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Egg 'won't apologise for card cut-offs'

Egg has rejected pressure to apologise to the 161,000 credit card customers whose accounts it cancelled following an internal risk review.

This is despite many claiming that, far from racking up big debts on their cards, they paid their balances off every month.

The firm has been accused of cutting consumers off not due to risk concerns, but due to profiteering - as those who clear their balances do not pay monthly interest for being in debt.

Egg has denied these accusations and has pointed out that it still made money from the customers due to their receiving fees for all card transactions regardless of the balance, the Daily Mail reports.

A spokesman for the credit card firm said: "[The risk review studied] the level of risk inherent in groups of customers, rather then every individual.

"So while some customers in that group [which was cut off] may be up to date with their payments and have a good record with credit reference agencies and so on, the probability of them becoming a higher-risk customer in the future is higher than we wish to accept."

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