For the first time in banking history 160,000 credit cards have been terminated by a bank in one fowl swoop.

Egg who have recently been purchased by CITI Bank, have cancelled thousands of credit cards due to worry after conducting a mass “risk review”.

Egg, sent letters to customers last Thursday informing them that they have 35 days to stop spending on their credit cards.

Cardholders will be able to continue making minimum monthly repayments on their balances but will not be able to spend any more after the deadline. A Labour MP is asking the banking industry watchdog, the Financial Services Authority, to investigate the matter. Nigel Griffiths, a former deputy leader of the House of Commons, said Egg’s action was unacceptable.

We here at 100% People also think this is unacceptable, we are prepared to stand up and voice what we really think of these banking bullies. The stink of rotten eggs!

Are you one of these people – Yes? Well why not join our eggsclusive EGG Card Club!

The Founder of 100% People happens to be one of the 161,000 who, although having an excellent credit rating, has been told her card will be terminated within 35 days.

She has expressed “it is not only the inconvenience of having your credit card taken away but also the emotional effect of receiving such a letter”, especially as she knows herself to be an extremely loyal customer with an excellent credit rating.

With this in mind she has set up the club – so that all the affected parties can discuss their experiences and come together as one – discussing their particular issues in our forum.

So if you’ve had your Egg Card cancelled we want to know!

- How did this make you feel?

- What would you say to Mr Egg Card himself if you had the chance?

- Which credit card company will you be moving to?

To make the best of this experience 100% People are also asking all parties affected to donate a minimum of £1 to the British Heart Foundation – just in case this has a very adverse effect on any one individual! – As they say let’s restore the good/bad balance!

Visit our Forums to join The Egg Card Club, voice your own opinions and discuss with others in the same boat.

To make a donation to The British Heart Foundation CLICK HERE

This entry was posted on Tuesday, February 5th, 2008 at 5:03 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.