Credit card companies threatening to cancel cards

[XS650]

Originally Posted By: 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 ...


I have found out that old cards that I had canceled were still live when I ordered my credit reports.

 

[Benzadmiral]

I only have one non-store, non-gas credit card, a Chase, and I pay it off each month. However, it is charged each month by my ISP, and every other month or so with my bridge toll charge, so it stays active.

Department stores: I hadn't used my Dillard's card in a while, but it was still active when I used it in February. I never run a balance on that.

Gas cards: An Exxon and a Chevron. I use each one, oh, 3-4 times a year, less lately since I've been paying cash at independent stations.

So how often should you use a given card to prevent it being labeled "inactive" and getting cancelled?

 

[Pablo]

Originally Posted By: XS650


I have found out that old cards that I had canceled were still live when I ordered my credit reports.


That is no good. Credit cards, Paypal, etc...sort of a necessary evil, just don't turn your back on them.

 

[MNgopher]

I just got my notification that the BP Chase card is capping the monthly gas rebate at $25 a month. Everything else remains uncapped. Not a big deal for the moment as I never got $25 in a month from gas only, though I came close when gas was over 4.00 a gallon...

 

[eljefino]

I could care less what my FICO score is, as I own my house and have a decent rate on my mortgage. Buy cars with cash etc.

Don't really get this whole score manipulation thing, empty cards etc.

My one store credit card is home depot, I got it for an instant 10% off a $800 pair of garage doors. Got a couple coupons in the mail since then.. $10 off $25... Bought 18-odd quarts of superflo 10w30 for $1.18/qt after the discount... no coupons lately, wonder if they'll cut me off.

 

[Kestas]

Many years ago I used to give in to aggressive telemarketers and sign up for their credit cards, only to have them cancel my cards a year later for non-use.

When it is so attractive for creditors to aggressively offer their cards to the public, then something is wrong. Credit should be a privilege reserved for those who are financially disciplined.

 

[javacontour]

Bringing this back to the top.

I got hit with this this AM with my Citi Shell MasterCard. I paid in full each month, never late, and I find out my card is cancelled AT THE PUMP when it tells oilBabe to call the card issuer.

No letter, no phone call, nothing.

Still waiting to hear back from Citi.

I login to my account on their website and it indicates I have remaining credit in the thousands, yet BAM!

I did the get the customer service representative and they said they couldn't do anything, but someone will call me back today.

Good grief.

I guess I'll start using BP gas.

 

[Gary Allan]

The world is not enough.

 

[wander2039]

Originally Posted By: XS650
Originally Posted By: 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 ...


I have found out that old cards that I had canceled were still live when I ordered my credit reports.


When we started paying off our debt a couple years we found the same thing. We haven't had any credit cards in two years and making it just fine.. and that's with a single income 3 person household. If we can do it no reason anyone else can't.

 

[javacontour]

Just signed up for the Chase Freedom card, so so long Citi.

Between that and the Chase BP, we'll be set. We'll get 5% back on BP purchases using the BP card and 3% back on fuel at other locations using the Freedom card as the plan is to use it for likely just fuel.

So there Citi!

So if you have good credit and one drops you, another will pick you up as soon as you click the OK button.

Good grief.

 

[Kestas]

Originally Posted By: javacontour
I paid in full each month, never late,...

Maybe this is why they dropped you. That's not how they make the big money. They want the people who pay finance charges and late fees.

 

[Julian]

Originally Posted By: javacontour
So if you have good credit and one drops you, another will pick you up as soon as you click the OK button.
Originally Posted By: Kestas
They want the people who pay finance charges and late fees.
Just keep track of your dates!

 

[javacontour]

Originally Posted By: Kestas
Originally Posted By: javacontour
I paid in full each month, never late,...

Maybe this is why they dropped you. That's not how they make the big money. They want the people who pay finance charges and late fees.


That's all I can figure. Heck if they would have called or written and said hey we can't keep giving you money each month so on 10/14 we are closing your card, that would have been fine, I would have known.

But finding out at the pump this AM?

Not a good way to run a railroad.

Sure, they'll stop losing money (if they were, maybe they broke even, who says that Citi paid the higher figures on the Shell rebates.

