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Credit Cards Informative - Notification of changes

Review by Ponie on 2008-11-05
TROY, MICHIGAN -- Since credit has been tightening up at banks, mortgage companies, and credit card companies, I wasn’t surprised that I heard from two companies that issue credit cards I’ve had for quite some time.

The first letter told me that since I had not used the card for an extended period of time, if I don’t make use of it by (date) the account will be closed and I’ll lose all points I’ve so far earned. It was one of those cards where points could be converted to dollars toward the purchase of an automobile. Since they seemed to have placed more restrictions on redeeming the points, I stopped using it. What can I do with about 450 points anyway?

However, a second letter I received from another company brought an unexpected surprise. I have two cards with them. One I use occasionally but cut down on quite a bit because they became too selective on how many points could be earned at which merchants. The other is my primary card because awarding of points is more liberal and earns rewards anywhere the card is used. I always redeem my points for cash—don’t really care for gift cards.

They stated they noticed I don’t use the one card very often and were transferring all points to the card I use most. After (date) this less used account will be closed. The pleasant surprise was the statement that the credit limit on the first card will be added to the credit limit they allow on the second card, giving me a much higher credit limit on my most used card.

Has anyone else heard something like this from their credit card companies?
Comments:5 Replies - Latest reply on 2008-11-07
Posted by tnchuck100 on 2008-11-05:
Hey, Ponie. Who were the credit card companies? Let us know who was naughty and nice.
Posted by Ponie on 2008-11-05:
chuck, Citi & Chase. Chase is the one that hiked my credit limit. I really wouldn't consider the Citi decision to be naughty--but Christmas is coming, isn't it? :) It's probably been a good two years since I used that card. I got a little disgusted with receiving their occasional mailings telling me 'this month if you purchase at X your reward will be 1%, at XX 2%, etc. Give it to me across the board, don't pick and choose. This is what surprises me about all the complaints on M3C about Chase. But then, I guess they have different kinds of cards, right?
Posted by Anonymous on 2008-11-05:
The only credit card company that I have that has made changes is American Express. I do not like the way that they handled the situation so I exercised my right as a consumer to pay off the card close the account.

What we as consumers need to realize is that if credit is used properly and sparingly, the credit card companies need us. If the credit line is abused and used as a means to supplement our income then the credit card companies have us over a barrel and we need them. I wont allow that to happen.
Posted by Ponie on 2008-11-06:
John, I use my credit cards to *my* advantage. I, too, think it's ridiculous to use them to supplement income. I never purchase anything unless I have available cash, but will charge it to get the rewards offered. Not cheap--just frugal and living beneath my means. I'm certain had more people operated the way we do, there wouldn't be the current credit mess across our country.
Posted by Anonymous on 2008-11-07:
Ponie, you bring up several good points. If you can use the card to your advantage and bring in the points, that is great. Please let me know when you have enough points to buy me something nice for the holidays. :)

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