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Have you had your Egg credit card closed? Take part in our poll...
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MSE_Martin
Posts: 8,272 Money Saving Expert
in Credit cards
Egg drops 161,000 customers as credit crunch bites. Egg’s shocked the market by writing 7% of its credit card customers' accounts saying they’re too high a risk; meaning they'll be able to pay off existing debts but not borrow more. This shows the credit crunch is biting. Worryingly many who’ve received the letter say they pay off in full each month; do you?
What to do & will this happen elsewhere? It depends on your situation.
Lost Egg & got bad credit? Read the Problem Debts article.
Lost Egg & always repay in full? Congrats! The Egg card, as opposed to Egg Money, was pants for you anyway; you can get cheaper interest rates and earn higher cashback elsewhere.
Will this happen on other cards? Unlikely, but not impossible. Egg’s different as its new parent Citibank is struggling and focuses on high income customers, plus it only offers limited products, so if credit card customers aren’t profitable it can’t flog ‘em other stuff to make up for it. Yet take it as a warning; most people with debts should go to longer term cheap deals when they switch. See Best Balance Transfers.
Martin
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PLEASE ANSWER THE POLL ABOVE
What to do & will this happen elsewhere? It depends on your situation.
Lost Egg & got bad credit? Read the Problem Debts article.
Lost Egg & always repay in full? Congrats! The Egg card, as opposed to Egg Money, was pants for you anyway; you can get cheaper interest rates and earn higher cashback elsewhere.
Will this happen on other cards? Unlikely, but not impossible. Egg’s different as its new parent Citibank is struggling and focuses on high income customers, plus it only offers limited products, so if credit card customers aren’t profitable it can’t flog ‘em other stuff to make up for it. Yet take it as a warning; most people with debts should go to longer term cheap deals when they switch. See Best Balance Transfers.
Martin
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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
PLS ONLY ANSWER IF YOU GOT THE CLOSURE LETTER. Which is closest to your scenario? 427 votes
I NEVER use the card
4%
19 votes
I RARELY use it and always/almost always REPAY IN FULL
10%
45 votes
I OFTEN use it and always/almost always REPAY IN FULL
13%
58 votes
I've SMALLER DEBTS (sub £1,500) on it but always pay at least THE MIN. REPAYMENT
18%
79 votes
I've LARGER DEBTS on it but always pay at least the THE MIN. REPAYMENT
41%
179 votes
I've SMALLER DEBTS (sub £1,500) on it and have MISSED/BEEN LATE with repayments
3%
17 votes
I've LARGER DEBTS on it and have MISSED/BEEN LATE with repayments
5%
22 votes
I'm good with Egg, but have severe debts elswhere
1%
8 votes
0
Comments
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Add me to the 161k.
Strange as it is, I've never missed a payment with them in 7 years. The thanks you get for being a good customer!So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable Christopher Reeve (1953-2004)0 -
I think it's missing an option for 'not been cancelled yet' for those who don't read the question properly but answer anyway?
Or maybe a separate poll for those who haven't been cancelled with exactly the same answers, to compare the results of the two groups?Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Paul_Herring wrote: »Or maybe a separate poll for those who haven't been cancelled with exactly the same answers, to compare the results of the two groups?
Tend to agree that a 'control group' is needed for those of us who haven't been 'neutralised' ..... but from whom Egg don't earn a penny (other than merchant fees).If you want to test the depth of the water .........don't use both feet !0 -
I agree with Mark and Paul, on the face of it I have been expecting a letter, I have two Egg cards one used a lot but paid off each month and one I paid off in June 2006 and it's just sitting there with credit limit going to waste.0
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Just a suggestion, but have you thought about adding an additional poll for "I use Egg Money Manager"/"I don't use Egg Money Manager" as I know quite a few people were discussing that as a possible demographic in the original thread.0
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My experience isn't included in the above but I have a perfect credit rating, with no missed payments on my file.
I applied for an egg card via quidco, one of a number of via quidco applications I made.
Computer said NO
All the other CC applications I made were successful
Oh, and I have an egg internet savings account.Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0 -
Paul_Herring wrote: »I think it's missing an option for 'not been cancelled yet' for those who don't read the question properly but answer anyway?
Or maybe a separate poll for those who haven't been cancelled with exactly the same answers, to compare the results of the two groups?
Like me, who voted and hasn't had it closed? Oops, sorry, must read more closely (I've not got my glasses on is my excuse...:o )
3rd option, and I do use money manager by the way, and I have egg & egg money and have had both since they came out.0 -
Like me, who voted and hasn't had it closed? Oops, sorry, must read more closely (I've not got my glasses on is my excuse...:o )
3rd option, and I do use money manager by the way, and I have egg & egg money and have had both since they came out.
Thanks for this... I've deleted your vote and made the poll clearer (there were only 7 votes at this point; so it should be fine now)Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Ok - I've created one - same answers as this one (plus 'not a customer' and 'doesn't apply' options) here: http://forums.moneysavingexpert.com/showthread.html?t=726897Tend to agree that a 'control group' is needed for those of us who haven't been 'neutralised' ..... but from whom Egg don't earn a penny (other than merchant fees).Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
I think this stinks that they do this i pay the min but i have never missed a payment. I also use the egg money manager.
Funny how the site is unavailable to log into your accounts!!!!
Egg Visa btw:beer: Officially Debt Free Nov 2012 :beer:0
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