EGG Credit Cards

compulsivespender79

Did you hear on the news this morning that Egg are cancelling I think 160,000 credit card agreements? Fortunately don't have one myself, but I feel for those who have poor credit ratings and an Egg card.
Does anyone know any more about it?

CS

Triker

Yup I am one of those 160,000, got my letter today.


Bit miffed because now I'll have to turn my attention to paying this one off as soon a sposs rather than my higher rate apr's as I really don't want to service this debt, just get as much paid off asap.

Gemmzie

I'm not surprised, it was made pretty obvious that an Egg card was required for stoozing and sorry, but they don't like that.

Looks like Martin's new show is doing more harm than good.

msmicawber

Can you not just continue to pay the minimum balance in the meantime, Triker, until you've paid off your higher APR debts? The impression that I got from the article was that new spending was to be stopped and the accounts closed, not that they had to be paid back immediately.

CHR15

Anyone know the criteria for cancelling the cards??

I have had one sitting in a drawer with a Zero balance for years.

In fact, the only reason I use Egg is on the Egg Money Manager on my PC to link to my other accounts.

I would've thought I would be one of the obvious choices to cancel as I never use it.

hitback

DH had egg CC and is included in our DMP with CCCS. When all this credit crunch dies down, (if it does) will be interesting to see if they start a new marketing campaign !!!!!!!!

Triker

Citi group who own Egg say their decision has nothing to do with the credit crunch....yeah right.

There have been loads of people emailing into sky news furious as they have zero balances and always pay on time and have had their cards stopped.

I pay on time too but my balance ain't zero:rolleyes: .

Tiglet

I heard in an interview on radio 5Live news at noon yesterday that many credit card companies are reducing the credit limits for existing card holders and, more specifically, that Egg are "freezing" 7% of their accounts. The interview was about a fall in the number of people becoming insolvent, with a guest from KPMG.

You can listen to it at http://www.bbc.co.uk/fivelive/listen/. Select "Audio on demand", "Midday news", "Friday". The article begins exactly 10 minutes in and lasts about 3 minutes.

Gemmzie

I've just seen a new advert on TV from Egg.

You don't have to pay it immediately Triker, you can continue to pay whatever you want (over the min, obviously) at your standard rate. You just won't be able to charge anything new to it.

Triker

I suppose I could but them beggers have made me nervous as they say that they won't be asking customers to pay off balances immediately but hey do you trust them?:rolleyes:

Whatever I don't have a spare 4000 squid anyway so it'll be dribs and drabs.

gilligansyle

There is a big debate about this on the credit card board. It seems that the news may have got it a bit wrong and a lot of the people who are having their cards cancelled are those who don't earn EGG any money. They are all a bit miffed as it implies they are bad borrowers. Most of the people on there have decent credit records.

Link is here:
http://forums.moneysavingexpert.com/showthread.html?t=717227

I'll wait and see if I get a letter, never missed a payment and pay over the minimum.