Man it had been a while since I’ve written about a shutdown. This reader is a HH that has already been shut down by Citi, Barclays, and I think Capital One too. He was axed once before by Chase due to some Amex AUs and high balances, but he was able to argue his way back in. However this time, they got him for “rewards abuse,” which usually means there is no coming back from it. So what’d he do? Well he “was spending $300K/mo on his Amazon cards for the past few years, but now they finally got tired of that and are shutting people down who spend ~$50K a month on the card.” So why was he spending that much? I think he was arbitraging the GC’s to make a point or so. At that volume, that’s a teacher’s salary for a few clicks of work per day. Good while it lasted.
The good news is that he or I don’t think he’s on a blacklist. Chase is usually lenient and will let you in after a year or so. I asked him if it was worth the risk. He said, “Yup! Made Tesla money over the last 2 years.”