Egg bans 7% of its customers from making transactions

Egg bans 7% of its customers from making transactions

Internet bank, Egg, is adopting a hard boiled attitude towards an estimated 161,000 Egg credit card customers (7% of its customer base) by banning them from making any further transactions on their cards.

The customers, deemed by the bank to have a 'higher than acceptable' risk profile, will be receiving letters over the next few days informing them that their cards will stop working in 35 days time. To have higher than acceptable risk profile will typically mean a customer has exceeded his/her credit limit, has failed to make the minimum monthly payment, or is guilty of both.

Egg has denied the move is related to the ongoing global credit crunch but instead follows a risk review carried out by parent company Citigroup after it took over the bank from Prudential back in May 2007. Customers affected are those whose credit risk profiles deteriorated between the time they joined Egg and the time Citigroup took over the bank.

Once the notice period has ended customers will no longer be able to use their Egg credit card but will, of course, be able to either make their minimum monthly payment or even settle their outstanding balance in full. Such 'generosity' also means that customers won't be required to settle their balances immediately as the terms and conditions of their agreements aren't being changed.

Complaints from disgruntled customers made to various media outlets - especially from those who've bothered to go to credit rating agencies such as Experian to actually find out their credit scores - suggest another agenda at work. The fact that the scores of these customers have been sufficiently high enough has led many to conclude Egg is keen to rid itself of customers who don't use their Egg cards frequently enough or who never pay interest.

In the last 2 years more and more people have been paying off their credit card debt - an unhealthy development for banks looking to generate interest charges (on late payments) and other fee income.

Angela Knight of the British Bankers' Association described Egg's action as "a sensible way of looking after a business". It may not seem so sensible to entirely creditworthy customers caught in the net simply because they don't use their cards frequently enough or happen to make their payments on time and in full.

Monday, 04 February 2008 18:12
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Top 5 Credit Cards

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Barclaycard Platinum (21 Month BT)
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Halifax 20 Month BT Card

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Barclaycard Platinum (Low Fee)

Introductory Offer
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Bank of Scotland Plus Credit Card

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Nationwide Credit Card

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Introductory Offer
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Sainsbury's Finance Credit Card

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Get 12 months 0% on all Purchases and Balance Transfers. Plus, earn up to 4 Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years!

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Sainsbury's Finance Nectar Credit Card

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Earn up to 4 Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years.

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Tesco Clubcard Credit Card

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Collect 1 Clubcard point for every £4 you spend on your Clubcard Credit Card anywhere in the world. Plus, your card doubles as a Clubcard. So when you use your Clubcard Credit Card to pay at Tesco, not only will you get 1 point for every £4 you spend, you will also collect points from Clubcard!

Introductory Offer
Balance Transfer Rate: 0% for 9 mths
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Purchase Rate: 0% for 15 mths
Representative APR
Purchases: 16.9% p.a. (variable)
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Balance Transfer Fee: 2.90% p.a.
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Credit Limit: Subject to Status
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MBNA Play.com Credit Card

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Receive 1,500 bonus Play Points if you spend £150 on your card within 90 days of your account opening - you can redeem these Points for a £15 Voucher!

Introductory Offer
Balance Transfer Rate: 0% for 6 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 9 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
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Balance Transfers: 16.9% p.a.
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Credit Limit: Subject to Status
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Halifax All In One

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Currently offered are three APRs depending on circumstance – 17.9%, 21.9% and 23.9%. If you are accepted at the highest rate of 23.9% APR variable you may not be offered an introductory period on balance transfers and purchases.

Introductory Offer
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Bank of Scotland All In One

Introductory Offer
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Advice

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Introductory Offer
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Credit Limit: £50,000
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On-Line Banking: Yes
Approval Criteria
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Barclaycard Gold

Introductory Offer
Balance Transfer Rate: 0% for until Sep 2012
Balance Transfer Fee: 2.50%
Purchase Rate: N/A
Representative APR
Purchases: 19.9% p.a. (variable)
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Annual Rates
Balance Transfers: 19.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You haven't missed multiple payments on a credit agreement within the last 12 months
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Post Office Mastercard

Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge)!!

Introductory Offer
Balance Transfer Rate: 0% for 14 mths
Balance Transfer Fee: 2.98%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 24.1% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
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Sainsbury's Finance Low Rate Credit Card

Advice

There are no balance transfer fees when transferring a balance from another card. Plus, earn up to 4 Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years.

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 6.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 6.95% (variable) your Representative APR will be 6.9% (variable).
Annual Rates
Balance Transfers: 6.90% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 59 days
On-Line Banking: Yes
Approval Criteria
  • You have a permanent UK address
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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
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  • You have a bank or building society account
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Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Not only do you get 6 months 0% on purchases, you also get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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