Egg acts over 'risky' customers, (RISKY, yeah right !)

Biohazard · 2 Feb 2008 at 15:48

Banks love people being in debt, and bad debt. Its as simple as that, the law is engineered in their favour.

I would just pull any savings from them, and start sending dead rats to the main office.

Redrum · 2 Feb 2008 at 16:08

Haircut said:
Even if it's not the most risky customers what's actually wrong with this?
Surely it's up to a business who they choose to do custom with and to maximise profits they should choose to do business with those people who will make them the most profit.

Yes it is up to them who they do business with, but the part that is wrong is where they are lying by saying they are closing risky accounts, instead of just having the guts to admit that they don't want customers that don't make them money.

Quite how they expected to get away with it without people noticing is beyond me.

Third Opinion · 2 Feb 2008 at 16:21

I am sure this will be the first of many Credit Card companies to do this.

Credit Crunch still hasn't gone away and the USA looks very likely to go into recession.

Dr House · 2 Feb 2008 at 16:47

I wonder if they are going to cancel my account, I have not used my card for over a year and have kept a 750 GBP positive balance on it at all times.

Mr^B · 2 Feb 2008 at 16:51

Why would you keep a 750 balance on a CC?

Luseac · 2 Feb 2008 at 16:53

Mr^B said:
Why would you keep a 750 balance on a CC?

Just what I was thinking, could be earning ₤45 a year in an ISA.

Dr House · 2 Feb 2008 at 16:57

Mr^B said:
Why would you keep a 750 balance on a CC?

just had a look its 950, Because I NEVER remember to pay my cc bill and im not too keen on having a DD, I only ever used my egg card for small bits and bobs when I come to the uk so I just dumped some cash on there so I don’t have to worry about late charges

Berserker · 2 Feb 2008 at 17:10

Do you have Egg Card or Egg Money? If it's the former then it might be worth asking if you can switch it to the latter - at least you might get some interest back until they decide you're costing them too much.

Chris1983 · 2 Feb 2008 at 18:00

Spleenus · 2 Feb 2008 at 18:01

Mr^B said:
Why would you keep a 750 balance on a CC?

So he's in credit on his credit card?

RDM · 2 Feb 2008 at 18:04

Biohazard said:
Banks love people being in debt, and bad debt.

They do like people in debt, they don't really like bad debt at all. Bad debt is more expensive to recover and can be written off in the right circumstances. Most banks try to keep bad debt to a minimum.

growse · 2 Feb 2008 at 18:05

Don't see how this is news - any company can do business with whoever they like. So what's the issue?

LordSplodge · 2 Feb 2008 at 18:11

lowrider007 said:
Getting rid of risky customers, pull the over one, this blatantly shows banks/creditors true colours.

Banks. A law unto themselves.

Deathwish · 2 Feb 2008 at 18:12

growse said:
Don't see how this is news - any company can do business with whoever they like. So what's the issue?

While that is true, they can pick and choose who they deal with, it is the way in which Egg has suggested that the customers it has written to are "bad debtors" that have shaky credit histories when in fact the majority do not and are just being got-rid of with the one-size fits all excuse.

dirtydog · 2 Feb 2008 at 18:16

growse said:
Don't see how this is news - any company can do business with whoever they like. So what's the issue?

As already said: because Egg are apparently LYING about it.

If they said "sorry, you're not profitable enough so bye bye" then it would be more acceptable.

I've had an Egg card myself for a little while now and only used it once or twice, so let's see if I get a letter at some point...

Richdog · 2 Feb 2008 at 18:20

growse said:
Don't see how this is news - any company can do business with whoever they like. So what's the issue?

Posts like this still genuinely surprise me... how can people be so oblivious? Do you not actually see what could be perceived as bad and unfair behaviour on Eggs behalf with this situation? :confused:

dirtydog · 2 Feb 2008 at 18:22

Richdog said:
Posts like this still genuinely surprise me... how can people be so oblivious? Do you not actually see what could be perceived as bad and unfair behaviour on Eggs behalf with this situation?

It is IMO verging on slander by Egg, by implying that you are a dodgy credit risk. Disgraceful.

Dolmio Chips · 2 Feb 2008 at 18:30

I havent used my egg card in about 3 years. Have been meaning to cancel it so hopefully I might get one of these letters and save the bother!!!

Nick1881 · 2 Feb 2008 at 18:38

Egg have rapidly gone down the pan. When I signed up about 3-4 years ago they were excellent, offered great rates and superb customer service. Look at their rates now, not that good and beaten by plenty of others and now this.

I have an ISA with them, after its ran its course I may ditch them, dont use either of my cards I have with them any more either, and cleared the loan I had with them.

[TR]SweetSpotOz · 2 Feb 2008 at 19:14