Egg credit cards to be withdrawn from 'risky' customers
www.moneynews.co.uk > Credit cards > Egg credit cards to be withdrawn from 'risky' customers
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Egg credit cards to be withdrawn from 'risky' customers
Mon 4th Feb 2008
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Egg will be writing to all their customers affected to inform them that their cards will stop working in 35 days.
The company said it is not asking for all the money owed to be paid back immediately or making any changes to the terms and conditions or interest rates on customer's accounts.
Egg announced that the decision was made following a 'one-off' review conducted after it was bought by US-based Citigroup for £575 million last year.
Some customers were found to have a "higher than acceptable risk profile" according to a statement from Egg.
The group denied that the move was linked to the global credit crunch, but AFP reported that Citigroup has been badly hit by the subprime mortgage crisis in the US.
A number of banks have tightened their lending criteria in recent months in an increasingly unstable global financial climate.
The Financial Services Authority published its annual review last week and warned that UK banks could face their toughest conditions for over a decade.
Related News : Credit cards |
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Related News : Egg |
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