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For those that have sock-drawered Citi cards -- maybe more so for Double Cash cards -- better get them out and make a transaction or two. In the last year I have now had 2 out of 2 Citi card accounts closed due to inactivity. Both had very high credit limits, were established nearly a decade ago, and were coverts from Thank You and Diamond.

I wont miss the cards, but I will miss the extra credit lines they provided.

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I read it as he does it every month to earn the $20, which would only take about 40 cards. But if you don't care about t... (more)

homersboy6 (Sep. 24, 2016 @ 2:28p) |

I agree with the poster who said it appears that Citi's limit is now 18-24 months, and that represents a shorter inactiv... (more)

Revike (Sep. 25, 2016 @ 7:40p) |

Barclays writes in 6 months into some of their cards T&C as well.

scripta (Sep. 25, 2016 @ 11:32p) |

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I don't know if one person having two cards closed in a year equals aggressively closing inactive CC accounts for one of the largest card issuers in the country

juliox said:   I don't know if one person having two cards closed in a year equals aggressively closing inactive CC accounts for one of the largest card issuers in the country
But it's TWO cards! TWO! Nobody has more than one credit card, right? That's just craziness.

juliox said:   I don't know if one person having two cards closed in a year equals aggressively closing inactive CC accounts for one of the largest card issuers in the country

Its a data point and a heads up. Come find me when you have something of substance to add to the conversation.

True with all banks. Use it or lose it. I suggest at least one transaction every four months to keep them active. It's not the amount of the purchase, it's just that you purchase something. Buying a pencil and immediately paying for it online is enough to reset the clock.

SummerSoFar said:   
madcowdisease said:   
juliox said:   I don't know if one person having two cards closed in a year equals aggressively closing inactive CC accounts for one of the largest card issuers in the country
But it's TWO cards! TWO! Nobody has more than one credit card, right? That's just craziness.


F this place sucks now. Full of azzhats and dbags. Missing the good ol' days where folks were nice and had informed conversations. Not all this childish troll sh*t.

&
Welcome to the internet circa 2016. This is the case across the interwebs.

I too had an old 15+ years Citi card closed without notice for inactivity.

Well he is a cranky member.

And yes 2 whole cards closed for inactivity? That's nothing. Watch the guy who did those 4 chargebacks with AMEX, he's going to have a nice set close for no reason.

SummerSoFar said:   In the last year I have now had 2 out of 2 Citi card accounts closed due to inactivity.Sounds like you didn't learn your lesson the first time?
How long were the cards inactive before they got closed? Did you try to have either of them reopened? Citi may reopen closed cards.

I recently had one closed as well. It was one of my oldest cards, but had no rewards or anything. I didn't bother fighting for it.

My wife and I had 3 closed in the last 2 months. Haven't used them in 18-24 months.

How hard is it to use a sock drawer card once every 24 months?

it's a minor pain, but I have a calendar reminder to use all my sockdrawered cards every 6 months. I just buy an Amazon GC and pay it off immediately.

Some of my oldest and highest credit lines are inactive, so I'd hate to lose them.

avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

I could care less if they close my cards. Its happens to me all the time. Not even on my radar. Credit score > 800. Once you reach a critical mass of cards and credit limits, card-closing is a tiny/non-factor. In fact, it opens up the possibility to apply again and get whatever advantageous terms there are during the first year.

BostonOne said:   
avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

Add all CCs to Amazon -> Buy 50 cent Amazon GC once every 2 years 

1 hour of work tops...I do this monthly anyways because many of my CCs forgive small balances, so I end making like $20/month in free Amazon GCs. 

avalon6 said:   
BostonOne said:   
avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

Add all CCs to Amazon -> Buy 50 cent Amazon GC once every 2 years 

1 hour of work tops...I do this monthly anyways because many of my CCs forgive small balances, so I end making like $20/month in free Amazon GCs. 

  https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.

cameron2003 said:   I could care less if they close my cards. Its happens to me all the time. Not even on my radar. Credit score > 800. Once you reach a critical mass of cards and credit limits, card-closing is a tiny/non-factor. In fact, it opens up the possibility to apply again and get whatever advantageous terms there are during the first year.
  
