chase关卡 (zz)# Money - 海外理财
n*y
1 楼
Apr 5, 13, 1:09 pm #1
jaytmoore
Join Date: Dec 2011
Location: SFO/SJC/MRY
Programs: AA EXP 792k SPG Gold Chase Private Client
Posts: 173
Chase closes INK Bold and takes more than 380,000 UR's
Balance as of March 26 2013
Previous Points Balance 36X,xxx
+ 1 point per $1 earned on all purchases 2X,xxx
+ Points for Ultimate Rewards Travel 0
+ Bonus points from Ultimate Rewards Mall 0
+ 4 pts per $1 intrnt, cable, phone, ofc sply st xxx
+ 1 point per $1 on hotels & gas stations xxx
- Points currently unavailable for redemption 38X,xxx
Without warning/notice Chase closed my INK Bold card and took all UR points
associated with it. I'm looking for feedback on whether anyone believes I
have any recourse outside of Chase? I've never had a rewards account closed
so I'm reaching out to more experienced folks for advice.
Here is the portion of the rules and regulations that they used to justify
this forfeiture of all UR's in my account.
"Ability to Earn and/or Redeem Rewards: If your Account is in default as
described in your Business Card Credit Agreement (“Agreement”), and/or
your Account is closed for any reason, and/or there is any fraud or abuse
related to the accrual of points, we reserve the right to prohibit you from
earning or redeeming points through your Account until the next billing
cycle after your Account is no longer in default, and to cause you to
forfeit any points in your Account. If your points are forfeited for any
reason, we will not reinstate
these points to your Account. If your Account is closed for any reason, your
membership in the Program will be terminated."
Some details on this situation
1. This INK Bold card has been in use since May 2012. There was no fraud or
manufactured spend this card. All purchases were regular business expenses.
Chase was happy to extend an initial $25k credit limit, raising it to $50k
within a few months.
2. I had transferred ~85k UR points from another INK card that I have for a
different business. They were being held in the INK account that was closed.
Those points were forfeited as well. This seems particularly unfair as the
business the card those points were earned on is still open and in good
standing.
3. Why was the account closed? It was a business/compliance decision,
although I never got official word. Chase notified me on 2/XX/13 they were
closing 3 of my business checking accounts and one JPM investment account.
The letter listed the accounts but no credit cards. Thus, it's my assumption
the card was cancelled for being associated with the same business Chase no
longer wants to align itself with after 8 years of providing banking
services (including Private Client) and JPM Private Investments.
4. The business itself that the INK card is associated with somewhat
irrelevant, but if it adds context to this story it's one of the early crowd
funding websites (one of many we operate) [moderator edit]. Yes, it's
controversial, but Chase had no problem working with us until now. I
understand Chase can decide to do business with whom ever they want and it's
within their rights to close my bank accounts if they want. These bank
account closures were more of an annoyance than anything else, considering
we've been with them for so long (8 years) and a move is a PITA. That said,
I accepted this decision and setup new banking accounts with a competitor.
It never dawned on me that my INK card would be cancelled too. This was a
great mistake on my part as I had some time to transfer points to UA, Hyatt,
etc.
5. 3/XX/13 my office manager went to make a purchase on the Ink Bold card
and it was declined. I called Chase and they said the account had been
closed. I was never informed of the closure although I was extended nearly
60 days of notice on the bank accounts. I feel there was no notice given
specifically to keep me from redeeming UR's. I assume there is financial
gain for them to confiscate UR's? Especially when they're probably closing
thousands of accounts each year, with millions of rewards going with them.
In any case, I leveraged the other businesses/deposits/investments I have
with Chase and went to the top of the ladder with Chase card services. There
final answer as of 4/1/13 is they will not be returning any UR's, even the
ones that were transferred in from an other businesses INK card, being held
in the closed account. If anyone feels I have any recourse in this situation
your suggestions are appreciated. Nearly 400,000 UR's is a lot to lose.
jaytmoore
Join Date: Dec 2011
Location: SFO/SJC/MRY
Programs: AA EXP 792k SPG Gold Chase Private Client
Posts: 173
Chase closes INK Bold and takes more than 380,000 UR's
Balance as of March 26 2013
Previous Points Balance 36X,xxx
+ 1 point per $1 earned on all purchases 2X,xxx
+ Points for Ultimate Rewards Travel 0
+ Bonus points from Ultimate Rewards Mall 0
+ 4 pts per $1 intrnt, cable, phone, ofc sply st xxx
+ 1 point per $1 on hotels & gas stations xxx
- Points currently unavailable for redemption 38X,xxx
Without warning/notice Chase closed my INK Bold card and took all UR points
associated with it. I'm looking for feedback on whether anyone believes I
have any recourse outside of Chase? I've never had a rewards account closed
so I'm reaching out to more experienced folks for advice.
Here is the portion of the rules and regulations that they used to justify
this forfeiture of all UR's in my account.
"Ability to Earn and/or Redeem Rewards: If your Account is in default as
described in your Business Card Credit Agreement (“Agreement”), and/or
your Account is closed for any reason, and/or there is any fraud or abuse
related to the accrual of points, we reserve the right to prohibit you from
earning or redeeming points through your Account until the next billing
cycle after your Account is no longer in default, and to cause you to
forfeit any points in your Account. If your points are forfeited for any
reason, we will not reinstate
these points to your Account. If your Account is closed for any reason, your
membership in the Program will be terminated."
Some details on this situation
1. This INK Bold card has been in use since May 2012. There was no fraud or
manufactured spend this card. All purchases were regular business expenses.
Chase was happy to extend an initial $25k credit limit, raising it to $50k
within a few months.
2. I had transferred ~85k UR points from another INK card that I have for a
different business. They were being held in the INK account that was closed.
Those points were forfeited as well. This seems particularly unfair as the
business the card those points were earned on is still open and in good
standing.
3. Why was the account closed? It was a business/compliance decision,
although I never got official word. Chase notified me on 2/XX/13 they were
closing 3 of my business checking accounts and one JPM investment account.
The letter listed the accounts but no credit cards. Thus, it's my assumption
the card was cancelled for being associated with the same business Chase no
longer wants to align itself with after 8 years of providing banking
services (including Private Client) and JPM Private Investments.
4. The business itself that the INK card is associated with somewhat
irrelevant, but if it adds context to this story it's one of the early crowd
funding websites (one of many we operate) [moderator edit]. Yes, it's
controversial, but Chase had no problem working with us until now. I
understand Chase can decide to do business with whom ever they want and it's
within their rights to close my bank accounts if they want. These bank
account closures were more of an annoyance than anything else, considering
we've been with them for so long (8 years) and a move is a PITA. That said,
I accepted this decision and setup new banking accounts with a competitor.
It never dawned on me that my INK card would be cancelled too. This was a
great mistake on my part as I had some time to transfer points to UA, Hyatt,
etc.
5. 3/XX/13 my office manager went to make a purchase on the Ink Bold card
and it was declined. I called Chase and they said the account had been
closed. I was never informed of the closure although I was extended nearly
60 days of notice on the bank accounts. I feel there was no notice given
specifically to keep me from redeeming UR's. I assume there is financial
gain for them to confiscate UR's? Especially when they're probably closing
thousands of accounts each year, with millions of rewards going with them.
In any case, I leveraged the other businesses/deposits/investments I have
with Chase and went to the top of the ladder with Chase card services. There
final answer as of 4/1/13 is they will not be returning any UR's, even the
ones that were transferred in from an other businesses INK card, being held
in the closed account. If anyone feels I have any recourse in this situation
your suggestions are appreciated. Nearly 400,000 UR's is a lot to lose.
