Credit Card Holders to Be Cut Off

After Citigroup bought British bank Egg last spring, the New-York based bank brought on more than two million credit-card customers.

Of those customers, roughly seven percent had missed payments and others had related credit problems.

And so after a review, Citi has given about 160,000 current customers 35 days before it will shut off access to their credit cards.

The company simply stated that they didn’t want to lend the customers anymore money, although those with balances will have time to repay their debts.

But new purchases are out for the many borrowers struck by the bad news.

However, critics believe customers in good standing will be unnecessarily affected by the move, calling the sweeping action unacceptable.

Egg denied claims that it is simply ditching customers who regularly pay credit card balances because they are unprofitable.

(photo: nickbair)

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