Chris Farrell: Credit card company drops prompt payer

  • Article by: CHRIS FARRELL
  • Updated: March 21, 2013 - 10:48 PM

Q: I just received a note from my credit card company saying they won’t renew my cards when they expire.

  • 2
  • Comments

  • Results per page:
  • 1 - 2 of 2
TobsterMar. 23, 1310:07 PM

Credit card companies do of course make money from finance charges, but they also make a lot from swipe fees. So even if you never carry a balance but use the card a lot, the issuing bank is still making money on swipe fees from the merchants you visit. Swipe fees are easy money to a bank whereas a balance is always a risk (even if small). If I were the person in this article I would at least find out why the card isn't being renewed even if I was going elsewhere with my business. It's very abnormal for a bank to just drop someone like that.

4
0
betronbsMar. 27, 13 6:48 AM

however... if that is the only card he has and it sounds like he has had it for quite some time, keep in mind that part of the reason of the good score is the length of time he has had credit. if that card is dropped and a new one started the credit history will reflect a shorter life and will most assuredly lose some points... i agree, check the report but talk to the card company and see whats going on. if you have to pay interest on the occasional months purchases do it... it IS worth keeping the card...

0
2
  • 1 - 2 of 2

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT