Credit Cards Informative - Notification of changes
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?