Anyone else had their Creation credit card cancelled without explanation?

Embraer190

I’ve just had exactly the same email. I’ve always run my account perfectly and paid the balance when due. 

Having just spoken to Creation, it appears they are closing all credit card accounts. Maybe they are exiting the credit card market? 

Does anyone know if this will affect credit score/file? 

CliveOfIndia

Embraer190 said:

Does anyone know if this will affect credit score/file? 

Your score will almost certainly drop, since your credit circumstances will have changed.  But since the score is meaningless, it's nothing to be remotely concerned about.

In terms of your credit history (which is what matters), it'll show as a closed account, that's all.  In itself, this will not impact your "credit-worthiness" (or whatever you want to call it) one bit.  You track record of responsible account maintenance will remain on file for 6 years.

Davidfaescot

Same issue been a loyal customer for 9 years i had the very same issue with a Marbles Card closed my account reason given a Business Decision. The truth is they are getting rid of clients they dont make money from i clear my balance every month so never pay interest so i am of no use to them whatsoever i also just recently got a warning letter from Argos as i have not used my card for 4 months if i dont use it before 2nd Dec they will presume i no longer need it . This is blackmail simple as that.. Job for Martin Lewis i think it should be brought to his attention the fact credit card firms are using Blackmail Tactics to get you into debt...

ajbaxter1764

Same here. No payment issues. Been on the phone to them, 1/2 hour of life wasted. Now have to update all monthly payments such as Apple etc. No reason given.
Ever hopeful that IHG will link up with someone else again.

M0neyfornothing

Embraer190 said:

I’ve just had exactly the same email. I’ve always run my account perfectly and paid the balance when due. 

Having just spoken to Creation, it appears they are closing all credit card accounts. Maybe they are exiting the credit card market? 

Does anyone know if this will affect credit score/file? 

Same here, tried calling yesterday without success, and submitted a query via their website. I suspected, but as, embraer190 says, that they were closing accounts.

Oakglen

Like some others, my creation credit card was an ex Asda credit card.  I have had this card for 10 years now and have a £5k credit limit for some unknown reason!!  I had the email yesterday about cancelling my card and after being on hold for an hour today, was advised the business was restructuring.  I can only imagine I am a customer that doesnt meet their business needs  -  I pay my account in full each month.  No apology from the person I spoke to this morning. He couldnt care less was his attitude.  Im glad its not just me that received the email from Creation.  I wont be using my card any more.  

Daverf

Same experience. My credit card has been closed without any explanation. Strange when, less than a month ago they were inviting me to use new features relating to the card. I have asked for an explanation and look forward to the reply.

Nasqueron

Daverf said:

Same experience. My credit card has been closed without any explanation. Strange when, less than a month ago they were inviting me to use new features relating to the card. I have asked for an explanation and look forward to the reply.

Just for reference, they do not need to give you an explanation - it is a business decision and they are allowed to do it by giving you sufficient notice.

TheSpectator

Kim2003is said:

Exactly the same also referencing Clause 14! As lo g as I get my cashback I've built up over the last year I'll be happy! I'm sure there are plenty of other cards out there, or Asda may even introduce another?

Asda already have another - via Jaja

CliveOfIndia

Just to dispel a couple of myths that crop up regularly on these forums.

Davidfaescot said:

The truth is they are getting rid of clients they dont make money from i clear my balance every month so never pay interest so i am of no use to them whatsoever

Credit card issuers make plenty of money from people who use their cards regularly, by way of the fees they charge the retailer every time you use it, even if you pay no interest.  Yes, of course, if you don't clear the balance and end up paying interest then that's even more money for them.  But even if you always pay in full, as long as you're using the card regularly then they get a nice steady income from the merchant fees.

I've had dozens of cards over the years (something like 35 years or so) and have never paid a penny in fees or interest, but I've never had a card closed by the issuer.

Davidfaescot said:

I also just recently got a warning letter from Argos as i have not used my card for 4 months if i dont use it before 2nd Dec they will presume i no longer need it .

4 months is admittedly a relatively short period of time to close a card based on dormancy.  However, as per my previous comment, if you're not using the card then they're not earning any merchant fees from you.  But it's costing them to provide your line of credit, so it's not exactly surprising that they will close the card.  They only have a finite amount of money to lend to people - if you're not using it, they'll give it to someone who will.

Davidfaescot said:

This is blackmail simple as that.

What a load of balderdash.  It's not blackmail, it's simply sound business practice.  How on earth could you view this as blackmail?  If you want to have the credit available, simply use it and repay in full every month - zero cost to you, and you benefit from the convenience of having the credit available.

Do remember, access to credit - for anyone - is a privilege, not a right.