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daussaulit
Forgetful

Registered: 08/06/02
Posts: 2,894
Loc: Earth
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Credit card bait and switch
#14101785 - 03/11/11 12:13 AM (12 years, 10 months ago) |
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I had this MasterCard from Citi they offered years ago which had some awesome cash back on gas. Then gas spiked to $3+ and they stopped offering it, but I still have it. In December they told me that they were no longer continuing with the program and they would send me a replacement card where I can earn "points" for every dollar spent. I would rather have the cash back instead of some points BS, so I called them, telling me that I don't want this new card and give me a cash back card. They told me that this points card(which they forced on me) cannot be changed to a cash back card, and that if I wanted it, I would need to apply for a new card, with a new line of credit. What am I supposed to do with 2 MasterCards? My concern is that I will probably stop using the new points card because my other cards are cash back and a lot better. If I stop using it, I bet they will cancel my account because there is no point in maintaining an account that is no longer used. I've been with these guys for over a decade.
My question is, if I get a new cash back MasterCard and stop using my Points MasterCard, and it gets canceled in the future, is it going to hurt my credit? What other recourse do I have, or have I been screwed by the credit card company again?
Thanks.
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Groovy Grant

Registered: 07/31/00
Posts: 6,635
Loc: TX
Last seen: 16 days, 16 hours
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Re: Credit card bait and switch [Re: daussaulit]
#14105281 - 03/11/11 06:28 PM (12 years, 10 months ago) |
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I don't think they'll cancel it, they may lower the credit limit though. Apply for the new card though, so it can immediately begun maturing.
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humawebdesign
Stranger

Registered: 03/11/11
Posts: 45
Loc: India
Last seen: 12 years, 10 months
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Re: Credit card bait and switch [Re: Groovy Grant]
#14112724 - 03/13/11 01:17 AM (12 years, 10 months ago) |
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Your credit will not be affected unless or untill you default. They do not suppose to cancel your existing card, you can have more than 1 card from the same bank there is no issue in it.
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daussaulit
Forgetful

Registered: 08/06/02
Posts: 2,894
Loc: Earth
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Even if I decide to shred the second card and never plan to use it?
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
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Re: Credit card bait and switch [Re: daussaulit]
#14158591 - 03/21/11 10:07 AM (12 years, 10 months ago) |
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If you're really worried, shred it and wait for it to expire. Regardless, I would expect canceling it would have very minimal (if any) effects on your credit score.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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