I wish I had your problem. Right now my Discover Card balance is $1968.10.
Ditto to you, you don't want to know what my balance is.
*I don't wanna know it either LMAO*
Discover email reference closing my account
- Thread starter GON
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Ditto to you, you don't want to know what my balance is.
*I don't wanna know it either LMAO*
I think it is not a physical cost but if there is a sudden surge of borrowing and default they need to reserve funding to anticipate for that. Also sending you new card with chips, and possibly stolen and used, etc are all possible cost they have to worry about. It may not cost much but with enough accounts they do add up.I see a couple comments saying these inactive accounts "cost" these companies money. How ? These are so automated nowadays there's no way they could put a cost of keeping them open on them. It's not like old days when workers had to manually maintain them, calculate, etc. Even payments from customers are probably hands-off. I mean, do people mail in paper checks for their payments ? Oh wait....
Considering everything is completely computerized, how does one additional account with a zero balance "cost" them anything more?
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Record keeping and FTC/OCC compliance documentation to start. Also, each account is a potential cyber attack risk that could result in credit charges there obligated to write off. Yes, its marginal, but if you end up with hundreds of thousands of dormant accounts its like having a hundred empty envelopes on your desk. If no one has a use for them its best just to get rid of them, it makes everything else a mess.
Its secure data with legal consequences, not an oil filter spreadsheet on your desktop.
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GON
$100 Site Donor 2024
What I decided to do is purchase the Discover identity theft protection plan for $15 USD per month. I will cancel this after a few months. Discover is a account opened for a long time with a healthy credit limit.
Hate doing this, but sometimes one has to play the game, or at least chooses too.
Hate doing this, but sometimes one has to play the game, or at least chooses too.
They actually help because of your unused available credit. Closing accounts will hurt you credit score for this reason.
I had to use my American Express this year as it was inactive so long.
Why not just charge a few dollars occasionally on the card and pay it off when the bill comes in/a couple of days after the charge if you don't want to wait for the bill? No need to buy identity theft protection to keep the card active if you don't want it. Literally $.50 or $1 whenever you get that letter will keep the card open.
Not long ago I got a similar email from Citi Bank saying they would close my Best Buy Visa card if I didn't use it by some date in October. I dug the card out of my desk drawer, took my wife out to a nice dinner and used the card to pay for it. I will pay the balance off when the bill is due. The card is already back in my desk drawer with the other cards I never use. I have only had one card that got cancelled because I did not use it. That was so long ago I don't even remember what kind of card it was.
GON
$100 Site Donor 2024
Just the easiest thing to do. I didn't have to look for the card, just accept the identity protection. For many, your course of action probably works well. For me, the identity protection took care of the issue in a flash
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