Tribute Gold MasterCard Program shutting down

[Anonymous]

I don't think you have a choice.  The letter states that all fees will continue to be assessed.  You will only be hurting yourself.  Pay off the card and be done with it.  That is what I am planning on doing. However, I am concerned about how it will be reported on my credit reports.  They assured me that it would be reported as closed by me but they gave me such a hard time.  I don't know whether to believe or not that its been done the way I asked.

[Anonymous]

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@movinonup79 wrote:
I just got charged my annual fee on 7/21.  What is everyone planning on doing?  Should I dispute the fee?  Cause I'm definitely not paying it.

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Class Action Lawsuit anyone?

[oneboss302]

I closed my account as soon as i heard everyone saying they were shutting down. I got the letter from them saying that they have notified the CRA's that I closed my account the same day I got their letter saying they were terminating.

[oneboss302]

How do we start a Class Action Law suit? Anyone? Bueler.... Bueler... Bueler???

[Anonymous]

Find a lawyer, I guess.

[pattycake]

It doesn't matter if you closed it or the issuer did, the who has no impact on your FICO whatsoever.  

As far as a lawsuit, read your credit card agreement, as you may not have standing to do so.  Most of these state that your account may be closed for any or no reason at all.  

[oneboss302]

As far as reporting, I dont want it to be listed as "closed by credit grantor".

and for the class action suit, we wouldnt be suing that they closed. we would be suing if they continue to charge the annual fee after they discontinue the program.

Sorry if I was confusing.

[Anonymous]

The issue is not the closing of the account, the issue is the annual fee. I definitely will read my cardholder agreement. I have no problem continuing to pay the monthly fee, since I am carrying a balance. But an annual fee on a closed account is unacceptable. They, at some point, knew that they would be closing these accounts and continuing to charge annual fees around the time the accounts are closed is, in my opinion, dishonest.

Message Edited by Sommery on 09-15-2009 01:20 PM

[Anonymous]

I highly doubt that they "chose" to end this program. More like forced: http://www.fdic.gov/news/news/press/2008/FBD_Notice_of_Charges.pdf (June 10, 2008)

Message Edited by Sommery on 09-15-2009 01:54 PM

[Anonymous]

I got my cancellation letter yesterday - same thing. I find it interesting that this card, which is advertised as being designed to help repair credit, is now being discontinued. My credit limit was up to 1250 after having the card for 4 years, and I never made a late payment - so I too am glad to hear that this wasn't aimed specifically at me. My question is - we are not still going to be assessed annual fees right? Does anybody have that in writing?