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Credit card companies are butts. They are closing cards on long time customers with excellent credit and shooting themselves in the foot....sooner or later they will be begging for customers to come back. No way...
Location: Somewhere gray and damp, close to the West Coast
20,954 posts, read 5,564,267 times
Reputation: 8559
Quote:
Originally Posted by lostdestroyedlife
but how can they just take away 65,000 points like that? I understand if they want to take away they credit card and I dont really give a ****, but that is messed up if they take away 65,000 points with no warning, some people are really pushing the edge in this country, it doesnt take alot for someone to snap and give some due pay back to what corporate america has done to this diseased land
Look at it this way.....did you really "earn" those points? Did you contribute money towards to points? The only thing that you did was to use the credit card. The CC used the lure of points to encourage you to use your card more. You took the bait along with the big hook.
That doesn't sound fair does it! In fact, it's rotten. But it was the CC company's way of drumming up MORE business. They didn't do it because they are nice and really, really wanted you to have more goodies.
Gosh you guys are really rough on the OP. 65,000 points is tough to lose. My advice: pay off the cards, never use them again, and use the saved interest to buy what you could get with "points."
65,000 amex points is about $650. The answer of course is that they can do that and did. It's all in the contract and what do you expect? You don't pay your charges on time and you loose some benifits. They would not cancel your card unless you had late payments or charges you did not pay. Let that be a lesson in life for personal responsibility.
Credit card companies are crooks sure, but in this case the are fully in there rights and I applaud amex's action (and to note - amex isn't really a revolving credit card, since you have to pay off your balance every month). Points aren't an entiltement program like government welfare and unemployment. They did the right thing. I have been very successful in redeming amex points and I charge thousands of dollars a month on a combination of work and personal expenses. I've also lost points when my company wouldn't reimburse amex fast enough for my work charges (funds go directly from my employer to amex) - fair enough although I wasn't at fault. If they supported freeloaders like you that don't pay their bills, then amex would probably devalue there points and I would get less. And in today's economy, i'm bailing out enough freeloaders - banks, auto industry, people walking away from their house, etc.
Let me be the first to say I hope you are healthy! Credit be DAMNED the number one thing to take care of in this world is YOU and YOUR HEALTH. Good credit and personal responsibility mean nothing if you are dead! I think certain peoples assessments of you are wrong, especially the person calling you a freeloader when they know nothing of your situation.
Second I think it's morally wrong what credit card companies can do, that is raise interest rates on current balances. If you suddenly have bad credit your mortgage doesn't change, nor does your car note. I hear the "new" regulations beginning in 2010 will change this though.
Third, since they've already closed the account, take this with a grain of salt. Rewards cards are great IF YOU USE THE POINTS but letting them sit there doesn't help you. Of course you've already learned this. If used right rewards cards can be useful, my in-laws pay their mortgage with their card (somehow, no idea how, but it's not with the check writing capability) and end up at the end of the year with a half a dozen $50 gift cards for free simply for paying their mortgage on their card.
Good luck and I hope 2009 is a better year for you.
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65,000 points is tough to lose. My advice: pay off the cards, never use them again, and use the saved interest to buy what you could get with "points."
