Have you had your Egg credit card closed? Take part in our poll...

A question about : Have you had your Egg credit card closed? Take part in our poll...

Egg drops 161,000 customers as credit crunch bites. Egg’s shocked the market by writing 7% of its credit card customers' accounts saying they’re too high a risk; meaning they'll be able to pay off existing debts but not borrow more. This shows the credit crunch is biting. Worryingly many who’ve received the letter say they pay off in full each month; do you?

PLEASE ANSWER THE POLL ABOVE

What to do & will this happen elsewhere? It depends on your situation.

Lost Egg & got bad credit? Read the Problem Debts article.

Lost Egg & always repay in full? Congrats! The Egg card, as opposed to Egg Money, was pants for you anyway; you can get cheaper interest rates and earn higher cashback elsewhere.

Will this happen on other cards? Unlikely, but not impossible. Egg’s different as its new parent Citibank is struggling and focuses on high income customers, plus it only offers limited products, so if credit card customers aren’t profitable it can’t flog ‘em other stuff to make up for it. Yet take it as a warning; most people with debts should go to longer term cheap deals when they switch. See Best Balance Transfers.

Martin

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Best answers:

• Add me to the 161k.
  Strange as it is, I've never missed a payment with them in 7 years. The thanks you get for being a good customer!
• I think it's missing an option for 'not been cancelled yet' for those who don't read the question properly but answer anyway?
  Or maybe a separate poll for those who haven't been cancelled with exactly the same answers, to compare the results of the two groups?
• I agree with Mark and Paul, on the face of it I have been expecting a letter, I have two Egg cards one used a lot but paid off each month and one I paid off in June 2006 and it's just sitting there with credit limit going to waste.
• Just a suggestion, but have you thought about adding an additional poll for "I use Egg Money Manager"/"I don't use Egg Money Manager" as I know quite a few people were discussing that as a possible demographic in the original thread.
• My experience isn't included in the above but I have a perfect credit rating, with no missed payments on my file.
  I applied for an egg card via quidco, one of a number of via quidco applications I made.
  Computer said NO
  All the other CC applications I made were successful
  Oh, and I have an egg internet savings account.
• I think this stinks that they do this i pay the min but i have never missed a payment. I also use the egg money manager.
  Funny how the site is unavailable to log into your accounts!!!!
  Egg Visa btw
• I got my closure letter today.
  I owe 1300 on it, the minimum payment comes out by DD so have never missed a payment but I haven't used the card in 2-3 years either.
• I think we could add ages to the poll. I read somewhere that the age group 35 to 50 are considered a bigger credit risk. There's got to be more to it than whether you pay off your card every month.
• :confused:
  i thought i was the only one to get this, when i read the letter it told me about section X.X and i thought WHAT!
  i then found out the clause was it can cancel any account with 45day notice
  for what reason ? i didn't knew .. i was their ideal customer i owe over Ј3.5k
  and pays the min... (i already have 2 x 0% apr cards,. and still doesn't cover it)
  and then i found out they have been taken over by "citi" ooooooo i have a personal grudge with them, and they kinda blacklisted me.
  (in other words... "don't use our cards. but pay it all back"
  so i thought it was just a grudge thing.
  now i realized its happening everywhere.
  oh well
• Add me to the total, although must admit I was only my emergency card, it was always paid in full by DD on the due date. BTW as it was a Visa credit, as opposed to Mastercard credit, it was about the only card that worked in phone boxes anywhere in the world.
• I have not been targeted by these corporate bullies, but I am going to cancel my card in protest at these tactics. If everybody does the same where would they be?
  ZippyManiac
• I would have thought that someone who pays in full, or uses their card rarely are both big risks if you want to avoid lending people any more money.
  I.e. If you are up to your credit limit and pay minimum per month the bank isn’t taking on more risk by having you on the books. If on the other hand you have the facility to spend up to 10k on 5 different credit cards there is the potential for the bank to take on more risk – which at this time I am guessing it just doesn’t want to.
  So someone at the bank says how can we avoid more risk – cancel anyone who has a large credit facility.
• [quote=wwp8;8452539]:confused:
  i thought i was the only one to get this, when i read the letter it told me about section X.X and i thought WHAT!
  i then found out the clause was it can cancel any account with 45day notice
  Me too - I got the letter on Saturday morning and didn't sleep with worry all weekend!!!
  I owe just under Ј4k and pay just over min payment each month. I havent checked out my credit rating (I know I should - I'm new to this!!!!). Maybe that's my job for this weekend..............:confused: