Egg Policy Change ?

UK007BullDog

yeah, you should go back and edit the name out of the post. She is only an employee, not one of the decision makers.

davidlizard

Does anyone know if the cashback accrued on the Egg Money card will be paid if Egg cancel the account? According to the website, they seem to imply the cashback will be paid sometime in March, which could well be after this 35 day period.

I have accumulated just under £100 in cashback, so if they cancel my account, does that mean they can avoid paying out cashback. Needless to say, I will be extremely hacked off if that is the case.

Unlikely, but the cynic in me says if they can avoid paying 161,000 lots of cashback then that is probably several million pounds saved.

(No letter yet, but thats probably due to every single item of post from finance companies getting pilfered in the post before it gets to us :mad: )

silvercar

Well my account (green egg- visa) has not been cancelled yet I fit the profile: mid 40s, large account balances always cleared in full each month. So on the face of it not much profit for Egg. Maybe it is the fact that I have a lot of expenditure on the account each month (4k+) and don't have Egg's money manager that kept my account open.

Niksan

On the front of it, it does seem almost random to the naked eye to whom is falling for these letters, because of the weekend post maybe few of us will not know either way until monday/tuesday, does make you wonder if it's something as trivial like the people who've been sent letters have been logged never to check their accounts often enough online or something silly, this is the problem with banks in general, there is no way to know what are their requirements, we all take pot luck when we apply for anything as a recent experience with capital one showed me (a year or two ago).

Lavendyr

chicken_legz wrote: »

Why people are making such a fuss about it I will never know, just proves that you need credit if you have to make such a song and dance about it.

That's just not the point. It wouldn't be so bad if Egg had just held their hands up and been honest from the start. Saying "We are closing down some accounts due to their high risk and/or unprofitability", That would be fair enough and their prerogative as a credit provider, in exactly the same way that we choose to open or close credit card accounts based on whether or not they are costing or saving us money.

However, to blithely imply that they were closing accounts because of the "credit risk" posed by said customers, when all the anecdotal evidence suggests that in fact these customers are mostly low-risk and simply unprofitable to Egg, is dishonest, and that is my problem with Egg with regards to this whole business. Egg tout themselves as an "honest" company - one of the reasons I chose to take out a credit card with them in the first place - and yet they have been anything but in this instance.

It's bad publicity for Egg and although I seem thus far to be one of the fortunate ones whose card has not been cancelled, they have genuinely lowered themselves in my estimation as a result of this farce.

Oftenbroke

I stumbled across this site when I too received one of Egg's entertaining letters last Friday. Unlike a lot of other folk, my history with Egg has been a bit mixed - I recently had a few over limit charges, and when they raised the interest rate to 21.9% I thought, *** that and took out a short-term personal loan to clear the balance. So the balance is now £0. Not a lot of spending to reign in there.

So there does seem to be a pattern where affected customers are not earning Egg much dosh. It also means that they can cut how much credit they may be liable to extend. But what on earth were they thinking of with the snotty letter and fibs to the media?

silvercar

I opened my account years ago when the cashback was a decent 1%, then it fell to 0.5% then it fell again. Now I could get a much better rate on my &More card(though it would be M&S vouchers!), so if they do close me down it will just be implementing a move I should have made at least a year ago!

Jenna

How many people who've had their accounts cancelled use Money Manager to access all their other accounts?

I use MM and have had my Egg Money (MasterCard) cancelled. When I first took out the card (just turned 19yrs old, first CC) I wasn't very organised and had a couple of late payment charges and went over my limit a few times (although not more than a few pounds over each time, I should add!).

Since then (more than 2 years on) I am a little wiser about these things, and I haven't had a late payment fee in more than 12, if not 18 months (from any bank). Certainly I don't go over my limit - I've been steadily reducing the amount I owe on the card (and other debts) since Summer 2007.

Now, fair enough if they want to cancel my account based on my disorganisation 12+ months ago, but if they were going to bother with that surely they should have done it ages ago? And yes I know it's now Citigroup not Egg, but they've owned the company since last May, they could have done it earlier if they wanted to. And since they earn 16.9% from me (and always pay on time) I thought I would have been profitable for them in any case ... ?

But now I'm thinking about MM ... I have ALL my other banks/CC's added to it, so I can check their balances at the same time ... overall (as I'm in debt) of course I show as being in debt when I use MM. :rolleyes:

With the whole "credit crunch" situ ... are they just taking a pre-emptive strike to rid themselves of customers with other debts, to try and avoid being defaulted on? Or am I just being paranoid lol.

I'm not too bothered to be rid of Egg - if that's what they think of my business, I shall take it somewhere it's more appreciated - but I'm interested in how they've made their decision.

Any thoughts?

palmeras69

I haven't had a letter (and my accounts show fine on the Egg website) but my Egg Visa was declined in M&S for a £35 spend this pm. I was only using it as I'd left my debit card at home! I owe just over £100.00 with a £11,000 limit and my Egg Money account is in credit by £8. I just wonder if this is a coincidence - the lady on the till said it had been happening all afternoon but she didn't say (and I didn't press her) whether it was just Egg cards affected.

Anyone else experienced this? I'm a bit worried that my card may have just been stopped outright.

UK007BullDog

palmeras69 wrote: »

I haven't had a letter (and my accounts show fine on the Egg website) but my Egg Visa was declined in M&S for a £35 spend this pm. I was only using it as I'd left my debit card at home! I owe just over £100.00 with a £11,000 limit and my Egg Money account is in credit by £8. I just wonder if this is a coincidence - the lady on the till said it had been happening all afternoon but she didn't say (and I didn't press her) whether it was just Egg cards affected.

Anyone else experienced this? I'm a bit worried that my card may have just been stopped outright.

Well you fit the profile. Not a customer they can make money from.
Send them an email and ask what is going on.