BMO Card Closed

[AndySoCal]

@GhostCredit  The list of banks I will not do business with  is in my siggy. The  list is my personal blacklist.

[Anonymous]

---

@GhostCredit wrote:

... But, what's done is done, I can't even withdraw the $11.64 either, my last transaction was last month ....

---

@GhostCredit 

Your letter says-

"If applicable, you may redeem earned rewards for 90 days from account closure by visiting -said url- or calling -said number-"

Is there a reason you can't get your rewards?

Edit:

---

@GhostCredit wrote:

Didn't meet the threshold of $15.

---

Ok, that is kind of low down..

[GhostCredit]

---

@Anonymous wrote:

---

@GhostCredit wrote:

... But, what's done is done, I can't even withdraw the $11.64 either, my last transaction was last month ....

---

@GhostCredit 

Your letter says-

"If applicable, you may redeem earned rewards for 90 days from account closure by visiting -said url- or calling -said number-"

Is there a reason you can't get your rewards?

---

Didn't meet the threshold of $15.

[sjt]

BMO Harris Bank is a US bank owned by BMO. It would not make sense to close accounts because of the tariffs. They probably closed accounts they felt were not profitable or were beyond their risk tolerance.

[core]

---

@sjt wrote:

They probably closed accounts they felt were not profitable or were beyond their risk tolerance.

---

I got my letter today, same screwy backdating as everyone else with identical dates.  Based on all the datapoints on the reddit thread it's clearly not about risk and seems to be about profitability.  They will end up hurting their brand big time with this and I fail to see why they needed to do it to everyone all at once.  This will end up being in the finance news even if there's not a whole lot more to the story.  But I can't wait to see if there IS something more.

Why couldn't they have gotten rid of us unprofitable customers over say 6 months or a year?  Then it wouldn't have been quite such a big deal.  Would have been more like Synchrony.

For what it's worth, I only used mine for 3% categories, former BofWest cardholder, never carried a balance, statement never cut for more than like $400, and have an 800+ FICO.  Almost all the folks on reddit report similar usage although ONE person said they carried a balance.

Good riddance I guess.  I didn't know they had Canadian ties until this happened.  Now that I know that, I'm glad to be rid of them and their little card too.

[MNWestGraduate]

Closed mine as well.     Opened the account with Bank of the West in March 2020.  Used card monthly with average spend of $300 to $600 a month, always paid balance in full each month, credit limit was $20,000 and $66 in rewards.    No other accounts with them and FICO of 810+

[MNWestGraduate]

---

Why couldn't they have gotten rid of us unprofitable customers over say 6 months or a year?  Then it wouldn't have been quite such a big deal.  Would have been more like Synchrony.

---

I would have appreciated a warning, letting me know that my account was going to be closing in 30 days or whatever.  Closing the account and then sending me a letter 2 weeks after the fact definately wasn't appreciated.  I hadn't used the card so I didn't even realized it was closed until I received the letter.  I had logged onto the website to pay my balance on April 9th, which by then the account was closed but everything appeared as if it was still open.   Thinking back, I remember my phone telling me the card was removed from my Apple Pay.  I didn't think much of it at the moment other than I'll try readding it later but ended up forgetting to do so.

Funny thing is I stopped using it as my Walmart payment because I recently got a US Bank Shopper Cash Rewards card and now use that for Walmart.  I was gonna use the BMO for my streaming services and switch my one of my US Bank Cash+ catagories to something else.  Oh well.  At least I know to stay away from BMO at all costs.

[AndySoCal]

Anyone that has had their credit card account closed did you have checking or savings account as well?

Edited to add the word closed

[CreditCobra]

---

@AndySoCal wrote:

anyone that has had their credit card account did you have checking or savings account as well?

---

I have only ever had the credit card, no other relationship. I'm a conversion from Bank of the West and have only ever used this card for 5% cash back categories. Still open as of today.

[ChargedUp]

I have a BOTW carry over ($3600 CL) and a BMO card ($9K) that I opened with BMO Harris itself that appear to still be in good standing. I used the former BOTW MC this morning to order $250 in Napa Valley Coffee online and it worked just fine?

I've never asked them for a CLI since BMO took over and I've never carried a balance on either card. They also just get used every few months.

Current FICO's are in the 790's and averaging between 2-3% utilization, no baddies.

I have no idea what BMO is up to, but it certainly seems very random to me. If anyting changes on my end, I'll post it here.