Egg Bank, who this week cancelled the credit card accounts of 161,000 ‘high risk’ credit card customers, reportedly said that it was a one-off move, and not the start of a spiral.
Egg contacted hundreds of thousands of customers, some 7 per cent of its overall customer base. The company warned that due to ‘credit profile deterioration’ their credit cards would cease to function in just over a month.
However, Egg are yet to provide customers with a date by which debts must be paid, however the bank is thought not to be looking for immediate balance repayment . Customers throughout the UK have already complained about the action, claiming that their credit profiles are good.
Whether the current furore damages the bank remains to be seen. The owners of the Bank, Citigroup, are thought to have been punished by sub-prime related losses.
160,000 Egg credit cards cancelled
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