Credit card companies threatening to cancel cards

[Cutehumor]

if you don't use them or don't use them enough. In the article, Chase mentions of reviewing inactive accounts, closing them, then sending you a letter in the mail. I have three credit cards and one of them is a chase card that I haven't used in over a year. I'll have to watch out for this one. Your FICO score will take a big hit if your account is closed.

http://articles.moneycentral.msn.com/Ban...hem.aspx?page=1

 

[Pablo]

Good. No need to have a mess of cards. If I ran the card companies I would do the same, because basically I am a mean spiteful person.

Now that I have your attention, they ARE loaning you the use of their money. People forget that. The "terms" should not be easy.

 

[GROUCHO MARX]

" If I ran the card companies I would do the same, because basically I am a mean spiteful person."
----------------------------------------------------------------------------

Now that is an unconfirmed rumor.

 

[simple_gifts]

I've had my chase card cancelled because of non use; i was relieved since I didn't even know I had it. Balance zero.

The Gov't forced me to get a card for military deployments and then the card company promptly lost its backup tapes with customer data on it. Best to avoid the collection of dimwits all together.

 

[tropic]

Thanks for the heads-up. I've got a CapitalOne card I haven't used in years. Think I'll cancel it this week.

 

[Bill in Utah]

Lets see, this month I closed Citibank, Bank of America, Chase and American Express. (never used them for years)

That leaves only Discover and one I have with the Credit union which I've never had a balance.

I'll cash out my $250-$300 cashback with Discover yearly and not care less about my FICO score.

Thanks for the heads up. I always knew credit card companies were trash. This confirms it if they would trash someones credit closing a account due to no balance.

Take care, bill

 

[Steve S]

Credit cards are usually for most bad news.

 

[crinkles]

+1 bill.

i only run one card. and try not to use it.

 

[CentralNY1]

In the last three months I have cut up all of my credit cards. I am now living my life the way Americans did fifty+ years ago. If I have the cash I will buy it...if not I will save for it if it means that much to me. A tip for everyone no matter what your FICO score is...ALL of the credit card companies will be jacking up your interest rates in the near future because it will soon become illegal for them to do so. Be wary of those notices in the mail and remember you have the right to opt-out and pay off your balance under the existing terms. Also, doing this will not negatively affect your credit as the companies must state that the account was closed at the consumers request.

 

[Mr Nice]

I only got 2 credit cards, one personal and one for business. I don't have any store credit cards. I've had credit cards in the past that were cancelled automatically after three years due to me not using them.

But sometimes I go shopping and I see some women with at least 10 credit cards in their wallet when they pay at the register.

 

[daves87rs]

Originally Posted By: LT4 Vette
I only got 2 credit cards, one personal and one for business. I don't have any store credit cards. I've had credit cards in the past that were cancelled automatically after three years due to me not using them.

But sometimes I go shopping and I see some women with at least 10 credit cards in their wallet when they pay at the register.



I see that a lot...



I have a few cards I need to get rid of myself.

 

[Cutehumor]

how about this one?

credit card companies giving incentives to people with high balances that pay the mininum every month to pay more monthly and to close their account. Especially tacking on a $10 monthly charge for those who used low interest checks to pay off higher balances. The credit crisis going on has alot to do with their tactics.

http://www.smartmoney.com/spending/deals/Card-Issuers-What-Will-It-Take-to-Make-You-Go-Away/

 

[Cutehumor]

Credit card companies restructuring reward cards

http://www.smartmoney.com/spending/deals/Card-Issuers-Our-Rewards-Cards-Are-not-So-Rewarding/

 

[PandaBear]

I'm usually the one to threaten the credit card company by canceling the card if they don't offer a better rebate.

 

[PandaBear]

Originally Posted By: Steve S
Credit cards are usually for most bad news.


and rebates

 

[javacontour]

My Shell MasterCard by Citi said it would cap the rebate on gasoline purchases to $25/month. No cap on rebates earned by other purchases, but the 5% on gas is being capped.

I'll just use my Chase BP card if I start hitting the limit and earn 5% off on BP gas purchases.

I have a number of cards just to collect various rebates. But I pay them off every month.

They probably don't like me much.

I can usually do a lot of my Christmas shopping on Discover cah back bonus when cashed in for even more with various retailers.

I've not done this recently, but have been known to max out the $500 limit on CBB in a year. I got a second card so I could earn another $500/year in CBB.

I don't know if it's still capped. I don't travel as much now, so I've not run into that issue.

 

[CivicFan]

I think the BP Chase is capping the monthly gas reward to $25, too.

 

[jdeare]

I wish Chase would cancel my card. They have been one of the worst companies to deal with. But I will cancel it in due time... I am on a pretty strict "pay off the credit cards" plan right now.

I recently cancelled 2 Bank of America cards (one was from MBNA that got switched to BofA) and was slightly surprised at how easy it was. They didn't try to keep me at all, it was basically:

"I want to cancel my cards"
"Your cards are now cancelled, bye!"

Now I know why!

 

[PandaBear]

One thing I notice about credit card companies is that if you have a business card, they usually treats you like a king, and gives you even more bonuses and rebates. Their customer services is not outsourced to India, but within the US I think. No accents to deal with.

So, sign up as a business and start taking advantage of that, but make sure you pay it off every month though.

 

[hr1940]

I received a notice that the credit card that Tony and I had for over 20 years was being cancelled due to no activity for 2 years. Now for the interesting part. I was informed 2 years ago the card was cancelled because my income was less after Tony's death and I was issued another card with a lower limit. We paid our bill in full each month and I still do. We have banked with that company since 1967 and got a credit card from them when they first started offering credit cards.