I received this email recently:
Hi Rick,
I have been reading your blog religiously for a long time and you have helped me a great deal. I’ve gotten many credit cards, miles, and points through your ideas.
I had nine open Chase cards between my wife and myself. About a week ago, they closed all our accounts without notice. I spoke to many people and ended up talking with a vice president in the executive office. I pleaded, told him I have amazing credit, never make a late payment to Chase, had multiple cards open to maximize the benefits and each on, and that I’m not a credit risk, but they wouldn’t budge. She told me that, per the agreement, they have the right to close all my accounts and don’t have to give me a reason. I had my mortgage with them since 2001 but refinanced last month with another bank. We never made a late payment in all 10 years and this still didn’t help them reinstate the accounts.This is not a pretty story. I appreciate the reader allowing me to share it with you. I am not sending it to alarm anyone, but just to remind you that the bank has the right to end its relationship. What did the reader do wrong? I don’t have any more pertinent details but will venture a guess that he did not use any of his cards past the initial sign-up requirements. When he closed his mortgage, there was no longer a profitable partnership between the bank and the client. I’m guessing a computer recognized that the relationship no longer favored the bank.
Hi Rick,
I have been reading your blog religiously for a long time and you have helped me a great deal. I’ve gotten many credit cards, miles, and points through your ideas.
I had nine open Chase cards between my wife and myself. About a week ago, they closed all our accounts without notice. I spoke to many people and ended up talking with a vice president in the executive office. I pleaded, told him I have amazing credit, never make a late payment to Chase, had multiple cards open to maximize the benefits and each on, and that I’m not a credit risk, but they wouldn’t budge. She told me that, per the agreement, they have the right to close all my accounts and don’t have to give me a reason. I had my mortgage with them since 2001 but refinanced last month with another bank. We never made a late payment in all 10 years and this still didn’t help them reinstate the accounts.This is not a pretty story. I appreciate the reader allowing me to share it with you. I am not sending it to alarm anyone, but just to remind you that the bank has the right to end its relationship. What did the reader do wrong? I don’t have any more pertinent details but will venture a guess that he did not use any of his cards past the initial sign-up requirements. When he closed his mortgage, there was no longer a profitable partnership between the bank and the client. I’m guessing a computer recognized that the relationship no longer favored the bank.
I may be all wet here, but I think we have to give to get. I hope that our fellow travel fan can reestablish his business with Chase.Thank you from all of us for sharing your story. I hope others are listening.
First Year Fee Waived: 50,000 Points Transferable to Hyatt, Marriott, Priority Club, Continental and British Airways
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