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    Question

    How many people out there have received notice that their credit card(s) are being terminated?
    The credit crunch seems to effect people with perfect credit more than those with problems. Last week CHASE cancelled my credit card after 13 years.... I was never late with a payment, have a zero balance and have a credit score over 750. Today my mom received a similar notice. Are the banks cutting back the people who have maxed out their cards or just those who try to use them as little as possible?
    a few seconds ago 3 Answers

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    This is fast becoming the common for those with good credit. Many are being terminated to cut down on any possible future debt by the banks. Many banks don't even use their money, they are often passing around the accounts. I had a pay-pal that went to Providian then to WaMU and now it is JP Morgan. As long as you owe them money, and are the ones who are always paying late fees and over-limit fees, they will keep you, they make even more money. Remember the old commercials where the Vikings ran amok, well it is happening now only they are wearing suits. Just "google" credit card processing" and see what is involved in the world of ripping off people What's in your wallet?
    a few seconds ago

    Other Answers

    • "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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