My Credit Card Was Canceled Without My Authorization!

My Credit Card Was Canceled Without My Authorization!


You signed up for a credit card earlier in the year and have used it on a fairly regular basis. It has come in handy as you’ve used it to pay for gas, secure a hotel stay, buy some clothes, Credit Cardseven cover a bar bill for you and the boys. Unfortunately, it was the latter step which has caused you much trouble as your credit card provider has canceled your card.

That’s right, if you use your credit card for certain purposes, it could put you in a risky position. Specifically, according to Money Magazine (pg. 20, December 2008 issue) using your credit card to pay for certain expenses could shoot up a red flag, resulting in you losing that card. According to AmEx spokesperson Kim Forde, “Studies have found that consumers who frequent certain types of businesses pose an increased credit risk.”

Banks, credit card companies and other lenders are skittish this year because of the bad economy. Not every lender is the benefit of a government bail out and virtually all have tightened up their credit standards considerably. Thus, if you were approved for a card earlier under favorable economic conditions, card issuers may rescind your card based on where you shop.

But, this should be a surprise to savvy consumers. When you are approved for a credit card, card issuers send out a lengthy and detailed user’s agreement notice with your card. If you read the terms, you’ll see that the issuer reserves the right to cancel the card for certain reasons.

One card issuer who has been canceling customer cards this year has been informing customers why their cards were canceled, sending out notices which include the following statements:

Our credit experience with customers who have made purchases at establishments where you have recently used your card.

Our analysis of the credit risk associated with customers who have residential loans from the creditor(s) indicated in your credit report.

Money magazine says that there can be a number of reasons why cards are canceled including purchases with the following types of vendors: bars, billiard halls, massage parlors, nightclubs and, yes, marriage counselors. Think of it this way: if creditors see that you might be experiencing some type of trouble and are attempting to mask your problems by downing a few beers or attempting to avoid a messy and costly divorce by visiting a marriage counselor, then quite suddenly you could be perceived to be too much of a risk for them.

No one ever said that life is fair and for worried creditors, only those customers who have excellent credit seem to be worth the risk for them.

Adv. — Are you looking for a new credit card? A line of credit? Are you considering buying a new home next year? If so, you need to keep up with the latest trends in financing and to do that nBuy Plaza has what you need to help you get the credit to cover your expenses. Shop smart: people with higher credit scores can secure the best financing offers for their new home, car, or other major purchase.


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About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".