I tend to agree. I had that attitude and, after many years of not being used for years at a time, Chase finally closed a 24 year old Visa. Will be interesting to see how that affects my score.

Citi closed my oldest card earlier this year. I was able to call and have them reopen it. As other have stated, clean out your sock drawer every year and do one transaction on everything (I have a CC vending machine at work that does the job).

gatzdon said:   
 
  https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.

  I would beware of this.  I used to take full advantage of this on various cards to the tune of like $30 a month.  Then Chase stopped working, I closed some cards, and eventually was down to a couple Discover cards doing $1.99 a month.  Discover closed my cards due to a "business decision" a couple months ago and wouldn't reopen them.  I can only assume it was due to the $1.99 thing.

mattun said:   gatzdon said:   
 
  https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.

  I would beware of this.  I used to take full advantage of this on various cards to the tune of like $30 a month.  Then Chase stopped working, I closed some cards, and eventually was down to a couple Discover cards doing $1.99 a month.  Discover closed my cards due to a "business decision" a couple months ago and wouldn't reopen them.  I can only assume it was due to the $1.99 thing.


I would also be concerned about the balance being reported late if the trick stopped working. I high price to pay for trying to pocket a dollar or two.

Ha ha.  Citi is trying to clean things up to avoid the media storm Wells Fargo is having.

Why would a credit card company cancel a card I’m not using?

It might seem strange that your credit card company would care one way or another if you’re using your card, but credit card companies only have so much credit they’re able to extend to their customers. If you’re holding onto a credit line that you’re not using, your credit card company would rather take it away from you and give it to another customer that will. This is because there’s the potential that that other person will make purchases they can’t pay off within a month, which translates to profits for the credit card company in the form of interest charges.

Simply put, allowing you to keep an unused account open represents a missed opportunity for the credit card company.

Source - https://www.nerdwallet.com/blog/credit-cards/credit-card-cancell...

cameron2003 said:   I could care less if they close my cards. Its happens to me all the time. Not even on my radar. Credit score > 800. Once you reach a critical mass of cards and credit limits, card-closing is a tiny/non-factor. In fact, it opens up the possibility to apply again and get whatever advantageous terms there are during the first year.
  Completely agree with this and precisely how I approach it. I am surprised some of the other banks have not closed the CL I have with them. Some of them have not been used in over 5 years. Citi has closed all but one or two that I use at least occassionally.

Data point: my old useless Citi card was closed at exactly 24 months of inactivity.

I am hoping does the same at 24 months on a useless Slate card because I don't feel like talking to a human to close it.

mattun said:   gatzdon said:   https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.
I would beware of this.  I used to take full advantage of this on various cards to the tune of like $30 a month.  Then Chase stopped working, I closed some cards, and eventually was down to a couple Discover cards doing $1.99 a month.  Discover closed my cards due to a "business decision" a couple months ago and wouldn't reopen them.  I can only assume it was due to the $1.99 thing.
How come you didn't post in that thread??? And now it's archived
Were you just charging $1.99/mo, or charging, prepaying, and leaving a $1.99 balance?

mapen said:   cameron2003 said:   I could care less if they close my cards. Its happens to me all the time. Not even on my radar. Credit score > 800. Once you reach a critical mass of cards and credit limits, card-closing is a tiny/non-factor. In fact, it opens up the possibility to apply again and get whatever advantageous terms there are during the first year.I tend to agree. I had that attitude and, after many years of not being used for years at a time, Chase finally closed a 24 year old Visa. Will be interesting to see how that affects my score.If you're talking about AAoA / oldest account calculation, you'll have to wait 10 years.

Most issuers won't consider an account inactive until at least 6 months of no statements. It's pretty safe to swipe once a year if you are just looking to avoid account closure due to inactivity.

burgerwars said:   
mattun said:   
gatzdon said:   
 
  https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.

