Egg Policy Change ?

Officer_Dibble

You could start a class action, but it wouldn't get far. Nobody knows whether you've had your card cancelled unless you choose to tell them. If they'd published a list of names and addresses, that would be a different matter...

mrme

Am I the only one who can't believe how seriously some people are taking this Seeking legal action :rotfl: There a worse things in life that can happen and does anyone else really care about your credit limit I very much doubt it, not that anyone would know if your account had been closed unless you chose to tell them. And no I have nothing to do with egg

DifferentFromTheNorm

thriftymanc wrote: »

I applied for an Egg card three weeks ago. It was supposed to have arrived within 10 working days but didn't. Could this be anything to do with it, or will new applications be safe? I'm not going to be happy if they're not going to give me a card, I desperately need one to pay off another credit card and don't have enough time to apply for another one now before the payment's due on my old one!

No it will have nothing to do with it. It was a review done of all the cards that were open at the time Citi took over Egg, so those recently opened won't be affected.

Log into your account on their website. If it asks you to activate the card then it's been sent out - if that's the case get in touch to see when it should arrive.

If it doesn't ask you to activate the card there could be a problem, so again - contact them and see what the delay is.

Repo

Yant1 wrote: »

I disagree they have publically said that they are closing peoples accounts because they are a credit risk!!!

That is deformation of character and we should start a class action.

I think you mean deflamation rather than deformation!

oldtup

161,000 X £6,000 (average credit limit) equals about £1 Billion

That's £1 Billion potential debt that Citigroup have to cover. Now if these customers are not reurning enough profit to cover that potential debt then somethings gotta give.

Credit cards were introduced so that people could borrow money and banks could make money out of lending in a convenient way.

They have become a means of payment and short term free borrowing. This model may have been sustainable when banks could easily and cheaply borrow money and sell on their obligations but those days are over (at least for the forseeable future)

As for Citigroup. They have handled this in an appallingly stupid way and they will pay the price. They forgot that customers of an internet bank tend to be comfortable on the internet. Already there is a Facebook group called "Egg and Citigroup can shove their credit cards up their !!!!!!!" And there's a website called www.eggcancel.co.uk When a company has a hard faced image then it can pull off hard faced moves. When it has a "cuddly" image like EGG then it can totally wreck a brand.

So what happens now? Does a bank have the right to "sack" a customer? Well......... in theory, yes. However, remember when banks started sending similar letters to those who were reclaiming charges? That tactic stopped pretty quickly didn't it. I wouldn't mind betting that they were swiftly lent on by HMG. And HMG have a whole host of ways to lean on banks. You see the government have an E commerce agenda in order that they can pay benefits etc directy into bank accounts. This doesn't work if benefit claimants and pensioners can't get accounts.

So, what will happen with the plastic? I would guess that there will be a realisation that plastic is virtually necessary nowadays and the "leaning on" will take place. I think we will see the CC companies dividing into 2 groups. The Large Responsible Banks and the other group, some of which will be the wide boys. Perhaps EGG has just applied to join the latter group.

ravenk

Lots of people in previous posts have talked about getting credit reports.
I have just signed up to a MBNA offer , that allows you to obtain free credit reports for a year. Just did my first one 30 minutes ago.
I'm in shock. These guys know everything.
It's amazing.
Every loan ..credit card ....Even when I opened a Store card account , got 10% discount ..paid in full and never used it again. Even the fact I had a holiday home is recorded. I owned the property for 4 years. Never used the address for any loans ....They know if you missed a credit card payment by 1 Month ...Thanks mint card you B%^&*strds Owed less than £4 and was late by a two weeks and got a late payment record.
They even had a record of my last Vodafone mobile phone bill !!!!! Why ?
I would suggest that everyone gets a report at least once.
Could not remember when I open my HSBC bank account ...These guys know (Sept 1986) ..
Hope these guys have better security than the goverment and dont dump data to DVD/CD and post....:-)

Lavendyr

Repo wrote: »

I think you mean deflamation rather than deformation!

Or even defamation

islandannie

Repo wrote: »

I think you mean deflamation rather than deformation!

I think you mean Defamation, as opposed to deflamation rather than deformation!

gt94sss2

ravenk wrote: »

I have just signed up to a MBNA offer , that allows you to obtain free credit reports for a year. Just did my first one 30 minutes ago.

Do you have a link to this offer?

I know Capital One have a similar offer which allows two free credit reports/year from Equifax.

Regards
Sunil

Repo

Lavendyr wrote: »

Or even defamation

islandannie wrote: »

I think you mean Defamation, as opposed to deflamation rather than deformation!

lol, yes!