A reader sent me this email and let me share it with you guys. By the way, kudos to the reader for answering every question I would have asked him:
Just got shutdown today by Cap1 on my Venture card. Had the card since 2011, but did not really do any MS until 2017. CL was 20K and I never went over/cycle. It was used about 90% MS (Simon and GC.com). Was probably averaging 90% utilization every month and paying it off every month.
First hint was I had email from Cap1 saying I had an account credit on the way, which was weird as I had not requested one. Amount was half of accumulated points which is what you get on a “cash out”. So I logged on to account and it said “This account is currently Restricted”. Called in and got automated voice telling me account closed.
All payments on the account were from my own checking accounts.
If there is anything else needed, just let me know.
BTW, in your experience, how will this show on credit report?
While Chase shutdown week was popular, we haven’t heard of a Capital One shutdown in a while. At this point, paying off your balance before statement cuts doesn’t even matter to [some] banks. Clearly, Capital One does NOT like MS. Feel free to take their bonus and sock drawer their cards.
By the way, I haven’t looked at how shutdown appear on my credit report, but clearly it hasn’t hindered me from getting new cards. So I wouldn’t worry too much about how the shutdown looks on your CR.