.....in the last two months, I've had two letters, one from Co-op Bank and the other from M&S Financial Services to say that because I haven't used my cards with them for "some time", they are going to cancel the card at the date of renewal, unless I ring them up to say I still want it, or if I use the card in between now and then. This seems to be a new policy, as I've had other cards for years which have not been used for ages, and they've just been renewed automatically with no fuss. What about those people who only use credit cards as a last resort normally to get them out of a fix, or only use them when they go on holiday overseas, which can be rare for some people - not even once a year.
Credit card issuers now cancelling cards if you don't use them.....
Apr 17, 2006
7 Replies
"Wodger" wrote
Sounds fair enough. [I've had the same.]
"Wodger" wrote
Agreed.
"Wodger" wrote
That's why they say: "...unless I ring them up to say I still want it, or...".
The type of people you just mentioned can just give them a quick call - much easier & quicker than applying for a new card!
The last time I looked at the terms and conditions for the Co-op Bank's "free for life" Visa card it stated that the card had to be used for at least 10 transactions per year.
[Separately, I have a dormant Royal Bank of Scotland current account where they keep writing every year asking if I want to maintain the account. The letters state "to protect customers, we always review accounts that have not been used for a period of time, in line with guidelines from the British Bankers Association".]10 packets of chewing gum?
Natwest and Lloyds did it when Chip and Pin first came out, so it isn't that new.
Great, I wish they'd do this for me. It took three annual attempts to cancel my M&S card.
They will almost certainly have forgotten the pin.
I have an 'emergency' card in my wallet. It is now useless.
tim
I have a solution to that problem. All my PINs are related to the card number by a simple process. An example of a method (actually nothing like the one I use, but good for illustration) is making the PIN the same as digits 2, 7, 5, and 4 of the card number. When I get a new card I work out the 4-digit number using that method, and change the card's PIN at the first opportunity. The method is the same for every card, but of course all the numbers are different.
My memory of the "method" is drummed into my memory by simple observation of the cards I use frequently. Then for any card, no matter how old or seldom used, I can work out the PIN from the information printed on the card, with no trouble at all.
It works for me, anyway.
That's nothing new. I know from experience that some credit card companies have been doing that for at least the last thirty years.
Then they should use them a few times a year just to keep the account alive. If you don't use a card for a year or so and then suddenly try to use it abroad, chances are they'll have problems getting it accepted anyway because the credit card company might suspect it's being used fraudulently.
Chris
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