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I just logged into my Chase account and noticed that all 4 of my Chase Credit Cards, personal and business, were cancelled with no notice. I am a very good customer and always pay off my balances at the end of the month. I have had accounts with Chase for 20 years and this makes no sense. All they will tell me is that accounts have been closed because accounts were not used for intended purposes, what does that mean? The only thing that they may have had a problem with, and I don't know why because they allow it, is that I transfer my points (usually a good amount), to a friend who uses them for air travel. These are the Chase UR points. Why would they care about that, I am a good customer. If anyone has any ideas or advice I would love to hear it. Has this happened to anyone else here, and if so any success getting it reversed? This just doesn't sit well with me; I have a lot of money in my chase accounts, and have never had a problem with them over 20 years. Thanks in advance for any recommendations or ideas.

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by any chance, do you pay off your credit card every month?

mrxalex319 (May. 10, 2012 @ 1:30a) |

Same here. Chase closed all of my 4 cards (28K balance) stealing about $500 rewards in those.

I paid off the balance ever... (more)

tontot (May. 10, 2012 @ 3:51a) |

You've found the cause and the reason right there.

The marketing arm (that sends out the never-ending applications) in m... (more)

Revike (May. 10, 2012 @ 11:44a) |

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did you have the AARP 5% card?

DrXX said:   did you have the AARP 5% card?

no

blackie7955 said:   I am a very good customer and always pay off my balances at the end of the month.

That's the definition of a "bad" customer.

Basically, Chase lost too much money paying your rewards.

blackie7955 said:   I just logged into my Chase account and noticed that all 4 of my Chase Credit Cards, personal and business, were cancelled with no notice. I am a very good customer and always pay off my balances at the end of the month. I have had accounts with Chase for 20 years and this makes no sense. All they will tell me is that accounts have been closed because accounts were not used for intended purposes, what does that mean? The only thing that they may have had a problem with, and I don't know why because they allow it, is that I transfer my points (usually a good amount), to a friend who uses them for air travel. These are the Chase UR points. Why would they care about that, I am a good customer. If anyone has any ideas or advice I would love to hear it. Has this happened to anyone else here, and if so any success getting it reversed? This just doesn't sit well with me; I have a lot of money in my chase accounts, and have never had a problem with them over 20 years. Thanks in advance for any recommendations or ideas.You're a little late getting to this party. It's probably related to the "usually a good amount" of points you earn each month - Chase is circling the wagons due to recent rewards program expenses.

Glitch99 said:   blackie7955 said:   I just logged into my Chase account and noticed that all 4 of my Chase Credit Cards, personal and business, were cancelled with no notice. I am a very good customer and always pay off my balances at the end of the month. I have had accounts with Chase for 20 years and this makes no sense. All they will tell me is that accounts have been closed because accounts were not used for intended purposes, what does that mean? The only thing that they may have had a problem with, and I don't know why because they allow it, is that I transfer my points (usually a good amount), to a friend who uses them for air travel. These are the Chase UR points. Why would they care about that, I am a good customer. If anyone has any ideas or advice I would love to hear it. Has this happened to anyone else here, and if so any success getting it reversed? This just doesn't sit well with me; I have a lot of money in my chase accounts, and have never had a problem with them over 20 years. Thanks in advance for any recommendations or ideas.You're a little late getting to this party. It's probably related to the "usually a good amount" of points you earn each month - Chase is circling the wagons due to recent rewards program expenses.

But why cancel my cards, they make good money off of my charges. Any why cancel all my accounts, even my overdraft protection for my checking???

How many points have you been earning each month?

Did you check you credit report? Maybe a $10 dr bill or parking ticket popped up as collection that you forgot about or notice got lost in mail\ blew off windscreen etc.

Neidman said:   How many points have you been earning each month?

50K

motsuka said:   Did you check you credit report? Maybe a $10 dr bill or parking ticket popped up as collection that you forgot about or notice got lost in mail blew off windscreen etc.

I don't think that is the issue. My account got cloesed, and the friend I was transferring points to also got closed, has nothing to do with bad credit I am pretty sure.

Neidman said:   How many points have you been earning each month?

More importantly, how many UNREDEEMED points were in your accounts?
They stole them from you when they closed your accounts...you can no longer redeem them!

