Howie had a Wachovia credit card, which is now a Wells Fargo card. After a barrage of balance transfer solicitations, he called them up to move some debt from another card over to Wells Fargo. The bank’s response? They promptly canceled his credit card.
The Credit Card company, over and over, sent reminders I should “transfer” other credit card debt as I would have (6 months or more?) at only 6%. I was paying 12% on another card so one day I decided to do so. Now I OWED less than $100. on the now Wells Fargo account so I expected a courteous and welcome reception.
The lady comes back on the phone after I said I want to transfer to save that interest and said she was “cancelling my card.”
WHY? She would not give me a reason. I owed less than $100. and been with you for over 12 years correct? Yes she says but we are cancelling your card. Goodbye.
I am crystal clean, no bank robberies or drugs or anything. Credit is slow due to medical ONLY as I am over 70. When they cancelled my card THAT hurt my credit. Never got an explanation. Service – Pitiful. Thanks Wachovia-Wells Fargo.
A balance transfer letter is a solicitation, not an offer. Most likely when they checked his credit before initiating the transfer, they realized that he was no longer eligible to have a card with them: thus, yes, losing the interest he would have paid on that balance, and also hurting his credit even further.