Does anyone know if anything can be done about this issue?
Capital One has decided to start suspending accounts. IF you havent used your Capital one CC in the last 6 months your account will be suspended. No other notice has been announced. Just letters sent to individuals.
LINK to some of the people who are receiving these letters
Since I only used my Capital One Credit Card for emergencies I received one yesterday telling me that I had 60 days from the date of this letter (Dec 17) to use up my "rewards balance"(24 points-not enough to purchase kleenex to dry my eyes)
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AFAIK We have no recourse in this action. I just got off the phone with them, and All I could get was "Its been decided that Capital One would close all accounts that were not current". No one at Capital One is willing to own up to this decision, and NO PAPERS documenting the decision have been published - which pisses me off! I am current, I have made all my payments on time, I just havent used them lately since their APR is so much higher than the other cards I use.
It seems several thousands of Capital One Credit Card customers will be hit by this "business decision". The good customers who simply kept the Capital One Credit Cards in good standing, but havent used them lately are being hit for not using our Capital One Credit Cards on a daily basis. It dings us in a bad financial spot too - our FICO score!! It burns my A**.
Someone said they were going to put a bunch of charges on the card and carry a small balance so they would be required to do something before they closed the account, but that seems to defeat the whole purpose of having an emergency line of credit - to have ready money for emergencies.
Does anyone have any ideas?