egg/citibank cancelled my card because im too good a customer! cunts - GoFuckYourself.com

a1ka1ine · 02-10-2008, 10:34 AM

my credit limit was 8000GBP and I used to spend about 2000-3000 a month on the card, but always paid the balance in full with direct debit. i have gone over limit before but they always raised my limit as I had never missed a payment. i like to think my credit record is very good, I have a mortgage with no missed payments, etc. the letter I received telling me they were cancelling my card was written out like I am a bad risk because i dont pay my bills etc? fu!*>ers should just say the truth that they dont like customers who dont get into financial problems and that people who dont make them much money are not worth anything to them as customers - or indeed worthless as humans too, im sure they think that also. my world of warcraft subscription is on my egg card and im furious they are making me log into my control panel and change the details, taking time out from my raiding!!!1 :@:@:@:@:@:@:@:@:@:@

news link:
http://afp.google.com/article/ALeqM5...Xo4l8yF71TVw7g

Internet bank to cancel thousands of credit cards

Feb 2, 2008

LONDON (AFP) ? Internet bank Egg has cancelled the credit cards of around 160,000 customers who have a "higher than acceptable risk profile".

Egg, which was bought by Citigroup last year, denied the move was linked to the global credit crunch and has faced an angry backlash from some of those whose cards will stop working in 35 days.

"Egg is very sorry that some customers are upset after receiving notification that it is ending their credit agreements," a spokesman for the firm said late Saturday.

"Egg has decided that it no longer wishes to offer credit to these customers, after conducting a one-off extensive review of its credit card book following the acquisition of Egg by Citi in May 2007."

Citigroup has been badly hit by the subprime crisis in the United States and unveiled quarterly losses of 9.83 billion dollars last month.

The move has hit seven percent of Egg's two million credit card holders. It is not asking for immediate balance repayments or changing terms and conditions.

One angry customer is Gillian Cox of Farnham, who told the BBC that she and her husband have always paid off their balance in full each month.

"We are retired, no mortgage, no debts, joint income of about 35,000 pounds," she told the BBC.

"I phoned Egg who were unable to do anything but recite the same paragraph as was in the letter."

Labour MP Nigel Griffiths has asked the Financial Services Authority (FSA) to investigate the move. Egg says it informed the FSA before acting.

media · 02-10-2008, 10:36 AM

You're a deadbeat to them in their eyes because you don't maintain revolving debt and you pay off everything before they make interest income.. so you're useless to maintain a relationship with..

a1ka1ine · 02-10-2008, 10:37 AM

theres a website with 100's of ppl whining about it too. seems most ppl always paid their cards off and just werent making the bank any money

http://www.eggcancel.co.uk/

a1ka1ine · 02-10-2008, 10:39 AM

Quote:

Originally Posted by media

You're a deadbeat to them in their eyes because you don't maintain revolving debt and you pay off everything before they make interest income.. so you're useless to maintain a relationship with..

i started off as a "good" customer about 7 years ago with a 10,000GBP loan and a credit card.. was always struggling to pay and paying shitloads of interest. about 4 years ago , i got financially healthy and since then have never missed a payment etc. assholes!

woj · 02-10-2008, 11:00 AM

That doesn't really make sense, I always thought, I thought they make money on you even if you don't carry a balance... not much, maybe 1% of the transactions, but enough to make it worthwhile to keep the customer...

rowan · 02-10-2008, 11:13 AM

Quote:

Originally Posted by woj

That doesn't really make sense, I always thought, I thought they make money on you even if you don't carry a balance... not much, maybe 1% of the transactions, but enough to make it worthwhile to keep the customer...

When I first got my card my bank was constantly reminding me that I could use my credit card to buy everything without any extra charges; if I chose to use electronic card debit instead then I'd be paying per transaction. They knew I paid off the balance in full each month, but they'd still be making the $ from merchant fees.

Doesn't work so well these days because Australian retailers are now legally permitted to add a surcharge for CC transactions.

Rhesus · 02-10-2008, 11:22 AM

Quote:

Originally Posted by rowan

When I first got my card my bank was constantly reminding me that I could use my credit card to buy everything without any extra charges; if I chose to use electronic card debit instead then I'd be paying per transaction. They knew I paid off the balance in full each month, but they'd still be making the $ from merchant fees.

Doesn't work so well these days because Australian retailers are now legally permitted to add a surcharge for CC transactions.

Good! It's a ripoff scheme in which only the banks win...

V_RocKs · 02-10-2008, 01:15 PM

Wow.. the truth comes out!

I have 5 cards.. I put one of them to the limit and left it there for 6 months... The other 4 I paid off what ever I did each month or just never used them. Take a guess???

