Chase Rep Cancels Credit Card Because Of Mint

A hyper-vigilant Chase CSR canceled a woman’s credit card and issued her a new one when she called in to confirm her interest rate, because Mint was showing a slightly higher rate. A Mint representative confirms that “while we can generally get pretty good info about APR, APR can vary widely by customer & there won’t always be a 100% match (that’s why we allow customers to edit their account information).”

“Chase Cancelled Account because of Mint” [Mint Forums]

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  1. howie_in_az says:

    In the age of identity theft, why would anyone willingly give their bank account, credit card, etc information to a random website?

  2. Buran says:

    @howie_in_az: I don’t get it either. The only site that I do such stuff with is my bank, and that’s for the ebill service. Banks are strictly regulated. Random flybynight websites aren’t.

  3. That-Dude says:

    @howie_in_az: my thoughts exactly, a free one at that.

  4. That-Dude says:

    @Buran: here, here.

  5. Blackneto says:

    me 4

    just sounds like skynet waiting to happen.

  6. Chongo says:

    I use Mint quite a bit… pretty god damn handy actually. I am pretty vigilant about all my info though (I mean OCD) so if there was any type of unauthorized stuff going on I would know about it pretty damn fast.

    BTW Mint dosn’t even ask what your NAME is when your setting everything up and you can’t move any money around with it.

    Not saying its for everyone but I had to try it out. My Excel sheets are getting to hard to handle :)

  7. ludwigk says:

    MBNA canceled my current credit card because they kept mailing me updated account information regarding my *other* credit card a year after I had closed the account, and I called them about this.

    Of course, they didn’t tell me that they were canceling my card, they just did it after assuring me that, even though I was receiving agreement updates for it, the previous card was closed.

    They canceled my card on a thursday evening, then on friday night, I found out about it when I tried to buy dinner and my [one and only] credit card was declined.

  8. Starsmore says:

    I’m confused? Did the lady ask to get a new card for some reason, or did the rep just reissue her a new one to hit her with a higher rate? The summary is pretty vague, and workfilters block it.

  9. Chris Walters says:

    @Starsmore: This is the summary from the forum:

    I convinced my friend to sign up on Mint, and her Chase account was showing a higher APR than she thought she had. She called in to Chase customer service and they confirmed her interest rate was what she thought it was… but when she explained how she saw a different interest rate on her account on mint.com they *automatically* cancelled her account for security reasons, and they’re issuing her a new card.

  10. Mr. Gunn says:

    Summary: The rep the lady talked to had never heard of mint, and overreacted.

    If you’re worried about someone getting your info, by all means continue to worry, but I’ve used Yodlee services for years with no issue.

    I’ll bet most of y’all have used Yodlee, too, and don’t know it. Did you know MS Money and Quicken(yes, the desktop software) use Yodlee?

    The fact that all major US banks and financial institutions have a partnership with Yodlee makes me trust them a little bit more. They’re not a fly-by-night random website.

    Mint, on the other hand….

  11. Mr. Gunn says:

    In case that last comment seemed a little cryptic, Yodlee is the data provider for Mint. Mint essentially repackages Yodlee.

  12. levenhopper says:

    Waitttttt…..her account wasn’t totally canceled. They simply shut down the number, and are reissuing her a card with a new number.

    Sure, the Chase rep over-reacted. But she won’t get another hit on her credit report. The only real negative is she’ll be without this card for 7-10 business days, until the new card comes.

    Which is why you should always have a backup card.

    And don’t say it’s impossible to get credit…I’m 19 years old, and carry 4 CCs. Yet somehow I’ve never carried a balance in my life, and never been late on a payment.

    And no, money isn’t from mom or dad — I work for all my spending money at the local grocery store.

  13. Jean-Baptiste Emanuel Zorg says:

    @levenhopper: Waitttttt…..her account wasn’t totally canceled. They simply shut down the number, and are reissuing her a card with a new number.

    Exactly! All she has to do to get her account reopened is cash a check from Chase.

    Or have some anonymous Bavarian scammer post an automatic debit to that account.

    Remember kids – the account is only closed if you want to do something with it – if anyone els wants to screw you, your bank will gladly reopen the account, pay the scammer, and bill you six months later for the full amount plus overdraft fees and six months worth of late charges

  14. TPIRman says:

    @Buran: “Banks are strictly regulated. Random flybynight websites aren’t.”

    Random flybynight websites? That’s a bit fearmonger-y, isn’t it? As Mr. Gunn noted, Mint is just a frontend for Yodlee, which is the industry-standard option when it comes to account information aggregation. There’s a good chance your bank’s site uses Yodlee, too. Same deal, different logo.

    Mint is pretty reputable at this point (even those curmudgeons at Consumerist have recommended it!), so the “flybynight” moniker is pretty over-the-top. I’m not saying you have to trust them, as that’s a personal decision that I respect, but there’s no need to start making stuff up.

    @howie_in_az: Mint doesn’t ask for (or acquire) your bank account number, credit card information, etc. The site doesn’t even ask for your name.

    They do ask for your password to the bank/credit card sites you deal with. They claim not to store them—the info is stored at Yodlee. Assuming they’re not straight-out lying, even if Mint were hacked, there wouldn’t be any useful information to be culled. (Stealing the login to your Mint account would only allow you to see balances—it’s a “read only” service.)

    Could they be lying and harvesting your bank logins? Perhaps. I’m betting that a high-profile company with a huge amount of money invested in its success has chosen not to deceive customers about its number-one security issue.

    Again, if you don’t want to trust them, that’s perfectly reasonable, but get the facts straight.

  15. ottawa_guy says:

    Yeah, I have to agree with leven. It’s not hard to get credit if you manage it right.

    My sister works at a major Canadian bank and she wanted to rebuild her credit, so she asked me to be the primary lender on one of her bank’s VISA cards. I said sure, as long as you cut it up and I only have a card issued.

    The employee interest was great too, with cash back rewards it’s only 9.5%, and most Canadian cards with any sort of rewards, your interest rate is close to 20%.

    So she submitted the application, and we were denied. I told her to put it with only me on the application, and what do you know…. I am approved for a gold card. Bear in mind, I never dealt with this bank before, I just walked in and applied for a card.

    Thats the benefit of having mutiple credit cards. I’m 19 and now have 6 cards out. My major bank just upgraded me to a gold card and I got the new card yesterday.

    As for mint, I would love to have a piece of software like that for the Canadian banks and credit cards out there, that way I would not have to logon to 17 different portals to get my information. And if they are secure, it’s just like giving it to a retail store for processing, although it’s without address information, which they need to complete a transaction.

  16. EBounding says:

    If you’re comfortable banking online, there’s no reason why you should be scared of Mint. I’ve yet to hear of an ID theft or fraud case because of Mint.

  17. Anonymous says:

    @howie_in_az: Because HSBC and Bank of America are such great bastions of privacy and corporate security.