Credit card provider Egg has been slammed for increasing its APR and withdrawal rates.
The credit card provider announced that its standard APR will be increased from 14.9 per cent to 15.9 per cent. In addition to this increase, cash withdrawal rates have been hiked from 17.9 per cent to 20.9 per cent APR.
Price comparison website Moneysupermarket.com referred to this move by the credit card provider as "a kick in the teeth" for Egg credit card holders.
"In its heyday, Egg was at the forefront of product design and offered benefits that made it stand out from the crowd. But today, this seems no more," said the website's director Richard Mason.
He commented that these rate changes on Egg credit cards follow the introduction by the credit card provider of a two per cent balance transfer fee in January.
The credit card provider also recently reduced the zero per cent interest introductory period from nine to six months.
"Egg customers need to look carefully at the package they are being offered and should see whether they can get a better deal elsewhere," warned Mr Mason.
He suggested that credit card holders that pay off their balance in full every month may benefit from alternative credit cards like Amex Platinum or Morgan Stanley.
Those looking for a competitive zero per cent interest deal could consider Halifax for a competitive credit card deal, Mr Mason suggested.
Boiling over Egg credit card
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