Finance Choices
Egg deals a blow to rate tarts
People looking to transfer their credit card balance to internet bank Egg have been told they will have to pay a 2% charge for the privilege.
Egg joins banks such as Barclays, Alliance & Leicester and MBNA in imposing balance transfer charges.
This move, whilst unsuprising remains very significant as Egg were one of the pioneers of 0% introductory rates.
With this development joining other similar moves in recent times it should be interesting to see what the future holds for 0% introductory rates.
Egg joins banks such as Barclays, Alliance & Leicester and MBNA in imposing balance transfer charges.
This move, whilst unsuprising remains very significant as Egg were one of the pioneers of 0% introductory rates.
With this development joining other similar moves in recent times it should be interesting to see what the future holds for 0% introductory rates.
posted by Bruce Wayne at 11:35 AM
Egg deals a blow to rate tarts
4 Comments:
Sooner or later the 0% had to end. Egg is not doing anything new. A few of the credit card companies are now giving 0% for a number of months but some are charging you a 3% transfer fee. Egg is a little bit lower at 2%. I don't transfer to any companies that charge me a fee for transferring and it has to be over 6 months of 0% to be worthwhile. Companies that only give you 3 months of 0% are fooling no one. By the time you get the money transferred a month has passed by.
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