MemberSince99 wrote:I'd be worried about that Duck Card too since you aren't a member of OCCU (and can't be, not living in their service area). I'm surprised you still have that. As flaky as they are, I would not trust them. Maybe that should be the first to go before Wells Fargo and yeah I know WF is pretty bad. You are putting together a nice collection of cards.
My scissors are eyeing the Duck Card as well, but I'm not so worried about them cutting me off after talking to a friend of mine from Denver who used to be a banker. What probably really scared OCCU was they had all these people who got the Duck (or Beaver) Card for utilization and then sockdrawed it. OCCU wasn't making any money off of them BUT they had to pretty much allocate 6 digit, maybe 7 digits worth of cash- just in case a bunch of people with 10k-20k all decided to max out their accounts all at once. So that money was sitting there doing nothing (or making very little, I guess). The way my friend explained it... cash on hand is a liability for banks, not an asset like it would be for the rest of us.
That actually made sense- a lot of the people on FICO who had AA done by OCCU mostly said, "I activated the card three months ago and used it for the first time today and it was declined." I actually used it heavily the first month and so they at least got some swipe fees from me. I still have an $800 balance and am in no hurry to pay it until the 0% interest runs out so maybe they think they'll get interest off of me.
Mind you, I'm not defending OCCU. They did a great job marketing their card but didn't bother to plan for what might happen, did a terrible job in assessing risk, and did an absolutely horendous job by lying to everyone about what they were doing after they decided to scale back. Definitely a terrible way of doing business, but I'll take their $800 interest free loan until the 0% apr runs out, I close the card, or they AA me. I won't have the card by the end of the year...