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I was forced into it…seriously! When the joint credit card venture between Egg and Boots finished last year, I had to give up my Advantage Card Powered by Egg and either pay off my balance or transfer to an Egg card. I loved my Advantage credit card as I used to get loads of extra Boots points….but it had to go……and to keep a decent credit rating I decided to accept the offer of an Egg credit card.
As an Egg shareholder I suppose I should really be singing the company’s praises but I’m afraid the Egg credit card really isn’t what its ‘cracked up’ to be (boom boom!).
TO SNARE YOU IN ~ ~ ~ ~ ~
Egg ALWAYS have some sort of promotion to snare you into their trap when it comes to their very profitable business of credit cards (I know its very profitable for them as I have just had my mid-term shareholder report!!!). It will usually entail some sort of no/low interest transfer balance/new purchase rates. At the moment they are offering:
·0% on balance transfers ·0% on new purchases ·Prize draw of £5000 if you add another cardholder ·0.5% cashback (which used to be 1% just over a year ago!) ·10% discount on insurance ·No annual fee
This doesn’t change much so I expect if you read this a year after I have written it, their offerings will still be pretty similar.
TO SIGN YOUR LIFE AWAY ~ ~ ~ ~ ~
Easy peasy…..just fill in the online application form and they will usually be able to give you a decision the same day. I obviously didn’t have to go through this process as with the Advantage card it was slightly different. However, one of my friends also has an Egg card and can verify just how easy this is as after her 0% rate expired, she promptly applied for another Egg card, became accepted and then transferred her existing balance to the new card!!!!!!! Should it really be this easy for people to apply is the question I would like to ask?
MY EXPERIENCE ~ ~ ~ ~ ~
Firstly, transferring from my Advantage card to an Egg card was easy – it was all done automatically for me, a very smooth process which I couldn’t fault. However, as this credit card was new to me (I was an Advantage card holder previously which had obviously been heavily subsidised by Boots), I expected the same benefits that all new Egg cardholders were entitled to, including the 0% interest rates. If my mate could play the system to get 0% rates, then surely they were letting genuinely new cardholders also benefit?
But…this didn’t happen and I only found out after I had transferred my balance. You would have thought that they could have offered this by means of compensation to their Advantage cardholders (which, when I initially applied to become a cardholder I did so using the Boots website, not Egg’s!).
However, this is not really the main cause of my complaint. The main hassle with this card has been the fact that they don’t seem to have a clue when it comes to calculating interest and in the past year I have had to call them on four occasions for having calculated the incorrect interest on my balance. If you are a cardholder I would advise you to check your past statements – I don’t usually check mine but was a little suspicious when I saw that my monthly interest rate was quite high on one statement.
They actually have a well informed website about their credit card and one page in particular says “Ever wondered how we calculate the interest and fees you pay? Well then, read on...” Well perhaps some of their staff in the interest department should actually take a look at this, they might get it right for once! Their current rate is 12.3% APR in case you are wondering but I would check your statements as I think at one point I was paying about 20%!!!
Another issue that I have with this company is the time it takes for them to answer an e-mail, one query I had, sent via an online form directly to them took 2 weeks for them to reply! Plus you need to make sure that you are using the secure server, if you are using their online form to contact them, make sure you have a ‘lock’ symbol at the bottom of your screen – if you haven’t they won’t answer your query if it is account specific! I found this out to my annoyance – not realising that it didn’t always use a secure server to forward my messages! To send a secure message you need to have logged into your own account area first, before selecting secure messaging.
GRRRR! I finally feel like I am now letting off steam! Do you want another gripe??!! They seem to choose the silliest times to do site maintenance! How often have I tried to log into my account during the day, only to find one of those annoying messages telling me that the site is undergoing maintenance! Only this morning at 11am…did I have this trouble again! Why not choose to do their maintenance in the early hours of the morning when the majority of people have no desire to check their card balances! GRRRR!
One more issue, (honestly this is the last!)……the time it takes to pay off an amount is absolutely bordering on ridiculous! If I directly transfer £100 from my current account onto my Egg credit card today, it won’t appear until at least 8 working days later! Whereas if I transfer any cash onto my Halifax card, it only takes about 3 days! WHY? WHY? Methinks Egg is gaining handsomely from this!!!!
A few positives….I do like the design of the card – it’s a nice greeny colour, quite trendy in fact, but this isn’t gonna make me change my mind about keeping this card! Plus, whenever I have lost it (something which I am terrible for!), and have had to reorder a card, I have always found their telephone staff most polite and speedy when it comes to replacing my card (suppose they want me to spend again asap!). But the negatives well and truly outweigh the positives for me I’m afraid.
SO WHY HAVEN’T YOU GONE ELSEWHERE THEN? EH? EH? ~ ~ ~ ~ ~
Ok…ok…I admit I am guilty. I am lazy when it comes to my finances. I know I can get a better deal elsewhere and its one of those things I always set out to do…then never get around to it! However, I do find having a credit card with the same company I have savings accounts with convenient. I like online banking and hardly ever enter a traditional high street bank…..I guess I am just plain lazy! But I am intending on paying off my Egg card very soon as I realise I can get a better deal, and more importantly, a BETTER SERVICE elsewhere.
Its no yolk, having an Egg credit card is not all its cracked up to be! But seriously, behind the hype of this company is a very average credit card and a less than average service. Just be cautious when applying. Thanks for allowing me to let off steam…aaahhhhh!
credit cards, they scare the living daylights out of me, i am only 20 but still have never wondered down the credit card route, firstly after reading your review i realise there is far more to credit cards than i originally thought and i would get very confused very quickly, im sure that the credit card co would love that, secondly, i hate the idea of spending money that isnt mine, althought one day i am going to ahve to overcome this. great op, good reading, nic xx
kcjack 28.02.2004 18:41
LOL very clever title, Julia
dolf77 23.02.2004 01:41
im after a new card.....but it aint gonna be this....cheers.........dolf