Reply
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

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
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

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.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
bs6054
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.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+