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New Member
kaiotes1
Posts: 15
Registered: ‎05-25-2013

Re: Getting CCs closed by issuer

I got your PM

I already iniitated the process w the CEO office in SD

There has been no traction on that end. Been more than week since I contacted that office

 

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Getting CCs closed by issuer

[ Edited ]

Since they already closed 5, 5 accounts will be marked as closed by lender. That sheer number alone is considered very abnormal. I don't think it is going to make any difference at this point whether more accounts get marked as closed by lender. It is up to you whether you want to close the rest.

 

If you owe balance on an account that is closed, it generally looks very bad on your CR.

 

Try calling the number I gave you on Tuesday.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Getting CCs closed by issuer


kaiotes1 wrote:

I got your PM

I already iniitated the process w the CEO office in SD

There has been no traction on that end. Been more than week since I contacted that office

 


oh just saw your post. we posted at the same time.

those people in that office are the people who can help you the most because of their authority. if they're unwilling to help you, chances are its most likely a lost cause. 

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Senior Contributor
longtimelurker
Posts: 5,398
Registered: ‎04-22-2013

Re: Getting CCs closed by issuer


kaiotes1 wrote:

I have a student loan of 7.5k, mortgage of 210K, CC balance of 1.6K, that CC balance got shut. i pay my CCs ahead so that the ending statement balance on all are almost 0. usually just few bucks on each card. I had a total of 40 accounts.

 

If all of my Citi CC gets shut (which  i expect) I will lose 90k.

I would expect to have overall CC creditline of about another 70K

Should i just go close my remaining oepn Citi accts?


Are you considering to take any legal action to reclaim the value of the points (~ $2K)?  If so, there might be at least a strategic difference between getting Citi to close them rather than close them yourself.  Do you have a friendly lawyer to discuss this with.

 

I'm sort of with enharu, for any practical "bad" impact, not much difference between having 5 closed by issuer and having 10.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
New Member
kaiotes1
Posts: 15
Registered: ‎05-25-2013

Re: Getting CCs closed by issuer

someone at FT suggesting filing complaint w Attorney general office then small claims

i'm definiltey doing smal claims if AGO dont get me traction.

i'm talking about 2k worth of rewards, hard earned by driving around town, gas time etc

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Getting CCs closed by issuer

[ Edited ]

kaiotes1 wrote:

someone at FT suggesting filing complaint w Attorney general office then small claims

i'm definiltey doing smal claims if AGO dont get me traction.

i'm talking about 2k worth of rewards, hard earned by driving around town, gas time etc


To be honest, I wouldn't really put too much effort or time into this.

You gamed the system and got caught.

 

Besides, based upon the amount you were spending, unless you have a very high income, that alone is good justification for shutting you down. They could just claim that their risk analysis of you was way too high because you were somehow managing to spend so much for someone of your income level. They could also come up with 100 other reasons for closing your accounts without even mentioning about shutting you down for abusing rewards.

 

It takes two hands to clap. The lender reserves the right to close your account and end the business relationship as they deem fit, and so do you. When you enrolled in the credit card rewards program there's a clause usually that says that your points are lost once the account is closed for any reason. You agreed to the contract.

 

You would need a really good legal claim or a good lawyer to cook up something convincing for a judge to buy your story.

 

EDIT: To add, in some T&C there's even a clause that says that they reserve the right to revoke / recover rewards if they deemed it was gotten inappropriately. if there was indeed such a clause and if Citi was really bothered enough, they could even send you a letter telling you to pay it back. Unlikely though. 

Take whatever rewards you have reaped thus far, and forget about the points. No need to make the matter any bigger than it already is.

Right now you're not even sure if you're blacklisted.

And to be awfully honest, rewards earned through abusing VR reloads isn't hard-earned. That's like a robber claiming the money he robbed from the bank is his hard-earned money because he had to drive around town, invest gas, time, effort, etc. If this is what your legal claim is going to be, give up now.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
ezdoesit
Posts: 715
Registered: ‎03-16-2013

Re: Getting CCs closed by issuer

I know I am going to get a lot of flak for this but I think if people are abusing VR then they should get their account closed.  When people do that then it effects everybody maybe they cancel the promo so nobody wins.  Just cause it is a loophole doesn't make it right.  I read posts about people putting through 80k a month at 5x so that is costing the bank 4k a month at any level that is abuse.

Blogger
HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: Getting CCs closed by issuer

I'm with enharu on this. I don't think any consumer has every won such a case against credit card issuers. You accepted the rule of the game when you agreed that both you and they can freely close the account without having to state the reason.

 

New Member
kaiotes1
Posts: 15
Registered: ‎05-25-2013

Re: Getting CCs closed by issuer

i agreed to a contract of getting 5 typ for gas grocery drug purchases

they shut my acct down and prevented me from redeeming the pts i earned from such purchases.

these are the facts and no more. please tell me where i violated their TOS.

 

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Getting CCs closed by issuer

You obviously did not read the entire T&C whenever you apply for anything, did you?

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

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