The global credit crunch has affected the decision of many lenders with regards to who they can and cannot lend to over recent months, but Egg has shocked many of its customers by withdrawing credit card facilities from over 160,000 customers, giving them just over one month's notice before their cards become defunct.
Customers that are on the Egg hit list will find that their credit cards cannot be used to cash transactions or purchases any longer after the 35 day period following the announcement, but they will be able to continue making minimum repayments or larger repayments in order to clear any existing balance from the card.
According to officials at Egg the credit cards were withdrawn from customers whose credit has dropped since they opened the account, and one official from the lender stated: "We are sorry some customers are upset after receiving notification we are ending their credit card arrangement, but they are people we do not feel it is appropriate to lend any money to."
However, customers who have been told that their accounts are being closed are outraged in many cases, as many claim that they have an excellent credit history and rating, and that they have always made repayments in time and responsibly.
original post: financial articles
No comments:
Post a Comment