Egg withdraws credit card from 'risky' customers ! - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Egg withdraws credit card from 'risky' customers !

edi Avatar
8y, 10m agoPosted 8 years, 10 months ago
Alarming action from egg, esp their definition of 'risky customers' ...

http://news.bbc.co.uk/1/hi/business/7222336.stm
Tags:
edi Avatar
8y, 10m agoPosted 8 years, 10 months ago
Options

All Comments

(17) Jump to unreadPost a comment
Comments/page:
#1
i believe i will be one of their 'risky' customers since i pay off my balances every month! flippin' heck - can Ombudsmen do anything about this?
#2
[COLOR="DarkRed"]Gillian Cox, of Farnham, Surrey, said she was "absolutely furious" to learn that her credit card had been cancelled in what she described as an "unbelievable arbitrary action".
Mrs Cox said she and her husband are "retired, no mortgage, no debts" and "always paid the balance off in full each month".
She added that she had contacted Experien who informed her that she was marked as having an "excellent" credit rating, "thus totally negating Egg's claim that this measure is about credit risk". [/COLOR]
Looks like they're dumping risky and dead safe customers as well - all those who aren't going to contribute enough to Citigroup's profits. U.S. financiers are pretty blatent. It means that a whole lot more people are going to have to use the "risky card" providers. More expensive for the customers and ones like easykard are really slow - tie up money for no apparent reason. We never expected these credit card companies to run a charity but I think the gov. needs to give the FSA more powers to insist on a better service provision.
#3
I got a letter from Egg this morning. They obviously aren't making enough interest out of me!!
Bunch of Bankers!
#4
banks = loan sharks. we put our savings there for pitiful interest and they loan OUR money out to charge high interest. every customer is a customer because even tho good creditors are not earning them loads, they are still earning a big difference in the background by using people's savings to make themselves more money.

BANKS SHOULD BE CHARGED MORE INTEREST FROM LOANING FROM PUBLIC.
#5
Just heard on the news that Citigoup lost $5billion over the last 3 months on the sub-prime US mortgage market. Guess where they are looking to recoup that loss.:x
Egg are dumping 7% of 2 million customers.
#6
Risky customers according to Egg

1. Those who pay the balance in full every month
2. Those who dont default
3. Those who dont overdraw
4. Those who dont tranfer balance

Think mine should be on its way... :p
#7
This sounds bad, I read the news article on the Yahoo site and thought I would be fine as I always pay the balance off each month. However it seems like that is the worst thing to do...

Are there any other companies which allow you to automatically have the balance paid in full each month? I have a credit card for the protection, it's been very handy with Egg just having it paid off fully without needing any interaction.

John
#8
Just one thing to do guy's ........pay off your Egg card double quick and ditch them . Pity everyone couldn't do that and see how long the company lasts without customers . I was going to get a Egg card too a few years ago because of the cheap interest . I like to pay my credit off as quick as I can ,so I would of been on there hit list too .I settled on a Northern Rock card [ way before they hit problems though ], its run by the Co-op with around 9% apr , alot cheaper than my 19% barclaycard.
#9
Least we all got Quidco !!!
and double discounts at Dixons !!!
#10
I actually got my Egg card to get the 10% discount at Currys, they had a Christmas 10% off voucher and already a very good price for a Sony TX - was a great buy. However the convenience of the Egg card has meant I've continued to use it.

John
#11
mrtootough
Least we all got Quidco !!!
and double discounts at Dixons !!!


LOL still havent used mine since I took it out 6 months ago. Had the quidco ofcourse.

Wonder if mine will be cancelled. :whistling:
#12
edi
Risky customers according to Egg

1. Those who pay the balance in full every month
2. Those who dont default
3. Those who dont overdraw
4. Those who dont tranfer balance

Think mine should be on its way... :p


I am definately a risky customer then! I wonder if I pay the full balance off each month apart from say 10p, that way the interest charge will be minimal and I wouldn't be classed as a risky customer, would that work? :whistling:
banned#13
amanda f
I am definately a risky customer then! I wonder if I pay the full balance off each month apart from say 10p, that way the interest charge will be minimal and I wouldn't be classed as a risky customer, would that work? :whistling:


Why would you stay with a company that treats its customers like this?
#14
lumoruk
Why would you stay with a company that treats its customers like this?


Double dixons discounts? :p
banned#15
i got my egg card nefore christmas, got the cashback from quidco and still not used the card yet, i take it i will be on the hit list:w00t:
#16
I only got an Egg card cos of Quidco,I applied for 1 for my partner,he got declined but we got paid Quidco for him still.
I've not heard anything and i'm one of those not to gain interest by paying my balance in full too.
#17
No sign of any letter here so hopefully I'm in the clear...

John

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!