The maxed out one received an offer to increase my credit line $500. The others received nothing.

So I kept the debt on that one. And then maxed a small one I had. $1200. And right away they offer me $500 more credit! Then in 6 months the original offers me another $500.

So I pay them both off. The bigger one sends a letter stating that I no longer fit their profile and I have two options. Do nothing and except an increase to 17% APR or contact them and have the $1000 extra removed and start paying a yearly fee.

WTF???

They want you to stay maxed out and that is just sad... It wouldn't surprise me if they just stopped offering good people credit all together!

Ross · 02-10-2008, 03:17 PM

I got the letter from them last week as well, the cancelled my account. I never went over my limit. They want people who can't afford to pay the money back as customers so they make money. Apparently a lot of other CC Companies are going to be doing this as well. I checked my Experian Credit Report and my score is 986 over 1000. Pretty much perfect. I've also never missed a payment on anything for 25 months LOL.

Crazy that they just cancelled my account for being a good customer but not to worry, I don't care. I'm clearing the balance of the account and from now on I'll use my Visa.

rowan · 02-10-2008, 07:21 PM

Seems like a paradox that the customers who are more likely to default are the ones who will make them the most money. I guess a good number of them would be merely struggling (

) and not necessarily go as far as a default...

american pervert · 02-10-2008, 07:26 PM

i fucking hate citibank

habibjr · 02-10-2008, 07:28 PM

citi bank CC is one of the worst cc company I have ever dealt with. they aren't customer freindly & have strict policys that dont make sense. They only reason i use them is for AA reward program. If u are looking for a good CC try BAnk of America

american pervert · 02-10-2008, 08:30 PM

I was in acapulco and they blocked my card so i called and had them take the block off, or so i thought. couple of nights later in jalisco when i tried to buy a bottle at a club my card got declined. called up citibank and they told me that i should of told them i was in mexico and i told them i called 2 days earlier and they admitted it wasn't unblocked. finally unblocked it and when i got back to the states i was at the airport getting and upgrade and my card was declined. but i was able to go to the atm and get money to pay for it. then at a gas station the next night i went to fill up my car and the card was declined at the pump but worked in side at the atm. called up citibank and there is another block on my card. finally got it unblocked. i hate them.

L-Pink · 02-10-2008, 08:52 PM

I have a Mastercard debit card with a high daily limit and that's it. Very simple.

HighRoller · 02-10-2008, 08:54 PM

http://www.businessweek.com/bwdaily/...026_105146.htm

halfpint · 02-10-2008, 09:05 PM

Yep this was all over the news a couple of days ago.. really fucking stupid

Banks may be taking cards from reliable customers and giving them to riskier ones instead in order to boost their profits, a senior MP has suggested.

http://news.bbc.co.uk/1/hi/uk/7236171.stm

Dollarmansteve · 02-10-2008, 09:11 PM

You're like a trial signup with no conversion to a full membership to them

PR_Sebas · 02-10-2008, 11:15 PM

Quote:

Originally Posted by Dollarmansteve

You're like a trial signup with no conversion to a full membership to them

haha, good analogy but, hes not even a paid trial signup, hes just a free trial signup because he didnt even have to pay $1 to get the cc.

teomaxxx · 02-11-2008, 05:56 AM

Citybank is in big shit alone, the last capital infusion was for a 14% rate and its more harder to make money out of 14%. So they had to try to charge customers more and those who dont bring them money got kicked out, since they dont need them.
I wouldnt be surprise to see them going under this or next year.
There are few large banks on the way to BK, if there wont be some goverment bail out plan

IllTestYourGirls · 02-11-2008, 07:05 AM

that is what I was thinking sometimes 4%? Sounds like a bank about to go under to me.

Quote:

Originally Posted by woj

That doesn't really make sense, I always thought, I thought they make money on you even if you don't carry a balance... not much, maybe 1% of the transactions, but enough to make it worthwhile to keep the customer...

StuBradley · 02-11-2008, 08:01 AM

Quote:

Originally Posted by teomaxxx

Citybank is in big shit alone, the last capital infusion was for a 14% rate and its more harder to make money out of 14%. So they had to try to charge customers more and those who dont bring them money got kicked out, since they dont need them.
I wouldnt be surprise to see them going under this or next year.
There are few large banks on the way to BK, if there wont be some goverment bail out plan

Did you just say "more harder"?

