Barclaycard Take Over Egg Credit Cards
The Egg credit card brand is set to disappear from the UK credit card market with the announcement that Barclaycard have reached agreement with Egg’s owner Citi to purchase all of Egg’s 1.15 million credit card accounts.
Barclaycard have bought all the credit card accounts of customers of the Egg Card and Egg Money credit cards and it is expected that subject to regulatory approval, all current Egg customers will transfer to Barclaycard by May 2011.
This news means that Egg customers will no longer be allowed to make a balance transfer to Barclaycard and no other credit card customer will be able to make a balance transfer to Egg.
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Barclaycard have bought the credit card accounts but not the Egg brand, so customers with Egg credit cards will have them replaced with a Barclaycard branded credit card later during this year.
The companies say that all balance transfer and introductory purchase rates for Egg card holders will be honoured for the agreed period, throughout the customer account transfer process from Egg to Barclaycard.
As a result of the Barclaycard purchase of Egg, the Egg Card, a Visa credit card, will no longer be available for applications from new credit card customers The card had previously offered a balance transfer offer of 0% until 1st May 2012 with a fee of 3% and a representative 17.9% APR variable.
The removal of the Egg credit cards is a further consolidation of the UK credit card market and will further reduce the choice for card holders looking to transfer a credit card balance.
Barclaycard have in previous years taken over both the Goldfish and Morgan Stanley credit card businesses.
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