Re: BoA cancelled my Visa due to inactivity of less than 1 year?
08-07-2012 10:28 PM
Oh my. That's very disturbing. They are also my oldest trade. I guess I'll have to use them against my will. I can only hope they don't pull that with me. Nothing with them is safe apparently ..... So, they just "made up" a reason? And there's no recourse? Digusted.
As harsh as it seems, banks do have some $$ too so any credit extended that's not making them some kind of $$ doesnt look good.
It's worse than that.
Their credit extended has to be countered by their financial reserve: so in this case, they're tying up money on a customer who isn't making them any money, instead of going out and getting a different one who will. Also they can't invest it in pretty much anything more profitable, so it's pretty much lost income all the way around for the bank. Bad mojo, and worse math: any lender will close the card or otherwise CLD it and go utilize that resource somewhere else.
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL