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Egg cancel 160,000 credit cards

Tuesday 5th February 2008 - 12:00

Online bank, Egg has started issuing letters to 160,000 of their customers informing them that their credit cards will be stopped within the next 35 days.  

The bank has sent letters to customers with a "higher than acceptable risk profile" informing them that their credit cards will be stopped.  However a number of those who have received a letter have insisted that they have good credit ratings and have speculated that Egg wanted to get rid of them because it made no money from their good financial management - something the bank insisted was "absolutely not the case". 

Egg has denied and insists that there is no truth whatsoever that they are cancelling customer’s credit cards because they have excellent credit ratings.  

The Financial Services Authority (FSA) may investigate the bank's move on request of a labour MP.

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