Long term experience of egg (Egg Card)

Member Name: solemountain

Product:	Egg Card
Date:	14/03/09 (148 review reads)
Rating:

Advantages: Ok 0% interest deals

Disadvantages: Unbelievably high APR rate, poor treatment of loyal customers

As is the case with many customers, I signed up to egg about 3 years ago, as a way of transferring an existing credit card balance and taking advantage of their 0% interest offer. This was fine while it lasted and the card and balance transfer was easy and painless to set up via their website.

However, since the 0% period ended, egg have incremented the APR rate of my card on a number of occasions (and very subtlety informed me of this on each occasion). It is now at an incredible 26.9%! The reasons they give for these interest rate hikes are usually the classic '...we assess customer's needs and risk on an individual basis' type lines. However, I have a good credit rating, have never missed any card payments in the past and have a reliable income and owe about £2000 on the card, usually paying off only the minimum monthly payment. It is also worth noting that this is far greater than the maximum rate they would offer a new customer.

After further research it appears that I am not the only ongoing customer who is being charged this APR rate - it seems like their standard way of rewarding for customer loyalty.

So to conclude, this is a company which may have appealing opening offers and interest rates for new customers, but will be very likely to reward your custom with an incredibly poor interest rate further down the line. Also remember that it is no longer as easy to jump between 0% interest rate cards, as the lending terms are becoming more strict...which could lead to you becoming locked into a lender such as egg.

Be very, very wary!

Summary: Appealing offers, less appealing long term use