After a points transfer is initiated, the points transfer and are deducted from the Membership Rewards balance but not showing up in the Schwab account. Seems the issues have started in the last few days, probably since July 26.
Chase is getting into the virtual credit card business. Largest credit card issuing bank in the country, with about 92 million physical cards in circulation, is partnering with Bay Area start-up Marqeta to now launch digital-only credit cards.
The survey says that about 70 million people said they involuntarily had a credit limit reduced or a credit card account closed altogether in a 60-day period stretching from mid-May to mid-July.
Senate Bill S7104A relates to “establishing a set grace period for the use of credit card reward points when an account is modified, cancelled, closed or terminated; ninety days shall be provided for the use of such points from the date notice of modification, cancellation, or termination of the card is provided.”
A credit limit increase request was denied due “too many credit cards opened in the last two years associated with you”. This is the same reason that Chase gives to new credit card applicants when they have opened 5 or more revolving accounts in the past 24 months.
Purchases in the last couple of days are no longer earning 5X, but only the regular 3X Points for dining at restaurants worldwide. The last purchases that qualified for 5X earning were on 7/4 I believe.
American Express had added new benefits to many of its credit cards during the pandemic. One of those benefits is extra points for grocery spend. But many people have not received their points, or have had points clawed back.
A grand jury has indicted two men, one from Ocean County, New Jersey, and the other from Utah, with carrying out a fraudulent scheme to obtain credit cards in the names of third parties, make purchases on the cards to generate rewards points, monetize the points, and cancel the purchases.
During the current pandemic, several credit card issuers have made changes to reflect the shift in spending habits for cardholders. This is especially noticeable for premium travel cards. These are cards that come with high annual fees and provide mostly travel related bonuses and benefits.
Merchant Category Codes (MCCs) are used to identify the type of business in which a merchant is engaged. Most of the time MCC identifies a business correctly but there are always some outliers, especially when it comes to small businesses.
Chase released some incredible numbers today regarding spending from its cardholders. Spending on Chase credit cards dropped 40% during March and early April compared to last year, as Americans stayed home to protect against the novel coronavirus.
American Express is telling customers that there is a $25 fee to reinstate a closed credit card. Additionally, a decision to reopen the card would be subject to approval and it would take up to 10 business days.
You get $20 for each category monthly, until the end of the year. So that is a total of $640 in credits if maximized. Now let’s look at the details of each category, and what purchases qualify for these credits.
New cardmembers who open a new account between December 1, 2019 and May 31, 2020, will receive an additional three months to complete spending for a welcome bonus.
As of April 29 we are able to once again offer the benefit of redeeming rewards for gift cards. Customers can use their rewards to redeem for gift cards from a variety of merchants through this option including Amazon, Walmart, Lowes and more.
American Express said recently that they are working on providing new perks and benefits in May. This might come in the form of offers, credits and extra rewards. But one of those credits might be for annual fees on American Express credit cards.
Some people are having issues cashing out their points. After a points transfer is initiated, the points transfer and are deducted from the Membership rewards balance, and then refunded.
American Express has been shutting down accounts left and right lately. But these latest reports, if true, are ill-timed and more bizarre than usual. There are two reports of shutdowns related to airline incidental fees. More precisely, airline incidental fee clawbacks.