Best Egg canceled!

USMCOne · ‎12-27-2024

Long while back I got a Best Egg Visa due to their insanely low interest rates at the time. No frills no annual fee. Earlier in the year got a email that they were discontinuing there app which was strange and probably a sign of things to come. Yesterday the dirt bags closed my 12k line of credit. They said that was from not using it but with shutting down their app I suspect other things were at play as well. Watch out if you got one might happened to you.

Jeffster1 · ‎12-27-2024

@USMCOne wrote:
Long while back I got a Best Egg Visa due to their insanely low interest rates at the time. No frills no annual fee. Earlier in the year got a email that they were discontinuing there app which was strange and probably a sign of things to come. Yesterday the dirt bags closed my 12k line of credit. They said that was from not using it but with shutting down their app I suspect other things were at play as well. Watch out if you got one might happened to you.

Best Egg appears to be retrenching.

From their website:

"Are you still offering the credit card product for customers?

–

No, we are not. In June 2024, we made the business decision to stop promoting and accepting applications for the Best Egg Visa Credit Card so that we can better focus on servicing our existing customers."

In the first year or so of my rebuild, I was getting 5 and 6 mailers with Best Egg preapprovals each week. It was really annoying. Never accepted. Never wanted one. But they were relentless. It looks like they are pulling back. Perhaps they are just sunsetting the whole program? Or maybe they will sell it off. I can't imagine who would want their portfolio.

FICO 8 EX 829 EQ 824 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25 K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 20K I Bread Financial American Express 13K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I

gdale6 · ‎12-28-2024

I would be very careful of dealing with any fintech that doesnt have a legit brick & mortar base, both in deposit and credit sides as they can go poof overnight.

Realist · ‎12-28-2024

Credit card issuance along with lending standards are tightening up. Many corporations are on hiring freezes, while others are laying off. This is always the tip of something yet to come.

With the stock market at what many would consider a peak today, or little road to climb higher, you might be cautious moving forward. 20%-40% gains annually isn't normal, and when the system breaks, what we are seeing today is likely only the tip of the iceberg. Much worse comes next. This includes credit card lines becoming removed, eliminated, or reduced.

My suggestion is to just be aware of the economic situation.

$XXX,XXX in credit lines. First digit isn't a one or two.
4-5 weeks in free credit reward vacations, booked through 2028.
$X,XXX in bank rewards in only 12 months.
I like FREE...

800+ FICO.

Making all numbers dance on a financial ledger.
Abuse that score responsibility for maximum gain.

RV_Vagabond · ‎03-05-2025

Bingo! 2008 will seem like a bump in the system.

Horseshoez · ‎03-05-2025

@RV_Vagabond wrote:
Bingo! 2008 will seem like a bump in the system.

Ummm, wut?

Chapter 13:

Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
Filed: 26-Feb-2015
MoC: 01-Mar-2015
1st Payment (posted): 23-Mar-2015
Last Payment (posted): 07-Feb-2020
Discharged: 04-Mar-2020
Closed: 23-Jun-2020

I categorically refuse to do AZEO!

In the proverbial sock drawer:

Lauraist · ‎03-20-2025

So it's not just me (apparently)!

I just got a disconcerting email from Best Egg. They are jacking up my APR from 24.24% to 33.99% and adding a $48 annual fee, billed at $4 a month. The new APR applies to purchases after 3 April and the annual fee applies as of 5 May. I have until 4 May to close the account but will probably do it sooner. I have a policy against annual/monthly fee cards because they were part of what led to my 2019 BK.

I thought the change was a reaction to my having 54% util on Best Egg and 58% in general, even though I've made every payment on time and usually pay 2-3x the minimum on all my cards. However, seeing that Best Egg is wanting to lose its CC business, I am choosing not to take it personally. Thanks, forum, for keeping us all informed on what CC issuers are doing!

debbie1124 · ‎03-21-2025

I got the same email from Best Egg. When I got my Best Egg card there was no fee. My interest rate went up too. I make my payments on time. If I close the account it would hurt my credit score

Anonymous · ‎03-21-2025

@debbie1124 wrote:
I got the same email from Best Egg. When I got my Best Egg card there was no fee. My interest rate went up too. I make my payments on time. If I close the account it would hurt my credit score

The card will continue to report for a long while so no immediate impact to your score providing your utilization is under control. Plus, $48 a year is real, what is the cost of a few points drop in score?