Dumped by Iberiabank...for non-usage!

[DaveinSC]

I received a letter yesterday from the manager of Iberiabank's credit card division informing me that on a regular and routine review of their credit card portfolio, it was observed that my VISA Classic card had not been utilized "in quite some time". And, that according to the provisions of my credit card agreement with I beriabank, my credit card account is now closed! Jeez, the card hadn't even expired yet!  It has been awhile since I had used the Visa card, and it's 7.50% interest rate made it almost one of the lowest rates in my stable. 

But, I received NO "please come back to us" letter; no "use your card or else" letter, just a letter in my mailbox saying "sayonara, sailor!"  I never missed a payment, always overpaid when I did carry a balance with them to prove that I was worthy of an eventual CLI (which never came).

This move was made, according to the letter, to "protect the integrity of our credit card portfolio".  So, a gentle warning to any and all who worked hard and proved themselves to Iberiabank (a tough card to get, if you remember my proir communication on this matter about a year ago) to get one of their rarified pieces of unobtainium.  Use it regularly, or lose it!

Oh, well, no real loss. It wasn't my go-to card anyway. That's the 6.00% APR MC from USAA. Now, there's a bank that knows service!

[tonyjones]

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@DaveinSC wrote:

I received a letter yesterday from the manager of Iberiabank's credit card division informing me that on a regular and routine review of their credit card portfolio, it was observed that my VISA Classic card had not been utilized "in quite some time". And, that according to the provisions of my credit card agreement with I beriabank, my credit card account is now closed! Jeez, the card hadn't even expired yet!  It has been awhile since I had used the Visa card, and it's 7.50% interest rate made it almost one of the lowest rates in my stable. 

But, I received NO "please come back to us" letter; no "use your card or else" letter, just a letter in my mailbox saying "sayonara, sailor!"  I never missed a payment, always overpaid when I did carry a balance with them to prove that I was worthy of an eventual CLI (which never came).

This move was made, according to the letter, to "protect the integrity of our credit card portfolio".  So, a gentle warning to any and all who worked hard and proved themselves to Iberiabank (a tough card to get, if you remember my proir communication on this matter about a year ago) to get one of their rarified pieces of unobtainium.  Use it regularly, or lose it!

Oh, well, no real loss. It wasn't my go-to card anyway. That's the 6.00% APR MC from USAA. Now, there's a bank that knows service!

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How long was it inactive for?

[DaveinSC]

I hadn't used it in 8 months or so. Their payment website is managed by a third party, and is not designed to be a user friendly experience. So, I didn't use it that much since you can ONLY (I believe; maybe I cut off paper statements) make electronic payments or walk a payment into a branch, and they're all in Louisiana. I'm in South Carolina. I have a USAA Amex that I haven't used in 5 years, and I can still open the sock drawer and use it.  My point is that Iberiabank is apparently zealous about their credit card portfolio, and one should charge a pack of gum or a tank of gas on one of their cards every few months to keep it active.

[galahad15]

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@DaveinSC wrote:

I received a letter yesterday from the manager of Iberiabank's credit card division informing me that on a regular and routine review of their credit card portfolio, it was observed that my VISA Classic card had not been utilized "in quite some time". And, that according to the provisions of my credit card agreement with I beriabank, my credit card account is now closed! Jeez, the card hadn't even expired yet!  It has been awhile since I had used the Visa card, and it's 7.50% interest rate made it almost one of the lowest rates in my stable. 

But, I received NO "please come back to us" letter; no "use your card or else" letter, just a letter in my mailbox saying "sayonara, sailor!"  I never missed a payment, always overpaid when I did carry a balance with them to prove that I was worthy of an eventual CLI (which never came).

This move was made, according to the letter, to "protect the integrity of our credit card portfolio".  So, a gentle warning to any and all who worked hard and proved themselves to Iberiabank (a tough card to get, if you remember my proir communication on this matter about a year ago) to get one of their rarified pieces of unobtainium.  Use it regularly, or lose it!

Oh, well, no real loss. It wasn't my go-to card anyway. That's the 6.00% APR MC from USAA. Now, there's a bank that knows service!

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Sorry to hear the sad news Dave    J/c, is there any hope that you might possibly be able to appeal to their EO, to reopen the card?  (I recently myself actually had some good luck reopening my previously-closed Cap1 rewards card, so maybe Iberiabank EO might be willing to work with you reopen the account perhaps?)

[taxi818]

Unfortunately op this is very common. and i would not be surprised if you usaa amex is next on the chopping block. its not hard to use even if for some bubble gum to give it some activity. I ow you said that the 3rd party website is a pita. but for 7.99 Apr. i would be jumping thru hoops to use that card. too bad you lost it. but hey. there are more fish in the sea. good luck.

[CreditCuriosity]

Pretty much goes with any credit card.. Put something on it every 3 months to be safe.. Alot of times you can get away with alot longer, but if you aren't using the credit, the bank isn't making money and that is money they can loan out to others to make money..  Sorry to hear about the closure as that is a great low interest card.

[DaveinSC]

To be fair, the letter did state that if I wanted to apply for another Iberiabank VISA card (NOT to reactivate my card), to call a particular number. I'm going to try my luck for a Simmons First Bank VISA card. Another hard to get card.  I'll see how that goes.

[taxi818]

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@DaveinSC wrote:

To be fair, the letter did state that if I wanted to apply for another Iberiabank VISA card (NOT to reactivate my card), to call a particular number. I'm going to try my luck for a Simmons First Bank VISA card. Another hard to get card.  I'll see how that goes.

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Good one op. and im sure with your scores. that will be another one of those fish i was talking about. doesn't look like you would have much trouble. but for some reason that card does seem like the big dogs. are having a hard time getting.

[galahad15]

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@DaveinSC wrote:

To be fair, the letter did state that if I wanted to apply for another Iberiabank VISA card (NOT to reactivate my card), to call a particular number. I'm going to try my luck for a Simmons First Bank VISA card. Another hard to get card.  I'll see how that goes.

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If you want to app for another card that is hard-to-get, and you have the supporting credit rating lol, why not apply for this one?    Lower APR than both IberiaBank *and* Simmons,  and apparently hard-to-get as well, based on the multiple recent threads, about it...

https://www.firstnational.com/common/shared/amex/amex_march_landing.html?ecid=150204OMACRD0073PTMMS1...

[FinStar]

Iberia Bank is known for this (lack of periodic activity = closure). Unfortunately, they won't be able to reopen AFAIK.

OP, admittedly if you weren't using the card that often then the closure shouldn't really matter. Otherwise, since it was a goal card in your portfolio, then you should have used more frequently