Egg Policy Change ?

netlang

LittleVoice wrote: »

Don't be too hasty about closing an account. When is the cash back paid out?

For me it is next month so I will wait until I get my money

MinBlack

For those of you have had the letter is there anything when you log into your account online which says that you credit is being withdrawn?

I've got an Egg Visa and fully expected the letter but it has not arrived yet!

Min

Lavendyr

Been following this with interest as both OH and I have Egg cards (mine's Money, his is the normal credit card) and waiting to see if he too, as a customer who pays off balance in full each month, has been dropped by Egg. Whether he has or not though, I think it's absolutely disgusting that they have done this and then apparently lied through their teeth about the reasons for it.

I notice that the BBC have now updated their story to better reflect both sides, though...not to mention the comments they have posted up, all of which support the theory that Egg is shedding unprofitable customers, rather than 'high-risk' customers.

dkb

Mine has been withdrawn and its the Mastercard version.

Probably because I get cashback on all purchases but always make sure i pay the balance each month meaning they've made nothing out of me.

Why do they lie?

Topcat67_2

Until November last year I was £2500+ in debt to Egg. Never missed a payment, paid £100 per month, more when I could afford it.

Cleared that £2500 and now £200 in debt due to a recently booked flight.

At the same time as clearing my debt I opened a savings account with them which has £1125 in it.

Seems I'm a risky customer

Anybody any tips on who to open a new savings account with?

Lavendyr

Icesave!!

netlang

There is a good opportunity for another credit card company to offer a similar deal to egg and increase its customer base 10 fold

city_girl_4

There seems to be no consistency whatsoever here.

By the nature of what I do I carry a lot of credit. I have both Egg Money and Egg CC and a loan.

They have sent me a letter cancelling my EGG MONEY account, however I have checked with them and my CC and loan will stay!!

I know a large number of people with Egg cards and as per posts here there is a mix of no balances, paying minimum balances, paying off in full, odd missed payments or perfect payments; there is the same mix of those who have got letters and who haven't.

I earn a huge income from a combination of sources, have a lot of savings and high net worth, have 12 CC’s and have NEVER missed a payment, some I pay off, some I carry over balances – no consistency. I have the highest score possible on my credit reports and could get pretty much any credit I needed to.

I am certainly not a credit risk to them or anyone else.

They wont be earning any more money out of me as I will be moving all of my credit elsewhere this week.

In the meantime my advice would be to pay off any Egg CC’s/Money and withdraw all money from savings accounts etc BUT only leave one pound on any card or account.

This way they still have to administer your account and even with Egg being predominantly online this will cost them more money in the long run and affect their account/loan book for the worse.

Scandalous behaviour by Egg and Citibank whatever their reasoning – I hope their Directors join those of Northern Rocks very soon!

CG

LittleVoice

I note that Egg, when contacted by Money Box, refused to provide a spokesperson but did repeat that the people having their accounts cancelled were indeed considered by Egg to be risky.

BBC News is now reporting the story as a customer complaint against Egg because of Egg's action rather than Egg saying they are cancelling the cards of risky customers.

silvercar

Not had the letter yet, but pay off all the balance each month, so fit their profile of non-profit making.

What happens to all the cashback. My cashback is not due until September, but if the card is closed early will I lose it.