Both BMO & Rogers Bank charge inactivity fees if you don't have at least 1 transaction per year if this is what you're looking for...dimon222 wrote: ↑ I've seen a lot of threads, but haven't seen one that includes consolidated list of inactivity periods for credit card per bank. I'm not even sure if some banks have specific dormancy periods for specific cards or not. Sounds like good stuff to know for regular RFD user, right?
I will start collecting stuff here.
This is a good idea! Choose the same day for all cards. Not sure why I've been so disorganized and never done this lol I have close to 20 cards and am always checking my seldom used cards to see which ones are coming up on a year since last use. Wow I've been disorganized hahaharhw123 wrote: ↑ I simply assume that any card requires at least one charge every 12 months to stay active. So for drawer cards I don't want closed for inactivity, I just put a $1 charge on each them once a year (payment towards utility bill or something). January 1st is a good day for this but any other day in the year works just as well. This is a lot easier than tracking down and reading each issuers terms & conditions.
I am not sure about it, but wondering whether it's due to regulationSoleilMoon wrote: ↑ i have a drawer credit card that I never use. Due to some kind of class action lawsuit, the bank was force to refund some money to the credit card holders. My share of the loot worked out to be 38 cents. I've been carrying a $0.38 credit on this card ever since. It must be over 5 years now. So i wonder if you simply carry a credit on the card where they owe you money, means the card is considered to be active.
The really sad part about it, is the financial institution that issued the card, keeps sending me paper statements on a regular basis since the balance isn't zero. I wonder how much this had cost them in paper, envelops and postage.
Some banks even penalize for having credit and not doing transactions, so its certainly not an option.SoleilMoon wrote: ↑ i have a drawer credit card that I never use. Due to some kind of class action lawsuit, the bank was force to refund some money to the credit card holders. My share of the loot worked out to be 38 cents. I've been carrying a $0.38 credit on this card ever since. It must be over 5 years now. So i wonder if you simply carry a credit on the card where they owe you money, means the card is considered to be active.
The really sad part about it, is the financial institution that issued the card, keeps sending me paper statements on a regular basis since the balance isn't zero. I wonder how much this had cost them in paper, envelops and postage.
Ctfs triangledimon222 wrote: ↑ Some banks even penalize for having credit and not doing transactions, so its certainly not an option.
Making one transaction per year is certainly an option that covers majority of scenarios, but based to my knowledge not everyone is having policy for 1 year. Some have it like half year (as example, re-loadable credit cards of Koho and Stack)
If card doesn't charge inactive fee, then the inactive time is when your card need renewed. Otherwise, it doesn't matter if your card is inactive one year or two years. The other downside is they could decrease your limit if you are inactive for too long
Similar to other banks, Rogers claims to charge lesser of 10$ or a current balance, so I wonder if it even aligns with said. Current balance would be 0$, right, so it would be 0$ charge?
But in terms of BMO, you're right, its stated clearly.Inactive Account Fee: If, on the last day of the Statement period shown on a Statement, there is a
credit balance on the Account and there has been no activity on the Account (meaning no debits,
credits, interest or fees) for the preceding 12 consecutive months, the Account will be charged a fee
equal to the lesser of $10.00 and the amount of the credit balance
Inactive Account Fee: charged on your statement date if there has been no account activity for 12 consecutive billing periods
Rogers is similar with triangle, it's more like credit balance administration fee, not really inactivity.dimon222 wrote: ↑ Similar to other banks, Rogers claims to charge lesser of 10$ or a current balance, so I wonder if it even aligns with said. Current balance would be 0$, right, so it would be 0$ charge?
https://rogersbank.com/legaldocs/en/Disclosure.en.pdf
But in terms of BMO, you're right, its stated clearly.
https://www.bmo.com/pdf/PDF_MC%207613%2 ... sert_E.pdf
Adjusted, readability is not best, but better than nothing.
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