As a current (although soon to be ex) Egg customer, I’m interested to see the fallout from their decision to cancel the credit cards of 161,000 customers.
According to Egg, they are no longer willing to give credit to those who they say now pose an unacceptibly high risk.
To be perfectly honest, although I’d be a little miffed if found myself included in the 161,000 people (7% of Egg’s customer base), I also think it’s quite a brave move by the bank – these are probably the sorts of people that they’d fleece for even more cash in the past, so to show a more restrained policy towards them is certainly “different”. Although they’ve probably calculated that these people’s ratings are too risky and there’s a chance they’ll not get their credit repayed.
However, there are a few people who think that even those with good credit records have had their cards cancelled, leading some to suggest that Egg are also no longer interested in those who don’t earn them any money.
As I mentioned above, I’m soon to be an ex-Egg customer, as I’m currently transferring my balance onto a 0% balance transfer card to save a bit of cash.