Bank closed my credit card
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philipa
Apprentice
Joined: 08 Feb 2006
Posts: 4
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 Posted: 11/13/07 - 10:43 Post subject: |
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| Dear Financial Adviser, yesterday afternoon as I was doing my usual shopping at the supermarket I had a most unleasant surprise. As the casheer had finished to check me out and give me the bill I tended my credit card. But after she swiped it, she told me it was denied. I asked her to try again but it was denied again. The indication on the swiper was: credit card closed! Please tell me what's going on, is that possible? |
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gerard
Apprentice
Joined: 12 Nov 2004
Posts: 6
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| Posted: 12/13/07 - 02:31 Post subject: |
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| Dear Surprised, I am afraid that yes, it is possible and probably yes, it is even legal. Provided they can show a bad payment record froom your part as well as the necessary written warnings that you should clear the outstanding arrears, they can close the account when they feel the risk (and the arrears) have become too great in relation to your credit rating. It is all written in the fine print of the contract you signed with them. You should have paid up... Or have they made a mistake? Can you show that you have no arrears? That you are paid up to date? If so then go and see them and tell them you will seek legal advice for compensation. If not, forget it, pay up and get an other card. |
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