Egg says it no longer wants to lend some customers money . Credit cards are to be withdrawn from 161,000 Egg customers who it believes pose an unacceptably “high risk”. The internet bank is writing to 7% of its customers to give them 35 days’ notice of the withdrawal.
On the face of it, you’ll think Egg is just trying to ‘cut its losses’ because of the Credit Crunch but it has emerged that some customers who pay their balances off in full each month have also had their credit agreements terminated. Many have contacted the Telegraph’s and BBC’s website to say that they were furious that their cards have been cancelled.
In my opinion Egg is getting rid of the customers from whom they not making much money. Paying off your balance every month means you are no longer ‘profitable business’ for Egg. Those who are left will continue to be ‘fleeced’ unless they vote with their feet.
People Wake Up!! Egg only likes your money, not you!!!
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