Credit Cards

Chase Visa from Amazon - All cards will be closed on March 15th, 2018

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  • Jan 17th, 2018 8:17 am
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Deal Addict
Dec 22, 2008
1531 posts
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Victoria
jaswest2754 wrote:
Jan 12th, 2018 11:39 pm
Replacement card are the Rogers/Fido MasterCard. It's kinda a round about way because they charge you the FX fee but then get 4% back in cash back on foreign purchases, downfall is cash advances aren't the best idea with this card in foreign currencies as there is cheaper ways to get foreign currencies. Another option is the home trust preferred visa, no FX fee, 1% cash back, but the cash advance fee is 1.5% vs the 1% amazon visa has.
Home Trust Visa is my preference of the two you mentioned. Better if you have to return something and easier to deal with the cash back rewards.
Deal Guru
Jan 7, 2002
11105 posts
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Waterloo, ON
burnt69 wrote:
Jan 13th, 2018 12:43 am
BTW, I have a USD$ income, any no-fee USD$ cards I should be considering as well?
TD/CT has a US$ bank account and US$ credit card. Both are free provided you park at least $3,000 in the bank account. There are other alternatives at the other big-5 banks. Also with TD you can get a US$ account and CC through their US-based TD Bank network. This has more features than TD/CT but isn't as convenient. It may work better if you spend a fair amount of time in the US,
veni, vidi, Visa
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Jan 25, 2011
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bylo wrote:
Jan 12th, 2018 1:29 pm
That still doesn't address what happens to the credit after 15Mar18. Suppose my current balance is $0 and I have 1,000 pts ($10) accrued. If I make no further transactions on the card then it will have a cash balance of $10 on 16Mar18. Will they send me a cheque for that amount or will that $10 just disappear?

I suppose one way to mitigate this is to make a $10+ purchase in early March. Then they'll deduct the $10 reward from the amount owing on the card. For example if I buy something for $15, they'll credit me with $10.15 (based on 1,015 pts) and I'll only need to pay a final $4.85 to clear the account.
That's what I'd do, make a transaction so you don't lose the reward.

I'm at 1819 points, I'll just make $180 in purchases so I get my $20 rewards this month and that's it. It was a great card, RIP :(
Newbie
Jun 10, 2011
7 posts
1 upvote
Toronto
Is there an advantage to waiting until mid March to have my account closed?

In the credit report, doesn’t it look better if it says “closed at customer’s request”, rather than “closed by card issuer”?
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Aug 24, 2016
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craigirving wrote:
Jan 13th, 2018 10:05 am

In the credit report, doesn’t it look better if it says “closed at customer’s request”, rather than “closed by card issuer”?
No that’s a myth, started by people that confuse two different narratives.

closed by credit grantor with non derogatory rating - this is how it’s stated when an account is closed for inactivity, or the lender decides they just don’t want you as a customer anymore, for whatever reason that isn’t a derogatory reason.

closed by credit grantor with derogatory rating - this is the one that looks bad on your credit report. This status is usually reported when an account has been closed for non payment, or other derogatory reasons.

When Chase closes the accounts, they’ll have the first narrative attached to them.
Deal Guru
Jan 7, 2002
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craigirving wrote:
Jan 13th, 2018 10:05 am
In the credit report, doesn’t it look better if it says “closed at customer’s request”, rather than “closed by card issuer”?
Or "Account Closed/Rating Non Derogatory"? That sounds innocuous but presumably means something different from the other two reasons. What's the difference?

