Quote:
Originally Posted by PiKA2001
PREACH!! I raised an eyebrow myself when I read that. Quite the dangerous path there....
IMHO credit cards are like alcohol, the only "bad" thing about them is that most people abuse them. I have about 9 credit cards and my main problem is the banks closing some accounts due to lack of activity on my part. I just don't use them. A few of my cards are store cards (Best Buy, Crate and Barrel, Mattress Firm) but I only use(d) them because of the no interest financing they offer. I paid all of them off before the promotion ended and didn't pay a penny of interest. It's kind of nice not having to drop $2,000 in one day. Best Buy is particularly good with 18 months of no interest on most larger purchases.
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I had this happen to me first with a Major CC. The CC companies do not have to notify the customer, either. I had physically lost one of my cards and called the CC company to send me a new one. They told me they would send a new card with a new number, without sacrificing my history. While waiting, a letter had crossed in the mail stating that my account was being closed due to inactivity. When I called the CC company to complain - why couldn't they have warned me when I had to reorder a physical card? - they said that they didn't know at the time - a difference of about four or five days. They also said it's not their policy to warn customers.
It's annoying as hell, because we work really hard to not carry large balances, and the companies punish you for not wracking up huge amounts of debt. This card had a high limit, no fee and low interest rates, and I was proud of my history with them (10 years!). I get it, they are for-profit entities, but it's poor service to dump customers without notice. If I wanted to reopen the account, I would have to reapply and essentially "start over" with them. No thank you, I said.
I now make sure to use my other cards once in a while to ensure they don't get closed.
Hybrid Mode