These accumulated points are what chase wanted when they closed your accounts!
See the AARP Chase thread for more details.
chase has been doing this to many people for the last 3 months.

blackie7955 said:   Glitch99 said:   blackie7955 said:   I just logged into my Chase account and noticed that all 4 of my Chase Credit Cards, personal and business, were cancelled with no notice. I am a very good customer and always pay off my balances at the end of the month. I have had accounts with Chase for 20 years and this makes no sense. All they will tell me is that accounts have been closed because accounts were not used for intended purposes, what does that mean? The only thing that they may have had a problem with, and I don't know why because they allow it, is that I transfer my points (usually a good amount), to a friend who uses them for air travel. These are the Chase UR points. Why would they care about that, I am a good customer. If anyone has any ideas or advice I would love to hear it. Has this happened to anyone else here, and if so any success getting it reversed? This just doesn't sit well with me; I have a lot of money in my chase accounts, and have never had a problem with them over 20 years. Thanks in advance for any recommendations or ideas.You're a little late getting to this party. It's probably related to the "usually a good amount" of points you earn each month - Chase is circling the wagons due to recent rewards program expenses.

But why cancel my cards, they make good money off of my charges. Any why cancel all my accounts, even my overdraft protection for my checking???
Because they dont want you as a customer any more. It's their perogative, and you most likely will never get any more of an explanation than that.

sloppy1 said:   Neidman said:   How many points have you been earning each month?

More importantly, how many UNREDEEMED points were in your accounts?
They stole them from you when they closed your accounts...you can no longer redeem them!

These accumulated points are what chase wanted when they closed your accounts!
See the AARP Chase thread for more details.
chase has been doing this to many people for the last 3 months.


Thats the strange thing. I had -0- points in my account, I just transferred out about 100K. And they cancelled all my credit cards with them, both personal and business. I also have a platinum banking relationship with them, and have had account with them for 21 years. It's crazy, I have 6 fig in my accounts and they do this to me. I am going to give my personal banker bloody hell when I speak with him, CHASE is crazy to do this without notice or so much as a phone call. If they can get me to "hate" big banks, they really have no hope!

blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?

jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.

jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?



H&B.

blackie7955 said:   jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.


Back to the question........ How??

blackie7955 said:   jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.


How you're using your card and what you're purchasing with it has everything to do with it. $50k a month? Good luck. That amount alone is enough to bring AA (adverse action) without some serious funds to back it up.

Pls let us know how it went after talking with your personal banker.

I doubt Chases people are looking at the total picture, rather some consultant has come in to "stop the bleeding" on the rewards cards portfolio (or they're getting it ready for a sale) and the recommendation was to close all the accounts that met X criteria - which included yours.

NukeMedDude said:   $50k a month?

He said 50K points a month, not $50K. $500 reward a month is actually low compared to the heavy hitters in the AARP thread.

Watch out for more 'fun' from chase!
They have a habit of retroactively reversing point redeemtions/transfers.
They may close your friend's account before he can redeem points and confiscate these points.

They want those points!!!!!!!

NukeMedDude said:   blackie7955 said:   jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.


How you're using your card and what you're purchasing with it has everything to do with it. $50k a month? Good luck. That amount alone is enough to bring AA (adverse action) without some serious funds to back it up.


I fund investments with my credit Card. I have a financial institution that allows me to do so. Why should Chase care if I am paying off the balance and maintaining the account in good standing. I also have a serious financial relationship with CHASE, like I said I have a platinum account with them and a lot of money in my accounts. This relationship is over 20 years old. I realize that some computer probably made this decision, but when i call up and spreak to a supervisor they should have the ability to recitfy the situation. The CS rep had no power to do anything, not even give me a reason why they did this. I did not do AOR crap with them, I never went over my limit, I never made a late payment, they need to answer for what they did. Many people would just walk away, there is always another bank down the street, but this is now personal. I will get these account back open or die trying, and when I do get them reopened I will close them on my own terms not theirs!

sloppy1 said:   Watch out for more 'fun' from chase!
They have a habit of retroactively reversing point redeemtions/transfers.
They may close your friend's account before he can redeem points and confiscate these points.

They want those points!!!!!!!


They did close his account, thats how I first heard about this. I feel bad for him, he did nothing wrong.

blackie7955 said:   jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.
What doesnt matter is all the thing you're rambling on about. They can close your account on whim, and there's nothing you can do about it.

Honestly, if it wasnt how you were spending that $50k/month (which it very well could've been), it probably had something to do with the person you kept transfering all those points to, and you got shut down by association. You can always appeal to the Executive Office, and hope they decide to reconsider the decision.

blackie7955 said:   I fund investments with my credit Card. I have a financial institution that allows me to do so.

That sounds like a lot of recurring transactions, which is a red flag.

