Moderator: SMLCHNG
Any time you cancel a card always ask that it be noted that it was canceled at your request. That way in the future any new creditors know why the card was canceled. Also make sure the balance is paid off before you cancel it.chippewa wrote:Our credit reports say that account was "canceled by customer request" so I don't forsee any problems with our credit score or anything like that.
Oh Sorry I was not talking to the ones that have a commitment..chippewa wrote:Fraud?
In my case, there was a written agreement between the company and me. I had to spend X amount of dollars (on which each transaction the credit card company charged a percentage of the purchase to the retailer). When I fulfilled my end of the deal, they did the same and awarded me tickets. A business deal, that if either side was unhappy with, they should have never entered into. Or offered, for that matter. Nothing was unspoken, there was a standard credit card agreement that was sent detailing all of their policies and requirements. They had a year to prove they were a better credit company than those that I currently use. They weren't.
Though the credit companies make money for each transaction, I would guess that the majority of their income is in finance charges for those that don't pay their balance in full. I sure don't feel as if I am defrauding the company when I pay my entire balance. Their agreement with me says they won't charge me interest, even though it doesn't help their bottom line. They hope I don't so they can collect fees, but don't require me to carry a balance. In the case of cell phones and satellite tv services, they do require a contract -- but when the customer fulfills the agreement they are free to leave. They aren't asked to pay back perks they've received along the way such as free phones or free movie channels. If a customer leaves Sprint for Verizon did they defraud Sprint, or did they just complete their agreement and move on?
My advice, don't enter into deals and then complain about it. Nothing irks me more than an athlete signing a 3-year contract and then wanting a better deal a year later. A deal's a deal, think long and hard before you enter into one. That goes for the company offering one, as well as the individual accepting it.
Now I'm going to think twice about trying that chicken quesadilla sample at Costco next time, when all I went in for was the vegetable tray. Am I expected to always buy the product? Or do they make that offer knowing it's just part of the cost of doing business, and that they have to cast several nets into the water in order to catch a few fish?
It really shouldn't do anything, especially if you make sure they note that the card was closed by the consumer!Glorfindel7 wrote:I would NEVER want to get one of those perks cards then drop them after the perk is paid... Guess what THAT does to your credit score?
)Gypsy, I too take advantage of any kind of deal that is offered, that benefits me.Gypsy In The Palace wrote:Going back and reading my original post, I realize that I did a poor job of describing my intentions. I do not plan to apply for the card, get the gift, and then immediately leave.
I read all of the fine print and saw that for one year, you had no fee but then after the first year, there was an annual fee of $30. None of the credit cards that I have come with an annual fee, so I could not see myself paying an annual fee for a credit card. But, in the meantime, I see myself probably using the card regularly for my regular purchases.
Looking furter at the offer, I see that this is something that they probably expect because they offer 5,000 Marriott rewards for staying with them for a year. In a year, I might see myself willing to fork over the $30 to keep the card and get that perk. But, odds are that won't be an option that I want to entertain.
I am not someone who goes around looking for handouts, and I think my original post may have come off that way. But, I am someone who looks for great deals--and this was a very good deal! But, when I saw that after a year, I had to pay an annual fee when I already have two credit cards that don't require that, I thought that I probably would want to cancel at that point. The reason for my post was to see if anyone had found themselves in a similar situation (the situation being that you sign on with a company because of a perk but after a year of using the company decide that it's not worth it) and had problems canceling--similar to the many problems that people have had canceeling AOL. (Don't get me started on that one!
Thanks to everyone who has responded. It sounds like no one else has had problems.
