2019 Shutdown Thread

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1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and [email protected])
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and [email protected])
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
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Old Aug 15, 19, 5:27 pm
  #241  
 
Join Date: Oct 2012
Posts: 958
Originally Posted by Lobachevsky View Post
Moi Where did I ever say the banks lose money by offering rewards cards?

If the banks lose money, why would they raise anyone's credit limit for active spending (which is what many do)?

And, getting back to the earlier discussion, if the banks thought a credit limit should be the limit for a month's spending on a card, they could easily program it in. Simply don't make any more credit available, regardless of payments, until after the monthly statement closes.
Originally Posted by RedSun View Post
Then sure just cycle the CL. Good luck. At least I get chance to see the light and won't get shut-down with the cycling.

There are always some people who just like to argue....
Cycling a CL is no big deal. 3-4x is no sweat. 10x a month takes discipline.
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Old Aug 15, 19, 5:33 pm
  #242  
 
Join Date: Oct 2012
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Originally Posted by Jaffarr1990 View Post
Reporting a closure that came as a surprise to me (even though I heavy hit). Had 3 cards with Cap1 and all shut down (venture, spark business, and platinum). Nothing apart from organic spend on spark and platinum, I was heavy hitting on the venture, several years now, about 240k+ monthly. Spoke with them early on when I first opened card several years back and it was all fine with them. Oldest card was the platinum at ~6 years. Never carried a balance and was always cycling my CL (so itís no duh). Possibly with all this crap that went on with their cyber hack, perhaps accounts got a closer look (maybeee...). I think what caused my case, because Iíve gone years with no issues, is greed. With new limits on gcm ordering, it became more difficult to order over 10k a day in gift cards, so my friend and I discovered that cap1, unlike chs, will issue an entirely different cc number for authorized users on the account, and this enables you to purchase more from the same account on gcm in a single day, to reduce turnaround time, because gcm tracks orders and limits them by cc number now. Never talked about my spending until now online. CL 30k on venture, 20k spark and 5k platinum. Proceed with caution. Mine could be because of heavy hitting, but confused as to why I went so long if thatís the case...received letter in the mail stating ďmy spending habits did not match their requirement of normal household spendingĒ blah blah.
Nice run. $240K on a $30K CL is disciplined MSing. Sadly, not enough cash out locations to do that anymore near me. What got you was the AU spend methinks, not the cyclng. Your profile looked like a bust out fraud...
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Old Aug 15, 19, 7:24 pm
  #243  
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Originally Posted by farwest101 View Post
Cycling a CL is no big deal. 3-4x is no sweat. 10x a month takes discipline.
Again, you do not have to fight me. Read the DPs about all the shut-downs.
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Old Aug 15, 19, 7:48 pm
  #244  
 
Join Date: Oct 2012
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Originally Posted by RedSun View Post
Again, you do not have to fight me. Read the DPs about all the shut-downs.
Sigh. You.can keep yapping on about this but doesn't change reality. There are thousands who MS - only a handful report shutdowns - and there's almost always a reason besides cycling that causes it (usually having to do with payments - multiple online debits, anonymous moneygram billpays, paying directly with MOs, bounced check etc etc). Most banks dont care about cycling so long as the payments can be traced for AML/KYC regulations.
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Old Aug 15, 19, 8:33 pm
  #245  
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Originally Posted by farwest101 View Post
Sigh. You.can keep yapping on about this but doesn't change reality. There are thousands who MS - only a handful report shutdowns - and there's almost always a reason besides cycling that causes it (usually having to do with payments - multiple online debits, anonymous moneygram billpays, paying directly with MOs, bounced check etc etc). Most banks dont care about cycling so long as the payments can be traced for AML/KYC regulations.
As I said, if you strongly believe so, you can keep doing it. No one prevents you from doing it until something happens.
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Old Aug 15, 19, 10:34 pm
  #246  
 
