid off the 8.26 - in fact i overpaid, and paid 10.00 to cover all eventualities!Bank Charges Claimed: 180
Debenhams card: 600 now paid
Littlewoods: 100 now paid0
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