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Egg sold to Citigroup

Egg has been sold to citigroup for £575m.

Guess the prudential have finally given up ever being able to make any money out of it - despite the guinea pig campaigns!

Almost strange that Egg is still touted as an internet success story, despite the fact it has never made a penny in profit and fleeced thousands of small investors and customers when it floated.

Hey ho.

R.
Smile :), it makes people wonder what you have been up to.
«13

Comments

  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    Hmm, methinks there will be changes made to the Egg Money card in the not too distant future once the sale has bedded down.
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • peawack
    peawack Posts: 320 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    OK, a question for the fortune-tellers, which one do I keep ?
    Peter
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    peawack wrote:
    OK, a question for the fortune-tellers, which one do I keep ?

    Keep what?
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • BASFORDLAD
    BASFORDLAD Posts: 2,418 Forumite
    think he means which card,
    For everthing else there's mastercard.
    For clampers there's Barclaycard.
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    BASFORDLAD wrote:
    think he means which card,

    Yes, kinda worked that out, but he/she didn't say which cards he/she had/has.
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    pin wrote:
    Hmm, methinks there will be changes made to the Egg Money card in the not too distant future once the sale has bedded down.
    Why though?

    For Egg, the benefits of leaving Egg Money in place are several, including...

    1. They can charge a merchant fee for us spending our own money (for people that load the card each month), as well as theirs.

    2. In the case of 'lazy' stoozers, who use either the 4% card or 5.25% savings account as their stooz pot, Egg are borrowing 'cheap' money from other card providers to invest.


    On the other hand...

    1. Their 1% cashback offer is costing them money - but that was only ever guaranteed until this month anyway.

    2. They lost £146m last year - but that wasn't all down to credit cards (and Egg Money in particular) surely?

    3. They will lose money if stoozers use higher paying accounts for their stooz pots. In effect all they're doing is forwarding money - for free.


    Maybe they'll align the interest rate to that of the Egg Card (16.9%), but on balance though, there's no desperate need to pull Egg Money in my opinion - or is there?
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    Why though?

    For Egg, the benefits of leaving Egg Money in place are several, including...

    1. They can charge a merchant fee for us spending our own money (for people that load the card each month), as well as theirs.

    2. In the case of 'lazy' stoozers, who use either the 4% card or 5.25% savings account as their stooz pot, Egg are borrowing 'cheap' money from other card providers to invest.


    On the other hand...

    1. Their 1% cashback offer is costing them money - but that was only ever guaranteed until this month anyway.

    2. They lost £146m last year - but that wasn't all down to credit cards (and Egg Money in particular) surely?

    3. They will lose money if stoozers use higher paying accounts for their stooz pots. In effect all they're doing is forwarding money - for free.


    Maybe they'll align the interest rate to that of the Egg Card (16.9%), but on balance though, there's no desperate need to pull Egg Money in my opinion - or is there?

    Sorry, can't go into further details, because if I told you I would have to shoot you and I don't want to do that as you seem like a decent sort of chap.
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • tobago22
    tobago22 Posts: 78 Forumite
    Egg sight is down-are they making changes already to T & C's
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    pin wrote:
    Sorry, can't go into further details...
    You're connected?
    ...you seem like a decent sort of chap.
    What an excellent judge of character you are!
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    You're connected?

    I can neither confirm or deny that I am "connected".
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
This discussion has been closed.
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