Join Date: Mar 2016
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Originally Posted by farwest101 View Post
Sigh. You.can keep yapping on about this but doesn't change reality. There are thousands who MS - only a handful report shutdowns - and there's almost always a reason besides cycling that causes it (usually having to do with payments - multiple online debits, anonymous moneygram billpays, paying directly with MOs, bounced check etc etc). Most banks dont care about cycling so long as the payments can be traced for AML/KYC regulations.
If my CapOne gets shut down, I'll hold you personally responsible : )
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Old Aug 16, 19, 8:07 am
  #247  
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Originally Posted by DjRocket View Post
If my CapOne gets shut down, I'll hold you personally responsible : )
Some people just play fire and hope won't be caught. Some people have to since they do like $300,000 to $500,000 MS per month and they can't get that much total CL. All the huge volume MS activities can easily catch someone's eye, particularly something happens like a fraud alert or returned payment etc. Then it triggers the manual review and the entire shut-down.

This is not getting shut down outright, but managing the risk of getting shut down.
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Old Aug 17, 19, 9:59 pm
  #248  
 
Join Date: Jan 2010
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one data point - my Alliant credit union card never cycle CL, monthly Simon mall 24k VGC out of 25k CL, it hasn't been shut down and has passed first year anniversary. Several guys I know had cycled CL on this card, got shut down the first half year.
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Old Aug 18, 19, 1:16 am
  #249  
 
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Originally Posted by RedSun View Post
Some people just play fire and hope won't be caught. Some people have to since they do like $300,000 to $500,000 MS per month and they can't get that much total CL. All the huge volume MS activities can easily catch someone's eye, particularly something happens like a fraud alert or returned payment etc. Then it triggers the manual review and the entire shut-down.

This is not getting shut down outright, but managing the risk of getting shut down.
It all depends on the card product and bank. There are certain banks that don't flag cycling that I cycle many times every month. On the other hand, there are banks that do flag cycling and will shut you down after a few months of just 3x cycling. The same applies for anything. There are banks that will accept unlimited MO deposits, and there are banks that will shut you down for just about nothing.
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Old Aug 23, 19, 3:23 pm
  #250  
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Originally Posted by TalkingPoint View Post
It all depends on the card product and bank. There are certain banks that don't flag cycling that I cycle many times every month. On the other hand, there are banks that do flag cycling and will shut you down after a few months of just 3x cycling. The same applies for anything. There are banks that will accept unlimited MO deposits, and there are banks that will shut you down for just about nothing.
Would cycling CL increases risk of getting shut down?
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Old Aug 23, 19, 11:12 pm
  #251  
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Originally Posted by RedSun View Post
Would cycling CL increases risk of getting shut down?
yes
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Old Aug 24, 19, 2:23 am
  #252  
 
Join Date: Jun 2009
Location: DFW
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I never got shut down, but my mall quit paying out rewards. They blocked that like AMEX did. Strug-guh-ling.
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Old Aug 24, 19, 9:52 am
  #253  
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Originally Posted by horseymen View Post
I never got shut down, but my mall quit paying out rewards. They blocked that like AMEX did. Strug-guh-ling.
Which card were you using that stopped earning rewards at Simon like Amex?
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Old Aug 24, 19, 3:53 pm
  #254  
jk2
 
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Originally Posted by ChrisFlyer66 View Post
Which card were you using that stopped earning rewards at Simon like Amex?
I heard Alliant visa is doing this.
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Old Aug 25, 19, 9:15 am
  #255  
 
Join Date: Feb 2016
Location: Northeastern United States
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Originally Posted by jk2 View Post
I heard Alliant visa is doing this.
Not true in my experience. Consistently receiving rewards at Simon for both P1 & P2 since the first week of their 3% card launch. Heavy hitters just want people to think this stuff so people stay away in hopes it will keep it alive longer. It's the same as the people trying to claim certain gebits don't work for paying CitiBank over the phone when they still do. When in doubt, test it yourself so you'll know the truth.
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