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Money and Finances
Reply to "Citibank closed my emergency CC without warning due to inactivity—WTF?!"
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[quote=Anonymous]I've worked my entire career for credit card companies. I have worked with the CEO of citicards as a consultant. I've never heard anyone, in a formal or informal setting, call someone who stashes their card in a sock drawer a deadbeat. They know it happens, they don't make any money off of you, and yes there are still costs and risk associated with that open account. There are various actions they can take, one of which is to close your account. There are a multitude of reasons why they might do that instead of sending you a notice or an incentive to use the card; one example is it may be an older card product that they're trying to remove from the market. Btw, the idea that card companies hate customers who pay their balances in full every month is also incorrect. They just want you using the card. Credit cards are a volume game and high volumes let them spread fixed costs and gives them greater negotiating power with networks and merchants.[/quote]
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