Card processors get something like 2-3% from the merchant for processing the transaction, so even those who pay in full still earn the card companies 2-3% just in transaction fees.

If you don't pay the balance, then add on interest, etc.

It's not really MasterCard or Visa as they don't issue the cards. They just put the network in place. (MasterCard was one of my accounts, so I know a bit about their business, but am not an expert.)

Companies like local banks, Citi, Chase, etc issue the cards and decide who gets or doesn't get a card, the terms, etc.

That's why some banks will keep you and others will cut you loose.

Citi had a bad quarter, while Chase didn't.

So while we didn't use our Chase BP card as much as our Citi Shell card, we'll start using the Chase card since they not only didn't cancel us, but like I said, instantly approved me for the Freedom Card.

No annual fees, 3% cash back. So good, but not as good as the Shell 5% cash back was.

Oh well. It was free money. Usually enough to fill the Geo once a month. I'll just funnel that money through a different card issuer.

I think I said it before, the Chase program is not as convenient, having to redeem the rewards for BP Gift Cards. But with the new teen driver, those gift cards will be the tank of gas we provide him each month. He gets one tank from us, and then the rest are on him.

So now we have a means of giving him that tank of gas, via the gift card.

 

[PandaBear]

Don't get too emotional with a credit card company, you are just a number to them.

There are lots of credit card out there with great rebates, so if they want to drop you, you can always find another card. One thing I hate though, is that during the good time they automatically raise your credit limit and now try to drop you if you don't lower your credit limit. Not that I care about my credit score (high enough, not borrow), just annoying to have to call or email them to deal with little things.

Citi doesn't give me as good of a cashback as Chase and BofA combine, so I left them too. Nothing personal, they are also just numbers to me.

 

[PandaBear]

Originally Posted By: 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.


Oh no, you are missing out on all the cash back rebates.

Start a "self employed" business name and sign up for BofA business card, it has 5% gas rebate.

Then get a Chase business and it get 3% on gas, home improvement, and restaurants.

Both cards have 1% on everything else.

 

[javacontour]

Originally Posted By: PandaBear
Don't get too emotional with a credit card company, you are just a number to them.

There are lots of credit card out there with great rebates, so if they want to drop you, you can always find another card. One thing I hate though, is that during the good time they automatically raise your credit limit and now try to drop you if you don't lower your credit limit. Not that I care about my credit score (high enough, not borrow), just annoying to have to call or email them to deal with little things.

Citi doesn't give me as good of a cashback as Chase and BofA combine, so I left them too. Nothing personal, they are also just numbers to me.


The "personal" part was no notice. I get a call from my wife saying her card doesn't work and the pump says "Call card issuer"

Now if she hadn't had her Discover Card, she may have been in a bit of a fix.

So that's the "personal" part. Not enough guts to call or write and say we're canceling your card.

I was happy with 5% back on gas that was automatically credited back to my account.

However, tonight I filled up with BP, without even waiting to go to MO to get it for $0.20/gallon cheaper.

I couldn't wait to shop somewhere else after this experience.

 

[Cutehumor]

It's funny after I started this topic. I found out later from my wife that her BOA credit card was cancelled with a $0 balance. She only had 2 credit cards both of them were BOA with $20k limits each. I can see why they cancelled one, but to not call, email, or mail a letter was cold. If the limits were to high, they should have reduced the credit limit. Back in the 90's, MBNA America raised her credit card limit like crazy for no reason. MBNA America bought out by BOA. That's how she ended up with two BOA credit cards. oh well. BOA sucks

 

[PandaBear]

Yeah, if they didn't at least call or mail, and you found out as it get canceled, it is mean.

 

[javacontour]

And that was my major point, no call or letter from them. I even pulled out my last couple of statements and nothing listed there either.

Just stupid business practices.

Never got the promised call back from Citi either.

Morons!

 

[xxch4osxx]

I do not have any credit cards nor do I want any. I only buy things I can pay for in cash. Credit cards make it too easy to get into debt trouble, as alot of people seem to forget they have to pay for things they put on their cards. I can live without any credit cards, why cant more people do the same?