March 27, 2006

By Peter Kenny

There is bad news for consumers interested in taking out a new Egg credit card and planning in taking advantage of their 0% balance transfer deal.

Egg have announced that from May 1st all balances transferred to their credit card will incur a balance transfer fee of 2.5% and more importantly no maximum fee.

The current Egg balance transfer fee stands at 2 per cent and the maximum fee is capped at £50.

This is the latest move by credit card companies to try and claw back some of the profits they have lost over that few years due to people switching to new credit card deals that offer an extended 0 per cent deal.

We at Creditcards-gb expect more credit card providers to follow suit and drop their capped maximum balance transfer fees to open ended. Capital One is another credit card provider who have just removed their maximum balance transfer fee, read more. Capital One have kept their balance transfer fee at 2%

For more information on the Egg credit card please read our review, click here