American Express just canceled my credit card

[gorcorps]

This may have already been asked, but have you been keeping an eye on your all your accounts and credit reports? These types of problems occur in cases of identity theft. If you don't have many accounts open with balances, then somebody might have opened more in your name or had been charging to those accounts. That could also account for the 'too many inquiries'.

 

[alkemyst]

I just got a letter today telling my my 8.99% rate with Juniper is going to 14.99%. I use that card regularly and pay it, never have been late either.

IMHO creditors are really contributing to this recession by being to quick to pull out.

 

[postmortemIA]

People 700+ FICA credit scores should be ones booting credit card companies, not other way around.

I know that Wells Fargo has exceptionally good rates, but perhaps not easy to get in.
I have credit card thorough FNBO subsidiary, and my rate on last statement was 7.49%

 

[alkemyst]

many with 700+ are using myfico and the like which is nothing like a real creditor evaluates one on. In college my second time I heard a ton of student bragging about their high scores.

 

[mugs]

Originally posted by: postmortemIA
People 700+ FICA credit scores should be ones booting credit card companies, not other way around.

I know that Wells Fargo has exceptionally good rates, but perhaps not easy to get in.
I have credit card thorough FNBO subsidiary, and my rate on last statement was 7.49%

Some people have no intention of ever carrying a balance, so they evaluate cards based on rewards, not interest rates.

 

[halik]

Originally posted by: mugs

Originally posted by: postmortemIA
People 700+ FICA credit scores should be ones booting credit card companies, not other way around.

I know that Wells Fargo has exceptionally good rates, but perhaps not easy to get in.
I have credit card thorough FNBO subsidiary, and my rate on last statement was 7.49%

Some people have no intention of ever carrying a balance, so they evaluate cards based on rewards, not interest rates.

This.
Plus the higher end Amex cards don't let you carry balance anyways.

 

[L1FE]

Originally posted by: RichieZ
uh i'm pretty sure the skymiles transfer to delta(?) on a monthly basis, thats how it works on my hilton and spg card

the only balance that stays with the card is membership rewards

This. You can't even check your SM balance on the Amex site, only on the Delta (or NW) site. While it does suck that they closed your account, think of it as a mixed blessing as that card has had diminishing benefits and the amount of points you've accumulated doesn't even translate to a free ticket yet (unless you use pay with miles). If Amex doesn't want your business, there are better cards out there that give you a better spend/rewards return. Then again, this is coming from a guy with 4 Amexes...

 

[frostedflakes]

Any Visa horror stories? They haven't messed with my limit or interest rate yet, but it worries me hearing about what happens to other people's cards. My limit isn't that high to begin with and I pay off my balance every month, so I'll be ticked if they reduce it (don't carry a balance, so I'm not too worried if they up the interest rate).

 

[Corbett]

OP, they did you a favor. Amex closed my accounts too but I hated them anyways! I saw it as a blessing.

 

[jlee]

I'd better cash in my points before they close my card..I think I have 17k or so saved up.

 

[RichieZ]

I love amex, I feel they have great service and features.

Plus they just comped all Plat charge card holders 2 free nights at the Wynn/Encore 😛

 

[jlee]

I just picked up seven $25 Home Depot gift cards..so if I end up losing my account, at least I'll have my free stuff. 🙂

 

[kranky]

Originally posted by: frostedflakes
Any Visa horror stories? They haven't messed with my limit or interest rate yet, but it worries me hearing about what happens to other people's cards. My limit isn't that high to begin with and I pay off my balance every month, so I'll be ticked if they reduce it (don't carry a balance, so I'm not too worried if they up the interest rate).

It's not "Visa" that makes the decisions, it's the bank that issued the Visa card.

 

[Bateluer]

Saw some similar oddities when the credit union pulled my credit report for my mortgage last week. I received the documents saturday morning. The Credit Report documentation lists things that my negatively affect my credit, and length of time the accounts have been open is listed. I thought length was supposed to be a good thing.

 

[HendrixFan]

Originally posted by: Engineer
Now question time: I received a Bank of America - American Express card to replace my BOA Mastercard a few months ago. What is the difference between the AE card and the BOA - AE card? I might call BOA and tell them that I don't want the fucking AE card.

The card is underwritten by Bank of America, anything related to your end of the credit card is dealt with by Bank of America. The AE logo on the card means that AMEX has given Bank of America the honor of using the AMEX electronic network to process the transaction. AMEX gets a cut of the fee, but carries zero liability as far as defaults or the like. Because of that, AMEX will never have anything to do with canceling your card, cutting its limit, raising the APR, or any other adverse action.

The BofA - AE card has pretty good rewards points, some of the best BofA offers across their line of cards. I would suggest you keep it around because it helps you the most, just as long as you can accept that as a fair trade for AMEX getting a cut of any charge you swipe.

 

[amdhunter]

Originally posted by: Fayd

Originally posted by: Duddy
What kind of bullsh!t is this? I had 21,354 Sky Miles saved up! Now they are gone!

that's why they cancelled it.

Yup. Amex doesn't want to cough up anything that will cost them.