We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MSE News: Barclaycard to buy 1.15 million Egg customers
Options
Comments
-
The only reason I have an Egg Money card is due to the cashback - if they stop it I will deff be cancelling my card - their interest rates aren't the most compeitive and I never get any offers like with Virgin Money (who regularly offer 0% periods on BT and/or purchases). Egg Money customer service is nothing to write home about either...so it will be bye bye Egg and thanks for all the cashback.Feb 2015 NSD Challenge 8/12JAN NSD 11/16
0 -
Deleted_User wrote: »Because they bought the portfolio at a discount. If everyone leaves, lots of cash comes flooding in.
Only if the people leaving hold a balance and don't pay the card off each month as, anyone who is in it only for cashback, should.
Those who owe may well stay those who want cashback may go if the cashback goes.
In my case I simply have to consider if I want to do business with a campany as morally corrupt as Barclays. As banks go (and all banks are largely bad) they are by far the worst.I started with nothing and I am proud to say I still have most of it left.0 -
While it would be a shame for the 1% as much as I'd miss that I'd miss the facility the money manager has having all your accounts in one simple place, not sure why more banks don't follow suit on that. Still, don't Barclay's have a card that offer 1% cash back, if so I'd imagine it to stay the same, they just might offload a few more customers like what happened when Citigroup took over.0
-
While it would be a shame for the 1% as much as I'd miss that I'd miss the facility the money manager has having all your accounts in one simple place, not sure why more banks don't follow suit on that. Still, don't Barclay's have a card that offer 1% cash back, if so I'd imagine it to stay the same, they just might offload a few more customers like what happened when Citigroup took over.
Who knows what will happen to that?, the press release only relates to the Credit card business (given Citi appears to have pretty much totally withdrawn from that market), they may keep Egg branded savings/investments/insurance etc?0 -
£200 cashback to hit my account this month
Cashback stops......Im outta here.illegitimi non carborundum0 -
Deleted_User wrote: »Because they bought the portfolio at a discount. If everyone leaves, lots of cash comes flooding in.
I cannot understand why the portfolio of Egg Money customers has been sold at a discount.
It's hardly sub-prime. I would guess it has a better than average risk profile with more financially aware customers looking for cashback.
Egg could have achieved the same effect itself by stopping or reducing the cashback or just closing all the accounts and withdrawing from the market. It's not as if they have a brand or reputation to keep, because there's not much else branded egg apart from the credit card.
Someone please explain Citi's logic to me!!!We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0 -
Citi are actively trying to get rid of assets in Europe and I expect they didn't get a better offer from anywhere else!0
-
The portfolio was bought at a discount mainly because Citi were keen to exit the market - who knows, maybe they didn't have the appetite to run the book down over the next few years and wanted to release some funds quickly.
Barclaycard may well want to run it as a going concern. But they may not.0 -
Who knows what will happen to that?, the press release only relates to the Credit card business (given Citi appears to have pretty much totally withdrawn from that market), they may keep Egg branded savings/investments/insurance etc?
Maybe, but as they did away with the in black interest a while ago, on the grand scheme of things egg money just seems like a hub for managing multiple accounts in once place coupled with a low limit CC and not even with a competitive IR anymore. But maybe there's more to the package than I actually use. However, would be interesting to see what catergory Egg Money falls in.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards