Egg - not just credit card malfeasance?

Egg has been hauled over the coals for terminating a huge number of its credit card customers - and apparently lying about the reason why.

It does look as if the bank is regretting the quality of its loan book. If you believe Egg, it's fed up with poor credit quality customers who never pay up. If you believe some of the irate ex-cardholders, it's fed up with those evil, thoughtless, irresponsible customers who pay their whole bill in full every month and don't allow it to earn any money.

But it's treating its savers equally badly if you ask me. The Bank of England recently put its rates down by a quarter of one percent. I then got a message from Egg telling me it has reduced its rates by half a percent - twice the bank rate cut. I'm being shortchanged.

Well, a lot of my money is going to head towards Kaupthing's Edge account - Icelanders are currently offering the best rates in the UK. But I wonder if Egg really wants its customers to piss off? There could be slightly more subtle ways to say it.