Please be careful if you let credit card points and other perks build up. (accounts, business)

[Cecilia_Rose]

I just read an article about this. Some poor soul had almost $400 in points on their credit card that they planned on using for Christmas gifts. The bank canceled their card and poof there went their points.
You might want to reconsider letting these build up. It seems that some of the banks are canceling accounts arbitrarlily. Theres another thread discussing this so I wont go into that.

Personally I think these points were earned and you should be able to redeem them even if the card is closed.. Or if they want to close their books they could just send a check or a gift card when they close the account.

[Rose Red]

I had a feeling this would happen and have been using up my rewards points as fast as they accumulate.

[Humanoid]

That reminds me, I have around $150 in rewards on one of my cards.

[PeteyNice]

That is why I like my rewards points to either automatically post at the end of the month (if it is cash back) or to go into an account the bank cannot touch. My Starwood Amex gives me Starwood points every month which is managed by Starwood Hotels. Even if Amex cancels my account tomorrow Starwood does not care and my points are safe.

[Huckleberry3911948]

good tip will give rep asap.

[stan4]

Or make sure your points accumulate on a big name card that won't do that...or is less likely to do that. I usually let my Discover go a few months until about $300 or $400 accumulates; then I redeem them. After reading this, I may do it more often. Thank you.

[trishguard]

Originally Posted by Cecilia_Rose

I just read an article about this. Some poor soul had almost $400 in points on their credit card that they planned on using for Christmas gifts. The bank canceled their card and poof there went their points.
You might want to reconsider letting these build up. It seems that some of the banks are canceling accounts arbitrarlily. Theres another thread discussing this so I wont go into that.

Personally I think these points were earned and you should be able to redeem them even if the card is closed.. Or if they want to close their books they could just send a check or a gift card when they close the account.

I cashed out my points in October as I was afraid the issuer would go bankrupt and I'd lose out.

[harry chickpea]

Totally great advice! Gave you rep points. When the rewards thing first started, I earned a bunch of points on GM (General Motors). I soon decided that I would never buy another new car, and lost all those points. This is similar, but since I've been removing cash points by converting to cash, I'll be happier if I lose a few, rather than the bunch I lost in that first one.

[Cecilia_Rose]

Thanks for the cookies. I dont post much but I read a lot. Ive gotten a lot of tips. Glad I finally had something to contribute.

About the card. It was C***e. He wasnt late and they werent going out of business. They just canceled his card cause the moon was full or whatever. I have the same card. Mine should be okay tho cause I use it for gas and groceries. And I have a few bills auto paid monthly. I keep it paid off but this keeps it active and I get points.

Personally I dont like rewards cards or ones that give gift cards etc. I prefer ca$h. I live a very simple life. I dont need airline mles. I dont want gift cards. I dont eat out and I dont buy stuff. And I especially hate the ones that have to be redeemed for prizes. Thank you very much but I dont need a pair of night vision binoculars that play music.

[ShuttrBug]

Cecilia_Rose: I didn't know this. Thanks for the tip!
I usually let mine accumulate coz twice I got a better deal for more points. I should check into my points today.... asap...