MyCardBlog

As an effort to promote the communication with my readers and provide a forum for us to discuss specific topics, I set up a forum at mycardblog. You can access to the forum at www.mycardblog.com/forum. This forum is dedicated to discuss personal finance. I think it’s also a good way to expand your knowledge about money management. I think this forum will also cover some topics that I don’t post here at my blog. Another advantage of forum is all the members can bring latest news, deals and ideas. In this way, you can get the latest information as soon as possible. Anyway, thank you for your support!

Below is a screen shot of the forum:

Another important news I want to put here is ” Banks Are Going to Close Accounts of Risky Customers”.

Given the current state of banks, we have enough reasons to believe that they will shift the aim from mortgages to other risky products. Not to mention that more than 60% Americans carry balance on their at least two credit cards every month. If you are not a profitable customer to them, you are also in the queue. In the next few months, if the credit card issuers close you credit card account or reduce your credit limit without notifying you, don’t be surprised. I also strongly suggest you guys not play AOR recently.

Here is the report from Yahoo.

Reuters: Web bank Egg withdraws cards from riskier customers

LONDON (Reuters) – Egg, the Internet bank owned by Citigroup, will withdraw credit cards from 161,000 customers following a risk review, a spokesman for Egg said on Saturday.

The company has given seven percent of its credit card customers 35 days’ notice that it was ending their card agreements, he said.

“The credit profiles of affected customers had deteriorated between the time they joined Egg and the acquisition (by Citigroup) in May,” Egg said in a statement. “The decision to end these customers’ agreements was taken after conducting a one-off, extensive risk review of our (customers)…”

The move marks another example of how banks are revising their lending criteria amid the credit crunch.

Earlier this week, Britain’s Financial Services Authority said in an annual review that UK banks face their toughest conditions since the 1990s due to escalating consumer defaults.

The customers affected will not be able to use their Egg credit card once the notice period has ended, although they can continue to make minimum monthly repayments or pay up in full.

“Egg is not asking for immediate repayment of balances or making any changes to their current terms and conditions or interest rates,” the company said.

Citigroup bought the business from Prudential in May, 2007.

(Reporting by Gavin Haycock)