Quote:
Originally Posted by classicman
It is a fact that card companies are canceling dormant or unused cards. They are not making any money on the card if it isn't used. They will extend that credit to someone else who will use it - that is how they make money. They can only extend so much credit and to have it "wasted" on someone who is not using it is not a fiscally sound business plan....
...Spreading misleading information and blatant falsehoods is intellectually dishonest. Your ire is also misdirected.
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The big three - Chase, Citi, BOA (who along with Amex represent more than half of all card isusers) - dont cancel dormant cards. Their policy is to provide a notice of pending cancellation unless the customers requests the card to remain active.
It is primarily Capitol One and a few small bank insurers that have a cancellation cause with no recourse.
So I would suggest that your statement is spreading misleading information to some degree.