Egg has announced broad changes to its credit card, with an increase in interest rates and a reduction in cash back offers.
The online and telephone bank has revealed that it is increasing its standard APR from 14.9 per cent to 15.9 per cent, while the rates for withdrawals are also being hiked up from 17.9 per cent to 20.9 per cent APR.
Moneysupermarket.com called the announcement a "kick in the teeth" to card holders.
Richard Mason, director of credit cards at price comparison website, said: "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. These rate changes follow Egg's introduction of a two per cent balance transfer fee in January and the reduction of the zero per cent introductory period from nine, to a bog-standard six months, shortly after."
Mr Mason advised existing Egg card holders to examine and consider the package they are being offered, to see if they could benefit from a better deal elsewhere.
He advised that those who are paying off their balance in full every month, could be better off with a card from Amex Platinum or Morgan Stanley.To read more about credit cards, click here.
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