Credit cards- egg on your face but not in your wallet.

Recently the credit card company Egg have revealed that they will be withdrawing 160,000 credit cards from their customers. They are withdrawing the cards from people who they believe to be a high financial risk but many people have questioned whether this is really the reason.

Many people have been posting on online blogs demonstrating their anger about having their credit card taken away from them. Many say that they do not owe the bank anything and always pay their monthly balance. This suggests that they are withdrawing cards from those customers who are not profitable.

It has not been proven yet so we should not jump to any conclusions. Just last year, saw them being bought out by a large American enterprise and as a result, the company conducted credit checks on all of their customers. The result of the withdrawal of 7% of its customers could easily be legitimate and could result in larger savings for their existing customers. Those who have to give up their credit card have not been set a date yet when all debts must be settled but the company has confirmed that they will not be looking for immediate repayment.

If the company has chosen to discard those who simply aren’t creating enough revenue for the company, they are taking a huge risk. The chance of them attracting new customers will be very limited if the accusations are true.

If you are unfortunate enough to have been one of those 160,000 then the answer is simple; switch. The other providers will all be vying for the business of all these customers so the deals will be available for the customers to choose the best credit card deal for them.