Egg Introduces Balance Transfer Fee
Transferring a balance to your Egg Card will cost a 2% fee
3rd May 2005
The latest Egg card offer released by Egg plc increases the introductory 0% balance transfer period to a full 9 months, one of the longest on the market, but contains a less attractive feature - a 2% fee will be charged on each balance transfer, up to a maximum of £50.
The move is part of a new trend amongst credit card issuers, who are losing an estimated £1bn a year in interest payments from 'rate tarts' or 'credit card surfers' who constantly shift balances between cards, taking advantage of introductory rates, and paying little or no interest.
Read More: egg.com credit card details >>>
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Products from Egg : Card, Loans, Money, Motor Insurance, Savings Account |
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More on Balance Transfers: Balance Transfers: 0%, For Life, or Flat Rate? (Article, 28/09/2005), Beware the Balance Transfer Fee! (Article, 05/09/2005), Compare Balance Transfer Credit Cards (Article, 16/06/2004), Balance Transfer Credit Cards (Article, 17/03/2004), Balance Transfers Dwindle in Popularity (News, 07/09/2006), Return of the Annual Fee? (News, 14/11/2005), Egg Profits Boosted by Balance Transfers (News, 27/07/2005), Rise of the Flat Rate Card (News, 12/04/2005), Co-op : Fixation on Rate Tarts (News, 04/04/2005), See all 11 Balance Transfers stories >>> |
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