Credit card suddenly closed

mutahir_2

Hello All,

I got my Natwest Master card - May 17th 2005, just today i recieved a letter from Natwest saying that after excerising and reviewing your account we have ended the credit card agreement, even though i have been banking with natwest since 4yrs now.

Also, with my credit card i had the limit of 1500 GBP and i was making my minimum payments on time and just before closing the account i transferred all my balance to my new halifax credit card which gives 12months balance transfer free.

any suggestions and advise on this one ?

Thanks and regards
Mutahir

daveboy

Will be difficult to be accurate but you're probably aware that they have the right in the Ts & Cs to do this.

As you've moved the debt to another card, if I was you I'd have the 'stuff 'em' attitude and let them go. I don't think Natwest have ever been a great card so they've probably done you a favour.

You could try writing to the customer service section of their credit card section but you may not get the detailed answer you're after.

M_Thomson

mutahir wrote:

Hello All,

I got my Natwest Master card - May 17th 2005, just today i recieved a letter from Natwest saying that after excerising and reviewing your account we have ended the credit card agreement, even though i have been banking with natwest since 4yrs now.

Also, with my credit card i had the limit of 1500 GBP and i was making my minimum payments on time and just before closing the account i transferred all my balance to my new halifax credit card which gives 12months balance transfer free.

any suggestions and advise on this one ?

Thanks and regards
Mutahir

Are you sure that the account was fully up to date and all payments were made on time? If your account was only opened 3 months ago and your balance is now zero they must have has a good reason to close it. Your balance being zero is not a reason for closing it unless you have not used it for like 2 or 3 years.

greenwich

Please provide more info. This is of concern and it would be good to get to the bottom of it. Did you go over your credit limit? Did you lose the card and ask for a replacement too many times? Did you dispute lots of transactions and ask for refunds? There has to be a reason, otherwise NatWest are acting in an unjustified way.

mutahir_2

No, i've never crossed the limit they gave me on my cc, plus i never disputed any transcation neither did i asked for a replacment card at all, ALL of my minimum payments were on time and usually i paid more then my minimum payment, and just when i got my halifax card which gives 12months interest free balance transfer i paid my balance with my halifax.

record is clean.....but its really strange and embrassing when i was shopping and it got declined

any ideas ?

regards and thanks for all of you who replied
Mutahir

greenwich

If what you say is true then there is something fishy going on here. Go to the Financial Ombudsman website (http://www.financial-ombudsman.org.uk/publications/ombudsman-news/37/banking-equal-access.htm) and look in particular at no. 37/2.

In your position I would tell the bank politely but firmly that you want an explanation. If you don't get it, go to the Financial Ombudsman. They should be able to make the bank give an explanation. In the absence of facts I don't want to speculate but you may have been unfairly or even unlawfully treated.

jonesMUFCforever

Do you have any or have had any financial problems with any late payments or arrears with ANY kind of financial product in the last 3 years (or even before that considering that ccj's are on there for 6 years)
It could be a case here of 'managing away' an account that for whatever reason they no longer want.
Eric

CTT_2

I had a Natwest card and closed it a while ago and reapplied and got another 9 months free interest. I have read in the press lately that some credit card companies are reducing credit limits and it may be Natwest have devised a program whereby it picks out their most riskiest of customers and therefore close the account.
I certainly would phone them for an explanation.

mutahir_2

Thanks for all your advises, i am going to the bank on tuesday as its no use to call them, they hand over the call to supervisor which is as dumbo as the system

Much obliged for all of you and ur advises.

thanks
Mutahir

M_Thomson

mutahir wrote:

Thanks for all your advises, i am going to the bank on tuesday as its no use to call them, they hand over the call to supervisor which is as dumbo as the system

Much obliged for all of you and ur advises.

thanks
Mutahir

I think I understood that I think there must be some peice of information that Natwest have used to close your account. There is no credit card company that would suddenly close an account for no reason unless they had some derogatry information from somewhere. Are you sure you have told us everything?

mutahir_2

Well, i have told all the info i had, i have credit expert and equifax membership as well and uptill yesterday there was no such thing on my credit file which wud alarm any financial institution.

Also, i have never been in debt or late payments.

lets c whats the matter when they discuss this on tuesday, will keep you updated.

thanks again for the reply
Mutahir