  I would beware of this.  I used to take full advantage of this on various cards to the tune of like $30 a month.  Then Chase stopped working, I closed some cards, and eventually was down to a couple Discover cards doing $1.99 a month.  Discover closed my cards due to a "business decision" a couple months ago and wouldn't reopen them.  I can only assume it was due to the $1.99 thing.


I would also be concerned about the balance being reported late if the trick stopped working. I high price to pay for trying to pocket a dollar or two.

  How would it be "late" if your statement balance is $0.00?

stanolshefski said:   burgerwars said:   I would also be concerned about the balance being reported late if the trick stopped working. I high price to pay for trying to pocket a dollar or two.How would it be "late" if your statement balance is $0.00?If the trick stopped working the balance wouldn't be $0, it'd be $1.99.

You (burgerwars) should be checking your statements instead of being concerned.

SummerSoFar said:   For those that have sock-drawered Citi cards -- maybe more so for Double Cash cards -- better get them out and make a transaction or two. In the last year I have now had 2 out of 2 Citi card accounts closed due to inactivity. Both had very high credit limits, were established nearly a decade ago, and were coverts from Thank You and Diamond.

I wont miss the cards, but I will miss the extra credit lines they provided.

How long were they inactive? 3 months? 6 months? 3 years?

Which cards "forgive" the low balance. You just don't pay it and then it disappears?
 

scripta said:   
stanolshefski said:   
burgerwars said:   I would also be concerned about the balance being reported late if the trick stopped working. I high price to pay for trying to pocket a dollar or two.
How would it be "late" if your statement balance is $0.00?

If the trick stopped working the balance wouldn't be $0, it'd be $1.99.

You (burgerwars) should be checking your statements instead of being concerned.

  Sure, but you'd have at least 21 days to pay your bill. Use Mint and it will remind you to pay it.

At list for Discover, the small balance trick works even with autopay turned on. No risk of missing a bill if they ever stop the credits.

BostonOne said:   
avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

  Yeah, I'm at 49, per CK results (50 open, only use one for daily spend really)

burgerwars said:   
mattun said:   
gatzdon said:   
 
  https://www.fatwallet.com/forums/finance/879297 
Credit cards that cancel small bills.  List is shrinking, but they are still there.

  I would beware of this.  I used to take full advantage of this on various cards to the tune of like $30 a month.  Then Chase stopped working, I closed some cards, and eventually was down to a couple Discover cards doing $1.99 a month.  Discover closed my cards due to a "business decision" a couple months ago and wouldn't reopen them.  I can only assume it was due to the $1.99 thing.


I would also be concerned about the balance being reported late if the trick stopped working. I high price to pay for trying to pocket a dollar or two.

  I'd be more concerned with the fact you would've had to ignore your account for 25 days, between the date you expected to see the credit and the date the balance was due, for this to ever pose a risk.

avalon6 said:   
BostonOne said:   
avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

Add all CCs to Amazon -> Buy 50 cent Amazon GC once every 2 years 

1 hour of work tops...I do this monthly anyways because many of my CCs forgive small balances, so I end making like $20/month in free Amazon GCs. 
 

Thanks for the tip. You have 960 cards? 
20*12*2/0.50 = 960

amhidogha said:   
avalon6 said:   
BostonOne said:   
avalon6 said:   How hard is it to use a sock drawer card once every 24 months?
I have about 40. So, hard.

Add all CCs to Amazon -> Buy 50 cent Amazon GC once every 2 years 

1 hour of work tops...I do this monthly anyways because many of my CCs forgive small balances, so I end making like $20/month in free Amazon GCs. 

Thanks for the tip. You have 960 cards? 
20*12*2/0.50 = 960

I read it as he does it every month to earn the $20, which would only take about 40 cards. But if you don't care about the $20, then every two years is often enough.

I agree with the poster who said it appears that Citi's limit is now 18-24 months, and that represents a shorter inactivity period than before. For whatever reason, Citi has decided to become a bit stricter. Of course, normal rotation or periodic use 2-3 times a year is good enough for almost all CCs. HSBC was the most hair-trigger at 6 months, so I've always used that as a minimum guideline ...

Skipping 1 Messages...
Barclays writes in 6 months into some of their cards T&C as well.



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