Despite the recent fiasco over the ditching of 160,000 loyal customers, and the resulting bad press, Egg remains one of the most widely recognised credit card brands in the UK today. Even though nowadays it’s offering is less than spectacular, it is still a fairly popular card - in no small part to the widespread publicity it has received over the years just because of its name. After all, what blogger or journalist can resist showing off their writing prowess by producing a teeth-grindingly awful pun as the headline?

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The Office of Fair Trading (OFT) has again criticised card card issuers for making their products too complicated and hard to compare. The chief complaint was that the way a card’s APR was calculated was done in 12 different ways among the top 20 card providers, effectively making APR meaningless as a comparison point when choosing a new card.

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A senior MP has suggested that some credit card companies are withdrawing their services from people who keep their borrowing to a minimum, while generating hefty profits from those who borrow more recklessly. John McFall, chairman of the treasury select committee, said that if banks were canceling the accounts of reliable repayers while continuing to profit from those who ran up significant debts, then their business methods would ‘have to be called into question’.

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