Originally Posted by jlutgendorf
There are probably a few reasons they're holding your card.
1) by paying off your balance, they can't charge you intrest and make money off of you any longer. They don't like that so many companies will have ways of penalizing you for this.
2) as of a few weeks ago, the federal gov. can place a hold on any and all accounts that suddenly have a large a payoff. The theory is, people in debt usually stay in debt. If suddenly they're paying their debts off, they must have gotten money from somewhere, maybe by helping terrorist out. So they can freeze your accounts while they check it out. I'll have to ask my bf for the link to the article he read about it.
It does sound like your cc company is just worried that you don't actually have the money there and are trying to scam them though. Personally, I would use this event as leverage. Tell them you're very unhappy and have been talking to several companies, thinking about switching. Use this to try to get your apr lowered or your credit limit increased (if you want that).
I have a Capital One card and a mastercard. I'm happy with both (or at least as happy as I can be with them maxed out!)
I hope they resolve the issue for you soon!
Its the time of the year when people get their tax refunds back - of course I'm gonna pay off my debts!!
I am VERY unhappy, I don't plan to have my card that close to being maxed out again - EVER!! This has been such a huge pain, and when I told them that I was unhappy, they didn't even say anything to me - I even asked to speak to a supervisor, but they told me that there was nothing they could do for me either.
Seriously - I hate when companies treat their customers like this!
I pay my bill regularly, on time, they should treat me good, since I have an account with them!!