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Credit Crunch

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I received this email from Egg today. My 0% runs out next month so I shall definitely be clearing the balance or moving it to another card. I have two 0% offers on my desk as I type!

"We are making a number of changes to your Egg Card Conditions.

Summary of changes

Changes which come into effect on 1 August 2005 are:

We are increasing the variable annual rate of interest on your Egg Card from 14.9% to 15.9%.

We are clarifying Condition 7.2 to confirm that we don’t charge for payments made by BACS.

We are inserting a new Condition 9.5, setting out limitations on cash withdrawals.

Changes which come into effect on 1 September 2005 are:

We are making a change to Condition 2 to ensure that your minimum payment covers interest plus a part of your balance in line with Banking Code requirements.

We are increasing the variable annual rate of interest on Cash Advances from 17.9% to 20.9%.

We are making a change to Condition 7.1, which will now state that we can charge a returned payment fee if a payment you are required to make is returned or recalled for any reason.

We are inserting new wording into Condition 10 which clarifies that payments made by debit card will be applied to your Account within four business days.

We are amending Condition 11, regarding cash back. Cash back will no longer be payable on all Purchases for those customers who applied for an Egg Card from 1 October 2001. The definition of cash back in Condition 8.1 is being changed to reflect this. For customers who applied before October 2001, cash back will be paid provided the total amount is £10 or more. These changes will not alter the amount of cash back that is paid out to you in September 2005. All customers will still be able to take advantage of our special cash back offers with online retailers.

And finally, we are also inserting a new Condition 20.3 which allows us to end this Agreement if you fail to comply with any other agreement we have with you."

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Guest Charlie The Tramp

Well someone has to pay for the bad debts and it won`t be the defaulters. <_<

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Proof, if proof were needed, of the utter stupidity of the masses. Do people really pay 20% interest on their credit card borrowings.

I'd expect to be called a loan shark if I lent people money and charged 20% interest. Can anyone set up a credit card?

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  • 302 Brexit, House prices and Summer 2020

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      • down 5% +
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