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Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
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Amalgamated Bank: no renewal credit card

 

I have a MC from Amalgamated Bank, I got in the late 80's when it was one of the lower APR cards around.  I haven't used it for years.  About 6 months ago, they sent me a letter saying that as I haven't used it for so long, they would not be sending me a new card when my current when expired (which happened at the end of Aug).   I didn't really care, even though it was my oldest open credit line, and it certainly made sense from the bank view.

 

But when I got my credit report, I noticed that it is marked as still open, and then last week then sent me a statement along with the standard privacy policy, as they do each year.  This also shows the account open, with the existing CL.  So it looks like they literally didn't send a renewal card but kept the account open, which I guess is a win-win.  Have others seen this type of thing.  It adds new meaning to "Card Not Present" transaction, more "Card is not present anywhere"!

Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: Amalgamated Bank: no renewal credit card

Ha!  I wonder if/when that will eventually catch up to itself.  That's like the polar opposite of my BOA CC I had that I let lapse during my credit idiocy phase.  It lapsed to 90 days and they closed it, but before they charged it off or sent it out for collections, I agreed to keep paying it.  So I made payments on a card that reported as closed for three years, and they kept updating the TL to show the payments and account status.

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Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Amalgamated Bank: no renewal credit card

And in the mail today, some "convenience" checks (1.99 APR for 6 months, 3% fee) , so I guess they really do think it is open.

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