The credit card company revoked my credit card because I was gambling on the internet. Can they do this? I have been paying big payments and was not near my credit limit? Can someone answer me as soon as possible?
RE: credit card company revoke A credit card company can revoke your card at will. It says so in your credit agreement. It's usually part of the standard boilerplate language that's in there. Some banks have gotten burned by civil lawsuits where someone has run up big bills from internet gambling in states where such conduct is illegal and then turned around and sued the bank for aiding and abetting their illegal behavior. Believe it or not, several people won their case and the bank was out the money they were owed, legal fees, and damages.
RE: credit card company revoke Did they actually say that this was the reason? As I understand it, they can change the terms of the Cardholder Agreement (within certain legal limitations e.g. usary), or even terminate the account at any time they wish (with fifteen days notice), for whatever reason they wish (as long as it isn't one of the marrowly-defined discrimination categories.) Not only is Internet gambling illegal in America, it is also a common-sense red-flag that the consumer may be headed for serious financial trouble. There was a case last year where a California woman ran up huge ($75K+) credit card debts via online gambling, and, when the card issuers sued her for non-payment, she actually counter-sued them on the basis that it was all their fault for allowing her to do it. http://www.cardreport.com