So you're just cycling? No wonder they closed the card. I bet a computer didn't make this decision.

blackie7955 said:   I fund investments with my credit Card. I have a financial institution that allows me to do so. Why should Chase care if I am paying off the balance and maintaining the account in good standing. Because regardless of what you want them to think, they do care that you have been using your card to take cash advances disguised as purchases. You are no different than most people in the AARP thread.

kantscholar said:   So you're just cycling? No wonder they closed the card. I bet a computer didn't make this decision.

I am not sure what that term "cycling" means. When I got the card I told the rep. that I would be funding investments from this card, usually $50,000 a pop. I did noting unethical or sneaky. I don't understnd why Chase would have an issue with this, if anyone would have an issue it should be the financial institution making the charges and paying Chase the fees. Chase is benefiting from my transactions. Why should a large amout of business be a red flag, if anything it should qualify me for special treatment. Why would they rather service 100 accounts charging $500? One account charging $50,000 creates an economy af scale that makes them more money. Maybe I am missing something here.

BTW is this just a Chase thing, or do all credit card companies discourage large repeating transactions? Basically should I stop doing this with all my cards now, or are they all going to be cancelled? Does anyone have experience with this issue with other card issuers???

blackie7955 said:   sloppy1 said:   Neidman said:   How many points have you been earning each month?

More importantly, how many UNREDEEMED points were in your accounts?
They stole them from you when they closed your accounts...you can no longer redeem them!

These accumulated points are what chase wanted when they closed your accounts!
See the AARP Chase thread for more details.
chase has been doing this to many people for the last 3 months.


Thats the strange thing. I had -0- points in my account, I just transferred out about 100K. And they cancelled all my credit cards with them, both personal and business. I also have a platinum banking relationship with them, and have had account with them for 21 years. It's crazy, I have 6 fig in my accounts and they do this to me. I am going to give my personal banker bloody hell when I speak with him, CHASE is crazy to do this without notice or so much as a phone call. If they can get me to "hate" big banks, they really have no hope!


Welcome to the club. They will do nothing for you you can complaint until you are blue. Take your business elsewhere immediately, believe me. Read the AARP thread. At leasdt you did not lose any points with them. Your personal banker will tell you he will look into it, however in the end run they will do nothing. I had the same thing except I have to fight them for 200K points, most likely in small claims court. IMHO they are total creeps. I have never in all my years heard anything like what is going on with them. One guy on the other board has a Private Banking relationship with Chase (min 500K assets) they screwed him also. Please post if you can what your personal banker says. initially he will be "shocked" and promise to look into it. The funny thing is my local Chase had 2 credit cards with me, business account which was not my main account. The branch manager was trying to get my business banking and he told me how good his service would be. Also another division was trying to get my merchant processing business. In total a good volume with possible business loans also.

Rob

Funding " investments" whether bank or brokerage or foreign exchange or sports book charges are all documented in the chase AARP thread and will get you shut down for "not used as intended".

There is absolutely no way to get the decision reversed

You want to cost chase some money (at the expense of a credit ding), stop paying your card. They have stopped suing people for defaulted credit cards And will settle for 15-35% of the balance owed, depending on how late you become and how good you negotiate

At this point that's the only way you'll be getting anything else from chase

robertw477 said:   blackie7955 said:   sloppy1 said:   Neidman said:   How many points have you been earning each month?

More importantly, how many UNREDEEMED points were in your accounts?
They stole them from you when they closed your accounts...you can no longer redeem them!

These accumulated points are what chase wanted when they closed your accounts!
See the AARP Chase thread for more details.
chase has been doing this to many people for the last 3 months.


Thats the strange thing. I had -0- points in my account, I just transferred out about 100K. And they cancelled all my credit cards with them, both personal and business. I also have a platinum banking relationship with them, and have had account with them for 21 years. It's crazy, I have 6 fig in my accounts and they do this to me. I am going to give my personal banker bloody hell when I speak with him, CHASE is crazy to do this without notice or so much as a phone call. If they can get me to "hate" big banks, they really have no hope!


Welcome to the club. They will do nothing for you you can complaint until you are blue. Take your business elsewhere immediately, believe me. Read the AARP thread. At leasdt you did not lose any points with them. Your personal banker will tell you he will look into it, however in the end run they will do nothing. I had the same thing except I have to fight them for 200K points, most likely in small claims court. IMHO they are total creeps. I have never in all my years heard anything like what is going on with them. One guy on the other board has a Private Banking relationship with Chase (min 500K assets) they screwed him also. Please post if you can what your personal banker says. initially he will be "shocked" and promise to look into it. The funny thing is my local Chase had 2 credit cards with me, business account which was not my main account. The branch manager was trying to get my business banking and he told me how good his service would be. Also another division was trying to get my merchant processing business. In total a good volume with possible business loans also.