Barefootsies · 02-11-2008, 08:30 AM

Quote:

Originally Posted by teomaxxx

Citybank is in big shit alone, the last capital infusion was for a 14% rate and its more harder to make money out of 14%. So they had to try to charge customers more and those who dont bring them money got kicked out, since they dont need them.
I wouldnt be surprise to see them going under this or next year.
There are few large banks on the way to BK, if there wont be some goverment bail out plan

Yeah, that's not going to happen. The government is not going to let major banking brand names go under.

teomaxxx · 02-11-2008, 10:09 AM

Quote:

Originally Posted by StuBradley

Did you just say "more harder"?

yeah, my english sucks. I didnt look back at my post and there is a lot of mistakes

teomaxxx · 02-11-2008, 10:17 AM

Quote:

Originally Posted by Barefootsies

Yeah, that's not going to happen. The government is not going to let major banking brand names go under.

the biggest problem now is with these capital insurers:

""America's biggest mortgage bond insurers collectively need a $200 billion (Ł101 billion) capital injection if they are to maintain their key AAA credit ratings, a figure that dwarfs a plan by New York regulators to put together a capital infusion of up to $15 billion, a leading ratings expert said yesterday."

and

""Banks worldwide may need to raise as much as $143 billion of additional reserves to satisfy regulators if bond insurer rating cuts trigger downgrades for the securities they guarantee, Barclays Capital analysts said.""

and:

"Everyone thinks they're looking at the cliff over Armageddon," said Ed Rombach, senior derivatives analyst at Thomson Financial. "If you think the write-downs have been bad so far, the next write-downs could be twice as big."

from:
http://www.washingtonpost.com/wp-dyn...011803592.html

So the banks need to get as much capital as possible in order to survive next writedowns/write-offs

02-10-2008, 10:34 AM	#1
a1ka1ine Confirmed User Industry Role: Join Date: Apr 2002 Posts: 3,387	egg/citibank cancelled my card because im too good a customer! cunts my credit limit was 8000GBP and I used to spend about 2000-3000 a month on the card, but always paid the balance in full with direct debit. i have gone over limit before but they always raised my limit as I had never missed a payment. i like to think my credit record is very good, I have a mortgage with no missed payments, etc. the letter I received telling me they were cancelling my card was written out like I am a bad risk because i dont pay my bills etc? fu!*>ers should just say the truth that they dont like customers who dont get into financial problems and that people who dont make them much money are not worth anything to them as customers - or indeed worthless as humans too, im sure they think that also. my world of warcraft subscription is on my egg card and im furious they are making me log into my control panel and change the details, taking time out from my raiding!!!1 :@:@:@:@:@:@:@:@:@:@ news link: http://afp.google.com/article/ALeqM5...Xo4l8yF71TVw7g Internet bank to cancel thousands of credit cards Feb 2, 2008 LONDON (AFP) ? Internet bank Egg has cancelled the credit cards of around 160,000 customers who have a "higher than acceptable risk profile". Egg, which was bought by Citigroup last year, denied the move was linked to the global credit crunch and has faced an angry backlash from some of those whose cards will stop working in 35 days. "Egg is very sorry that some customers are upset after receiving notification that it is ending their credit agreements," a spokesman for the firm said late Saturday. "Egg has decided that it no longer wishes to offer credit to these customers, after conducting a one-off extensive review of its credit card book following the acquisition of Egg by Citi in May 2007." Citigroup has been badly hit by the subprime crisis in the United States and unveiled quarterly losses of 9.83 billion dollars last month. The move has hit seven percent of Egg's two million credit card holders. It is not asking for immediate balance repayments or changing terms and conditions. One angry customer is Gillian Cox of Farnham, who told the BBC that she and her husband have always paid off their balance in full each month. "We are retired, no mortgage, no debts, joint income of about 35,000 pounds," she told the BBC. "I phoned Egg who were unable to do anything but recite the same paragraph as was in the letter." Labour MP Nigel Griffiths has asked the Financial Services Authority (FSA) to investigate the move. Egg says it informed the FSA before acting.

02-10-2008, 10:36 AM	#2
media Confirmed Moneymaker Industry Role: Join Date: Apr 2002 Location: Eugene, OR It's Like Jail, Only with Trees! Posts: 9,852	You're a deadbeat to them in their eyes because you don't maintain revolving debt and you pay off everything before they make interest income.. so you're useless to maintain a relationship with.. __________________ I'm here for the violence!

