Egg marketing is cracked

The recruitment cost for a new credit card user most be quite high, buying list, creating mailing and sending pieces which offers free balance transfers or other inducements.
Even if it is as low as twenty pounds then what marketer would knowingly and wilfully throw away 160,000 accounts and waste over 3 million of marketing spend.
Well that is what the new owners of egg the credit card have done. Ostensibly on credit grounds only grounds but when pushed they have admitted that low usage and regular full balance payment will have contributed to the decision.
The simple proposition in the letter sent to a friend of mine was that your credit is not good enough and you should check with Experian as to your credit worthiness. My friend did, back it came after spending a fiver or so, to find that he is 999 out of a thousand for credit rating. I am not surprised he is a very high net worth individual having successfully sold several businesses he built up.
It is, of course, the prerogative of any business to have what customers it wants but has no one thought of the damage that has been done to the brand! And where was the marketing thinking in sending a letter that is as far from good customer relationship practice as it is possible to be, no apology, no offer to increase usage, no suggestion of an alternative, just cut up the card and go way.
Where is the good marketing practice to act with such lack of commercial logic as to throw away millions of expenditure when you can, not simply through away, but profoundly upset a regular customer.
Some marketing superior thoughts...
1. Be careful when you segment your customers
2. Always give customers the chance to give you more of their business (most people have several active credit cards)
3. If you are going to ask them to leave why not show them the door by which they leave with an alternative offer that meets your changed customer criteria
4. If all else fails let them leave with dignity your brand is worth more that the unnecessary umbrage.