Egg Policy Change ? 1 February 2008 at 10:28AM in Credit cards 631 replies 68.4K views

Clariman

On behalf of https://www.stoozing.com and https://www.makesenseofcards.co.uk I have written to Egg Media Relations to ask them for clarification of the criteria used.

See Reply 13 in this thread if you want to see what I have asked them.

LittleMissAspie

Well well well. I have an Egg Visa card that is rarely used and always fully paid off. I haven't received a letter yet BUT I have an awful lot of savings with them. It will be interesting to see if I get a letter. If I do, I will be moving my savings elsewhere, needless to say.

Nomad25

oh bum, I'm in NI, so probably a slight delay with mail - guess I'll get mine in the post soon, I'm a total 'tart' with egg money card, pay off balance every month and get my cut. Suppose I'll have to start trawling the site for a good replacement cc.

Psiloman

Interesting thought about the savings LittleMissA...probably never been happy with me since I moved savings away from them when their interests rates dropped. But maybe I should move some back to them...just so I can indignantly remove them when they close my Egg Card Account

aurora_borealis_2

Me too. Egg card visa.

heli_pilot

EGG and Citigroup must be getting rid of all their previously loyal customers who pay off their debt!!
Are all of us who have just been notified that we are 'BAD CUSTOMERS' for ACTUALLY making sure we pay??
Are we all not paying Citigroup enough interest to pay for the credit problem / risk in the USA?
I am furious, have a job paying over £35k and never let my debt get anywhere near unmanagable and they can just get rid of all us loyal customers with a rubbish letter and that's it?!
The customer service operators are all very polite but just say 'there is nothing we can do about it' so now we all have to apply for their competitors cards?......where is the logic????

Paul_Herring

Psiloman wrote: »

Receiving a letter that stated ...we have been reviewing your account details and given the current financial constraints facing our company we are unable to continue to operate you accounts as it is not finacially viable for us to do so....therefore we are closing you account.

They don't want a lot of debt on their books - so they're withdrawing the facility from some of their members.

Not a problem with that at all BUT receiving a letter suggesting that I am a financial risk....when GODS HONEST TRUTH I am not...is totally unacceptable and offensive.

Everyone's a financial risk - me included. I could lose my job or end up in hospital for a long time. While I understand why you feel the way you do (I'd probably feel the same way,) I think you may be reading more into that letter than there's there.

They aren't accusing you of being an irresponsible borrower - they just don't don't want you borrowing off /them/.

spender

Both myself and the other half got one of these letters today. Funny enough OH cancelled his account some weeks ago and is still awaiting the credit balance to be repaid. My was 4600 credit limit but I only had £200 on the card, bearing in mind I have paid £144 towards that earlier in the week I feel that they are getting rid of customers that are not paying any or much interest.

Psiloman

Hi Paul,

Yes OK everyone's a risk but relatively speaking some are less risky than others. I think the issue is that the balance between risk and profit is probably very poor for me i.e. no profit but some risk exposure. Where as the balance for other borrowers might be higher risk but with far greater return possible. A sound cost benefit analysis for making the business decision.

Having made such a decision it then comes down to how you manage the change and communicate its effects. It is in this matter where Egg have proved poor. Going to the media and describing us as 'bad cutomers' is just not acceptable

[Deleted User]

Citi group are effectively bankrupt, like northern rock their government is covering their !!!. They need to call in their loans. Its nothing to do with its customers being a credit risk its because CITI GROUP THEMSELFS ARE A CREDIT RISK :beer:. The bbc were obviously fed lies by their sources. The american bank writeoffs are in the order of trillions and the worse is to come, but luckily the (b)ankers still deserved over 60 billion in bonus payments not to mention the rest of their extortion, needless to say the FBI are investigating and I hope they all get locked up and their assets stripped from them. The american banks favourite saying "a rolling loan gathers no loss" Luckily UK banks write offs due to irresponsible lending are only about 10% of their yearly profits teh american banks are more like XXXX% of their yearly profits.

Ironically they gave me are large limit recently which I have took advantage of for my stoozing thus it would be comical if I get a letter too, but it doesnt matter if they suspend me making any transactions cos ive bagged the 15month 0% rate now so dont want to spend on it anyway.

http://forums.moneysavingexpert.com/showthread.html?t=669443&highlight=credit