CAN A CREDIT-CARD COMPANY CANCEL YOUR CARD AND NOT TELL YOU? The following excerpt is from a post on the Wall Street Journal about a person who had 4 Chase cards canceled at once without any notice. Now, my first thought would be that this guy must have a really bad payment history for a credit company to cancel one, let alone four cards. However, that’s not the case.
This person appears to pay off his balance every month and is rarely late:
“However, I’ve always paid the balance on my Chase credit cards in full every month and rarely ever am I late (the last time was at least 6 months ago).”
What that means is that the credit card company is not making any money off this consumer.
It’s certainly no secret that credit card companies are in the business of making money, and most of their money is made from consumers who do not pay off their balance every month, which means no interest payments.
Regardless of whether this person’s consumer rights were violated, it would be a tough battle to fight and hardly worth the effort for most individuals, since they can just pull out another credit card….