MSE News: Barclaycard to buy 1.15 million Egg customers

A question about : MSE News: Barclaycard to buy 1.15 million Egg customers

This is the discussion thread for the following MSE News Story:

Card holders are likely to transfer if a proposed deal goes ahead later this year, but what will be the impact? ...

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Barclaycard to buy 1.15 million Egg customers

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https://www.reuters.com/article/2011/...7200BN20110301

Could this be the end of the Egg Money 1% cashback? The article seems to suggest that they will integrate into Barclaycard's systems rather than operating separately like they did under Citi's ownership.

Best answers:

• I personally prefer that it was sold to Barclays rather than a sub prime lender. My interest rate on my old Citi card went up to 40% when it was bought out by another lender called OPUS. Obviously I cancelled the card.
• Anyone know when they will start merging the Egg Money accounts into Barclaycard?
  We have a Barclaycard but stopped using it last year when they took our cashback to 0.00 (we spend over Ј1000 a month on it). Trying to reason with the indian call centre and get the cashback back was enough for us to stop using it and switch to using Egg Money instead.
  Have been very happy with Egg and now hear the news they are being taken over from Barclaycard. Not at all happy
• You'll probably be looking at around 12-18 months time.
• Oh dear. Very sad to hear this, but thanks for posting the info.
• We might be migrated onto Barclaycardfreedom
• If they think about it logically, people have Egg Money cards for the cashback. If they stop the cashback, people will go elsewhere. Why then would they spend hundreds of millions of pounds for a business likely to hemmorage all its customers in the first year.
  Moved from GM Card wen they restricted the redemption rates on small cars, moved from Conran Card when MBNA swallowed them up and stopped cashback.....theres another one somewhere that I left as well I thnk!!!
• The only reason I have an Egg Money card is due to the cashback - if they stop it I will deff be cancelling my card - their interest rates aren't the most compeitive and I never get any offers like with Virgin Money (who regularly offer 0% periods on BT and/or purchases). Egg Money customer service is nothing to write home about either...so it will be bye bye Egg and thanks for all the cashback.
• While it would be a shame for the 1% as much as I'd miss that I'd miss the facility the money manager has having all your accounts in one simple place, not sure why more banks don't follow suit on that. Still, don't Barclay's have a card that offer 1% cash back, if so I'd imagine it to stay the same, they just might offload a few more customers like what happened when Citigroup took over.
• Ј200 cashback to hit my account this month
  Cashback stops......Im outta here.
• Citi are actively trying to get rid of assets in Europe and I expect they didn't get a better offer from anywhere else!
• The portfolio was bought at a discount mainly because Citi were keen to exit the market - who knows, maybe they didn't have the appetite to run the book down over the next few years and wanted to release some funds quickly.
  Barclaycard may well want to run it as a going concern. But they may not.