Rob


Hello rob,

My main concern is if this hurt my credit. To the outsider this looks like I was basically terminated, when in reality I was a good financially responsible customer. Is this only happening with Chase? What is their goal? Why get rid of high volume customers? It doesnt seen like they feel "we" are credit risks, quite the contrary. They almost hate the fact that we pay our bills on time every month.

blackie7955 said:   kantscholar said:   So you're just cycling? No wonder they closed the card. I bet a computer didn't make this decision.

I am not sure what that term "cycling" means. When I got the card I told the rep. that I would be funding investments from this card, usually $50,000 a pop. I did noting unethical or sneaky. I don't understnd why Chase would have an issue with this, if anyone would have an issue it should be the financial institution making the charges and paying Chase the fees. Chase is benefiting from my transactions. Why should a large amout of business be a red flag, if anything it should qualify me for special treatment. Why would they rather service 100 accounts charging $500? One account charging $50,000 creates an economy af scale that makes them more money. Maybe I am missing something here.

To be blunt, your problem is trying to understand. As with alot of credit-related decision, there's simply no way to rationalize it that makes sense (especially when you've already decided it should be another way).

And yes, an account charging $50k/month in cash-equivelant transactions is a much larger risk than 100 accounts charging $500/month.

blackie7955 said:   My main concern is if this hurt my credit. It doesnt, aside from the effect from removing the available credit from your utilization ratios.

NukeMedDude said:   blackie7955 said:   jeeves said:   blackie7955 said:   Neidman said:   How many points have you been earning each month?

50K


How?


Does it matter? I spend alot of money, and I pay off the balance every month. Doesn't chase make atleast 2% off my charges? I make them money every month even with the rewards program. they created the program to get my business, it worked! Why on gods green earth would they get rid off a good paying customer with no notice and no "real" reason? I am not even sure this is not going to impact my credit poorly. I should litigate this. I am using their card, a card they solicited me to get, and abiding by all their rules. I know people here seem to have had bad experiences with CHASE, but this is just wrong.


How you're using your card and what you're purchasing with it has everything to do with it. $50k a month? Good luck. That amount alone is enough to bring AA (adverse action) without some serious funds to back it up.


I spent that and more with AMEX, Fidelity, Bank of America, Citibank. Never a single issue EVER. Never. AAA credit and then some. Never adverse action ever. I have the funds to back it up and furthermore to back up the credit line. Therefore if I have a card with a 50K crry monthedit line it would be expected that I can spend 50K a month, and every month if I wanted to. Chase is unlike any other financial institution. They are brazen and people are crazy to deal with them. I am not a fan of the large banks in general but did some business with Chase.

I got a free $350 from chase and sorry but, I'm with chase on this.

So basically the OP was cycling $50,000 a month through his credit cards for rewards and Chase shut him down. Nothing else to it.

BondGamer said:   So basically the OP was cycling $50,000 a month through his credit cards for rewards and Chase shut him down. Nothing else to it.

I don't understand why you call this "cycling", or why Chase would care. I spent the money (legally, not on H&B as you say), Chase collected their full processing fee, and I paid off the balance. How is Chase harmed in any way, and wht lesson have they taught me? "How dare you give us alot of business and maintain all your accounts in good standing, we would rather lend our money to sub-prime 105% no money down mortgages!"
,
This was a 1% CB card, not a 5% CB card. It was the Chase Sapphire card, they make money on my transactions, a lot of money. They should be thanking me for my business, if you can't see that I probably shouldn't care about your opinion anyways.

Because of the AARP card and the "creative" ways fwfers found to rack up charges on it, chances are the "investment " you've Been charging is the same merchant that AARP users were also using in high volume

So chase now looks for these transactions and shuts down people using them

Skipping 165 Messages...
tontot said:   The only reason I can think off is I just apply the Chase Southwest Airline recently somehow get my accounts to be manually reviewed. The reason they gave me is lack of credit history and too much credits (Chase is the one that keep mailing me to apply for more Chase Credit Cards)

You've found the cause and the reason right there.

The marketing arm (that sends out the never-ending applications) in most big banks is almost completely separate from the operations/review department. People frequently ask "well, why do they send me applications and then deny me, etc" - well, that's why. And these days, just opening a new account or asking to consolidate accounts will frequently cause a review (other banks like BOA will wield their hatchet even faster than Chase), and if you have large limits there is a definite possibility of getting them cut. DW and I have 8 Chase accounts with limits all over the map, but there's no way I'm going to give them a reason to look at them ...



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