If, like me, you’re an Egg Money credit card customer, you’ll probably be interested to know that from 1st September the interest rate on purchases is going up from a very competitive APR of 7.9% to 12.9% APR.
Whilst that’s still a good rate compared to other credit cards, it does represent a 63% rise in interest, so it needs to be taken into account if you’re a big spender on the card.
As well as the increase in interest charged on purchases, there are also going to be some changes to the charges for cash withdrawals and for using the card abroad. If you’re using credt cards correctly, then cash withdrawals shouldn’t be something you do very often if at all, and the card has never been particularly good for spending abroad – if this is something you want to do, check out the Nationwide credit card.
The changes do not apply to Egg’s other Visa credit card. For more information, see this article at the Motley Fool.
photo credit: epidemy