March 15, 2014 - Maddy
Beware Red Card Holders-Target closing accounts
Beware Target Visa/Red Card holders. I will no longer be shopping at there or do business with there ever again. After having a good standing Visa acct with Target for 9 yrs (never missed a payment) I found out today that my Visa acct has been closed due to “inactivity.”
When I called last month to find out where my new card was since I hadn’t received a new one after my old one expire, I was told by the CSR that they would be sending my new one within 10 days. It never came. I called this morning to find out why & was told by another CSR that my acct was closed due to “inactivity.” Yes, they closed a 9 yr old acct in perfectly good standing – because I didn’t use it enough. Seriously? And then it gets even better. I asked to speak to a supervisor and was told the same thing & that I needed to go reapply for a new account and they can’t just send me a new one/reopen my account. After I told her how ridiculous and unprofessional this was, she said that she’d ‘note the file’ and send my dissatisfaction someone in another dept. When I told her I would like a call from someone in that dept on Monday, she told me that was impossible and that *she* was a supervisor at the highest level.
Really?
She then offered their corp address, which is listed on their website, and suggested I could “write them a letter” —- and then hung up on me. Unbelievable & highly irresponsible. This is insane and people really need to know. Until they reach out to me, I will be writing my local radio and TV news networks as well as national agencies until someone does a story to make the public aware of that this can happen to them.
Many people count on their cards for emergencies/vacations, etc… So beware current Target card holders and those who are thinking of getting one – I would definitely rethink it and go with another company. Companies have a responsibility to their customers and the public, and clearly Target has neither.
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Visa (and most credit card companies) close inactive or seldom-used accounts in order to extend that credit limit to others who may use the card more frequently.
People who rarely use their card or pay it off early aren't profitable because they normally don't accrue interest. The more you use the card the more money they make, so if they see they can't trap you financially they'll let you go.
Additionally, once a line of credit is closed, it cannot be reopened unless there are very special circumstances. This is because the credit card companies normally take a hit from doing so, as does your credit score after the fact.
As for the behavior of the service rep, that's the general attitude of the "higher ups" in the company; the "if you don't like it you can go elsewhere" attitude. If you read through this site, you'll see it's essentially inherent in the culture here.
Technically Target (and Visa) did nothing wrong by closing your account, but I agree that you need to find another company to go with and let everyone know about your experience with them.
The more people find out how corrupt Target is, the better.
Actually TD canada trust or Td Bank as Americans know it is the one closing your account. Be glad TD did not ding you an inactivity fee before shutting down your visa. And be grateful, they only closed it for inactivity instead of dinging you a fee. You shouldn't do business either with td bank. Going a long way not to do business with td is kinda hard. Since TD is such a big bank.