Also why do credit reports maintain records that are decades old? For instance I have a Royal Bank Visa that was opened in 1975, had a last payment in 2001 and was finally closed by RBC in 2013. Obviously I'd stopped using the card by 2001. The card itself had long ago expired. I had no idea RBC still considered me a customer until 2013. Of what value could this sort of information be to a potential creditor?
veni, vidi, Visa
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bylo wrote:
Jan 13th, 2018 10:41 am
Also why do credit reports maintain records that are decades old? For instance I have a Royal Bank Visa that was opened in 1975, had a last payment in 2001 and was finally closed by RBC in 2013. Obviously I'd stopped using the card by 2001. The card itself had long ago expired. I had no idea RBC still considered me a customer until 2013. Of what value could this sort of information be to a potential creditor?
The account contributes to your credit history length.
Having an account on your bureau that is 42 years old is a great asset to you. I’m willing to be you have a pretty good score because of it.
TransUnion will keep that account for 20 years after it’s closed, and Equifax will keep it for 6.
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bylo wrote:
Jan 13th, 2018 10:41 am
Or "Account Closed/Rating Non Derogatory"? That sounds innocuous but presumably means something different from the other two reasons. What's the difference?
I don’t think there’s a difference. The important thing it that is says “non derogatory rating”.
Sr. Member
Jul 8, 2009
560 posts
100 upvotes
Toronto
bylo wrote:
Jan 13th, 2018 10:41 am
The card itself had long ago expired.
It's amazing how many people don't get this. The expiration date on the piece of plastic you carry has nothing to do with the status of your account. Your account can be cancelled long before the embossed date, and if your plastic expires and you don't activate the new one, it doesn't cancel your account.
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Jan 7, 2002
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coolintheshade wrote:
Jan 13th, 2018 10:50 am
The account contributes to your credit history length.
Having an account on your bureau that is 42 years old is a great asset to you. I’m willing to be you have a pretty good score because of it.
TransUnion will keep that account for 20 years after it’s closed, and Equifax will keep it for 6.
Thanks.

Re "I’m willing to be you have a pretty good score because of it." my score fluctuates around 800 ± 10. I realize that's pretty good but I wonder why it's not higher. I've had credit cards since the 1970s (e.g. that RBC card.) I've never, ever paid interest or had a late payment. I've also never, ever taken out a consumer loan like a car loan or mortgage. My accounts have been paid in full every month for decades. AFAIK there's never been a dispute or other "derogatory" item on my record. So why isn't my score closer to the ideal 900?
veni, vidi, Visa
Deal Guru
Jan 7, 2002
11105 posts
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Mercury048 wrote:
Jan 13th, 2018 10:56 am
It's amazing how many people don't get this. The expiration date on the piece of plastic you carry has nothing to do with the status of your account. Your account can be cancelled long before the embossed date, and if your plastic expires and you don't activate the new one, it doesn't cancel your account.
Obviously. I understand how the system works, but I wonder why it works that way. If it's a credit card account, the card is expired and the account holder doesn't apply for a replacement within, say, a year, why keep the account open? There's no way the customer can use it, at least legitimately. Incidentally RBC never contacted me about this account after it expired so they even missed an opportunity to get me back as a customer. None of this makes sense, even if it's how the system has worked for years.
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Aug 24, 2016
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bylo wrote:
Jan 13th, 2018 10:59 am
Thanks.

Re "I’m willing to be you have a pretty good score because of it." my score fluctuates around 800 ± 10. I realize that's pretty good but I wonder why it's not higher. I've had credit cards since the 1970s (e.g. that RBC card.) I've never, ever paid interest or had a late payment. I've also never, ever taken out a consumer loan like a car loan or mortgage. My accounts have been paid in full every month for decades. AFAIK there's never been a dispute or other "derogatory" item on my record. So why isn't my score closer to the ideal 900?
The bolded is my guess why your score isn’t higher.
You're lacking in the credit mix area of the scoring algo’s.
Sr. Member
Jul 11, 2007
882 posts
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Awful timing for me. This card will get closed down 2 days into a 3 week International Trip.
Deal Addict
Feb 1, 2006
1382 posts
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bylo wrote:
Jan 13th, 2018 10:59 am
Thanks.

Re "I’m willing to be you have a pretty good score because of it." my score fluctuates around 800 ± 10. I realize that's pretty good but I wonder why it's not higher. I've had credit cards since the 1970s (e.g. that RBC card.) I've never, ever paid interest or had a late payment. I've also never, ever taken out a consumer loan like a car loan or mortgage. My accounts have been paid in full every month for decades. AFAIK there's never been a dispute or other "derogatory" item on my record. So why isn't my score closer to the ideal 900?
Maybe you should consider a line of credit.
Jr. Member
Apr 20, 2009
121 posts
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minimalist wrote:
Jan 13th, 2018 12:47 pm
Maybe you should consider a line of credit.
Does that really help that much? I had line of credits before from the bank, which I had no use for. I just agreed to have it in case of an emergency and because it was proactively offered by the bank without having to do a hard credit check. I never ended up using it and after approximately 4 years, the bank cancelled it for inactivity.

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