campgal asked:
I am trying to track down some specific information regarding credit card companies closing accounts due to inactivity.
I am trying to track down some specific information regarding credit card companies closing accounts due to inactivity.
Has anyone seen this in credit card applications or policies?
Does anyone know of any laws that address this or similar issues?
http://1mortgagecalculator.info
It is normal for some card companies. I do not believe it is illegal. If they do it, it should be in the fine print of your credit card company’s policy.
not closed but put to an inactive state which you needto re activate and they need to inquire on your bureau again ..
In every card issuer’s T&Cs is language to the effect that they can close the account at their option.
What is more likely to happen is that they would start charging an annual fee, so at least they make something off of you. And if you overlook that with other junk mail, they might also get a late fee for the annual fee you did not notice (because you had not used the card). That happened to me. I complained, but use the card occasionally now, so no annual fee.
My boss had a very low interest card years ago, did not use it, and they transferred it to another bank with higher interest rate (not sure if they started charging a fee).