Balance Transfer Boost for Egg
Egg plc reports strong credit card performance
27th July 2005
Online bank Egg plc has attributed its strong half-yearly performance to the enduring appeal of its credit card balance transfer offer. The egg card was the first UK credit card to promote a 0% balance transfer deal, and it continues to be attractive to customers today.
The total amount owed by Egg's 3 million or so cardholders grew to £3.8bn, up 5% over the first half of the year compared to an industry average of 2%, a result of the bank's 0% introductory offer and recurring anniversary transfer offer.
Group profits for the period hit £15m compared to a £1.7m loss for the same period last year.
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Products from Egg : Card, Loans, Money, Motor Insurance, Savings Account |
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More Egg News : Egg plc Posts £40m Loss, Prudential Plans to Buy Back Egg, Egg's Profits Rise, £437bn Spent on Debit and Credit Cards, Egg Launches Mobile Banking, See all 20 Egg stories >>> |
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More on Balance Transfers: Balance Transfers: 0%, For Life, or Flat Rate? (Article, 28/09/2005), Beware the Balance Transfer Fee! (Article, 05/09/2005), Compare Balance Transfer Credit Cards (Article, 16/06/2004), Balance Transfer Credit Cards (Article, 17/03/2004), Balance Transfers Dwindle in Popularity (News, 07/09/2006), Return of the Annual Fee? (News, 14/11/2005), Egg Introduces Balance Transfer Fee (News, 03/05/2005), Rise of the Flat Rate Card (News, 12/04/2005), Co-op : Fixation on Rate Tarts (News, 04/04/2005), See all 11 Balance Transfers stories >>> |
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