Stay away from Saks Fifth Avenue Mastercard!

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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5off
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Stay away from Saks Fifth Avenue Mastercard!

Postby 5off » Sun Aug 17, 2008 4:11 pm

I have or should I say had a Saks Mastercard for a while now. It had a $6000 limit but I haven't used it recently. This weekend I get a letter telling me YOU'RE ACCOUNT HAS BEEN CLOSED DUE TO INACTIVITY"

I call them up and talk to customer service reps and their managers and they all refuse to fix it and re-open that card. They said because I didn't use it for 12 months is why they closed it. Why are they so concerned that i haven't used it that they need to close it? I've had the card for years and I DO USE IT but with this economy lately just haven't been doing much shopping (including at Saks) but i'm sure in the future if I had the card I would still use it again. Really sucks because this card looked good on my credit record wiht the perfect payment history and the good credit limit.

The "Sakes Fifth Avenue World Elite Mastercard" is issued by HSBC. Does anyone know if HSBC does this with all their cards (after 12 months of not using) or is it just on this version of the Saks credit card or just Saks credit cards in general? They don't get a good review from me for this...


magyar1045
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Postby magyar1045 » Mon Aug 18, 2008 11:02 am

They closed it because they're not making any money off you. Some other outfits are pulling the same crap even if you use them sparingly BUT pay your balance off in full every month. They issue you cards with the hope that they can rob you blind with their predatory loanshark level interest rates and fees.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Aug 20, 2008 2:32 pm

Yeah I don't agree with them closing that early. They could have at least called you first - wouldn't that be easier if they wanted to keep you as a cardmember? They could call you and tell you if it remains inactive they will have to close it. That would be far easier than dropping you and having to find a new customer to replace you.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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fffresh
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Postby fffresh » Mon Aug 25, 2008 8:46 pm

magyar1045 wrote:They closed it because they're not making any money off you. Some other outfits are pulling the same crap even if you use them sparingly BUT pay your balance off in full every month. They issue you cards with the hope that they can rob you blind with their predatory loanshark level interest rates and fees.


You mean they close your account out even if you're still using it? I thought as long as you charged something on accounts, even if it was a small amount, no one would cancel your card. I take out my credit cards once every few months to do that just so they can't come back and tell me I don't use them. I put a purchase for a couple bucks on each and that still counts as "account activity" ;)

magyar1045
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Postby magyar1045 » Tue Aug 26, 2008 7:33 am

You got a point - BUT - since you're paying off the bill in full, on time every month they are not making any off of you. THey are not handing out cards for your convenience, they're handing them out out so they can make money off of you. And if they don't they cancel you.



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