How many people out there have received notice that their credit card(s) are being terminated?
"While just over 70 percent of U.S. households have access to credit cards, 90 percent of these people use credit cards as a cash-flow management vehicle, or revolve payments at least once a year." Only 10% of cardholders always Pay In Full. Just statistically speaking, the other 90% will be more often affected by adverse action. Many "prime" customers will also be hit by friendly fire, but they are not the primary targets.
by BobWang - 5 hours ago
If you don't use a credit much or don't use it at all, it gets to the point where it begins to cost the bank more money to keep your account open than they're actually making from it. Makes sense for them to close it. This may be an annoying inconvenience to you but all banks are now looking for ways to minimize risk and cut costs. People who carry very high balances and people who have open lines of credit that they're not using are prime targets. Its not just Chase thats doing this. All banks that issue credit cards are now closing accounts and cutting down credit limits.
by webhead28 - 5 hours ago
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