02-10-2008, 11:00 AM	#5
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	That doesn't really make sense, I always thought, I thought they make money on you even if you don't carry a balance... not much, maybe 1% of the transactions, but enough to make it worthwhile to keep the customer... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

02-10-2008, 07:26 PM	#11
american pervert Confirmed User Join Date: Sep 2002 Location: Los Angeles Posts: 6,830	i fucking hate citibank __________________ I can resist everything except temptation

02-10-2008, 07:28 PM	#12
habibjr Confirmed User Join Date: Apr 2005 Posts: 342	citi bank CC is one of the worst cc company I have ever dealt with. they aren't customer freindly & have strict policys that dont make sense. They only reason i use them is for AA reward program. If u are looking for a good CC try BAnk of America __________________ Make Money on REAL ReAlity Ethnic Homegrown Porn The ORIGINAL BLACK SEX FINDER

02-10-2008, 10:37 AM	#3
a1ka1ine Confirmed User Industry Role: Join Date: Apr 2002 Posts: 3,387	theres a website with 100's of ppl whining about it too. seems most ppl always paid their cards off and just werent making the bank any money http://www.eggcancel.co.uk/

02-10-2008, 01:15 PM	#8
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,422	Wow.. the truth comes out! I have 5 cards.. I put one of them to the limit and left it there for 6 months... The other 4 I paid off what ever I did each month or just never used them. Take a guess??? The maxed out one received an offer to increase my credit line $500. The others received nothing. So I kept the debt on that one. And then maxed a small one I had. $1200. And right away they offer me $500 more credit! Then in 6 months the original offers me another $500. So I pay them both off. The bigger one sends a letter stating that I no longer fit their profile and I have two options. Do nothing and except an increase to 17% APR or contact them and have the $1000 extra removed and start paying a yearly fee. WTF??? They want you to stay maxed out and that is just sad... It wouldn't surprise me if they just stopped offering good people credit all together!

02-10-2008, 03:17 PM	#9
Ross Ik ben een aap Industry Role: Join Date: Sep 2002 Location: Traffic Force Towers, Canada! Posts: 18,874	I got the letter from them last week as well, the cancelled my account. I never went over my limit. They want people who can't afford to pay the money back as customers so they make money. Apparently a lot of other CC Companies are going to be doing this as well. I checked my Experian Credit Report and my score is 986 over 1000. Pretty much perfect. I've also never missed a payment on anything for 25 months LOL. Crazy that they just cancelled my account for being a good customer but not to worry, I don't care. I'm clearing the balance of the account and from now on I'll use my Visa.

02-10-2008, 07:21 PM	#10
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	Seems like a paradox that the customers who are more likely to default are the ones who will make them the most money. I guess a good number of them would be merely struggling ( ) and not necessarily go as far as a default...

02-10-2008, 08:30 PM	#13
american pervert Confirmed User Join Date: Sep 2002 Location: Los Angeles Posts: 6,830	I was in acapulco and they blocked my card so i called and had them take the block off, or so i thought. couple of nights later in jalisco when i tried to buy a bottle at a club my card got declined. called up citibank and they told me that i should of told them i was in mexico and i told them i called 2 days earlier and they admitted it wasn't unblocked. finally unblocked it and when i got back to the states i was at the airport getting and upgrade and my card was declined. but i was able to go to the atm and get money to pay for it. then at a gas station the next night i went to fill up my car and the card was declined at the pump but worked in side at the atm. called up citibank and there is another block on my card. finally got it unblocked. i hate them. __________________ I can resist everything except temptation

02-10-2008, 08:52 PM	#14
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	I have a Mastercard debit card with a high daily limit and that's it. Very simple.

02-10-2008, 08:54 PM	#15
HighRoller Confirmed User Join Date: Feb 2003 Location: MN Posts: 1,037	http://www.businessweek.com/bwdaily/...026_105146.htm

02-10-2008, 09:05 PM	#16
halfpint GFY's Halfpint Industry Role: Join Date: Jun 2007 Location: UK Posts: 15,223	Yep this was all over the news a couple of days ago.. really fucking stupid Banks may be taking cards from reliable customers and giving them to riskier ones instead in order to boost their profits, a senior MP has suggested. http://news.bbc.co.uk/1/hi/uk/7236171.stm __________________ Get FREE website listings on Cryptocoinshops.net

02-10-2008, 09:11 PM	#17
Dollarmansteve Confirmed User Join Date: May 2005 Location: T.O. Posts: 2,849	You're like a trial signup with no conversion to a full membership to them __________________ I died.

02-11-2008, 05:56 AM	#19
teomaxxx Confirmed User Join Date: May 2003 Posts: 2,736	Citybank is in big shit alone, the last capital infusion was for a 14% rate and its more harder to make money out of 14%. So they had to try to charge customers more and those who dont bring them money got kicked out, since they dont need them. I wouldnt be surprise to see them going under this or next year. There are few large banks on the way to BK, if there wont be some goverment bail out plan