In an article in today’s Wall Street Journal, Mary Pilon talks about credit card issuers canceling credit card accounts without any warning or advance notice to the customer. In fact, many customers aren’t finding out about it until they go to use their cards and are declined at the register.
The practice isn’t new and is completely legal, but it’s becoming more common as credit card issuers try to protect themselves from unwanted risk in the current economic environment.
The article also includes an excellent podcast with Credit.com’s resident credit expert, John Ulzheimer. Check out the article and listen to the podcast to find out what John had to say about:
- Why credit card issuers are canceling accounts
- What you can do to fight back
- What you can do to prepare ahead of time
- How the new regulations under the CARD Act will impact these types of practices
- What happens to your credit scores when a card is cancelled
Have you had your credit card account cancelled? Tell us about your experience here.
Credit.com offers straightforward tips and advice to help you make smarter financial decisions. Visit Credit.com to sign up for your FREE Credit Report Card and find out where you stand today!
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