Egg: Hit Em Where it Hurts

br1zer

Egg are arbitrarily ending some Credit Cardholders Accounts. In invoking this policy are bullying some very vulnerable people.

See the thread "egg change of policy" in the Credit card forum as an example of the dismay this is causing.
:mad:
Fortunately, I closed my egg Visa a long time ago...but I have a savings account with them. I feel now that any interest earned is tainted

In protest of their draconian methods, I have now withdrawn all of my money...not a great amount admittedly, in three figures but a principle is at stake here.

I will fully close the account.... once they have paid the outstanding interest I am due.

I hope others do the same......

Mikeyorks

br1zer wrote: »

I will fully close the account.... once they have paid the outstanding interest I am due.

Ah .... so it's not that tainted then? I do love a good principle.

JonnyBravo

br1zer wrote: »

Egg are arbitrarily ending some Credit Cardholders Accounts. In invoking this policy are bullying some very vulnerable people.

See the thread "egg change of policy" in the Credit card forum as an example of the dismay this is causing.
:mad:
Fortunately, I closed my egg Visa a long time ago...but I have a savings account with them. I feel now that any interest earned is tainted

In protest of their draconian methods, I have now withdrawn all of my money...not a great amount admittedly, in three figures but a principle is at stake here.

I will fully close the account.... once they have paid the outstanding interest I am due.

I hope others do the same......

Credit isnt a right.

We all moan about how the banks lend too readily but moan if any of them turn us down for credit. It's their money... let them do with it what they like.

Those who don't like it, like yourself, will vote with their custom. I will be judging my banks on how they treat ME and my spending habits, not others and thier spending habits

Enjoy spending your tainted interest.

bristolleedsfan

JonnyBravo wrote: »

Credit isnt a right.

We all moan about how the banks lend too readily but moan if any of them turn us down for credit. It's their money... let them do with it what they like.

Those who don't like it, like yourself, will vote with their custom. I will be judging my banks on how they treat ME and my spending habits, not others and thier spending habits

Enjoy spending your tainted interest.

:T I do cringe when i see people on TV giving debt advice and advising people on how to reduce debts.

IMO best debt advice ( avoiding debt and reducing debt) anybody can give is for people to live within their means and dont buy things that they cant afford.

Reading between lines of O/P its evident how angry he/she is that he/she will give the "tainted interest" to charity. ( not to a charity that begins at home.:rotfl: )

dunstonh

Fortunately, I closed my egg Visa a long time ago...but I have a savings account with them. I feel now that any interest earned is tainted

You mean you only now feel bad that all those paying credit card interest have been subsidising your interest payments on your savings?

Egg may not have handled the issue very well but the principle behind why they are doing it is fine and long overdue. Its just a shame that they appear to be using it as an excuse to get rid of unprofitable business at the same time.

I am sure if they had said that they are closing unprofitable accounts and ceasing credit facilities to those that meat a certain criteria then it wouldnt have been an issue.

Milarky

I always recommend the Egg Savings Account because of its unique feature allowing debit card deposits - which are instant. Why cut off your nose to spite your face. Be hard-headed about decisions like this.

Lokolo

Indeed I am quite happy with Egg service and I do hope it continues now they have been taken over. However if it doesn't I will leave.

I do feel as though they should have handled it better than stating 'we are doing for those that have poor credit' when they are actually doing it to people they aren't earning money off!

But all and all, as long as they don't say 'we are closing your savings account as you are not putting enough into it' then I will stay

Jennifer_Jane

Milarky wrote: »

I always recommend the Egg Savings Account because of its unique feature allowing debit card deposits - which are instant. Why cut off your nose to spite your face. Be hard-headed about decisions like this.

I didn't know about this - so thanks to you and to the OP for the thread.

I have £1.74 in my Egg Savings so can't be of much help to your cause.

MUSTBEFUNNY_2

I've always hated Egg....God those stupid adverts:eek:

Aegis

Well, I use the Egg money card and fully intend to keep doing so for as long as they allow me to. Of course, if they decide to close my account on the false pretense of "poor credit" then I will complain very strongly to them about it because I clearly don't fit into that category.

I have no problem with them cutting down on their lending to bad-credit clients though.

gallygirl

Aegis wrote: »

I have no problem with them cutting down on their lending to bad-credit clients though.

I agree, although I 'll be interested to see who they are 'dumping' - what if you have/had a bad credit rating but have run your Egg card well (i.e. in their eyes never miss a payment but rack up lots of lovely interest for them....). Will these accounts be closed, or just those who have a bad history with Egg products?

I also think the short notice is poor. Some people have a need for short term reliance on cards, e.g. change of job with different pay dates etc, and I worry it could be a real problem for them.

However, I have an Egg mortgage and I think the offset facility is wonderful - I transfer in & out all the time. I won't be voting with my feet (apart from trying to pay it off as soon as possible ).