Timeline for Is it legal for credit card companies to terminate a credit card?
Current License: CC BY-SA 4.0
21 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jan 25 at 14:43 | comment | added | Giacomo1968 | @MichaelHall This user is a troll. Flag them an delete them. | |
| Jan 6 at 1:30 | comment | added | Trish | @JoseGarcia regarding the deleted answer: the case was not standing in the least for what the user purported it to stand for. | |
| Jan 6 at 1:20 | history | edited | Jose Garcia | CC BY-SA 4.0 |
added 105 characters in body
|
| Jan 6 at 0:36 | history | edited | ohwilleke | CC BY-SA 4.0 |
Amended title to avoid confusion with labor-management and immigration references.
|
| Jan 4 at 22:39 | history | removed from network questions | feetwet♦ | ||
| Jan 4 at 18:47 | comment | added | Charles E. Grant | @quarague it's just the opposite of what your claiming. Most loan terms include conditions where repayment can be demanded in full, at once. For example, most home mortgages contain a clause requiring the home buyer to maintain home insurance and make their payments as scheduled. Fail to do either of those and the mortgage holder can demand full repayment at once. | |
| Jan 4 at 17:50 | comment | added | Michael Hall | @quarague, I was not deliberately "misinterpreting" anything, and I know how loans work. I was being facetious to hint to the OP that the credit card company was likely acting in accordance with the terms and conditions of the loan that he agreed to. Creditors ALWAYS want their money back, it's just a matter of how much time you both agree to. You and Trish are both offering unnecessary clarification to my pointing out of a very simple and obvious fact that was misstated in the question. | |
| Jan 4 at 17:44 | answer | added | manassehkatz-Moving 2 Codidact | timeline score: 2 | |
| Jan 4 at 16:06 | comment | added | quarague | @MichaelHall That is deliberately misinterpreting what a loan means in practice. If you give me a loan that means we formed a written contract that not only specifies how much you give me but also when and how much I'm going to pay you back. In principle we could sign a contract that says you can ask for your money back at any time but no loan in the real world ever works that way and if it doesn't you can't just ask for the money back whenever you feel like it. | |
| Jan 4 at 12:18 | history | became hot network question | |||
| Jan 4 at 12:18 | comment | added | phoog | Jose Garcia: I think we're all a bit confused as to whether you're talking about the authorization to borrow versus money that has actually been borrowed; that is, if you get your credit card with a $1000 limit, are they cancelling it before you bought anything or after you used the card to buy a $1000 wristwatch? | |
| Jan 4 at 12:06 | comment | added | phoog | @Trish another possibility is that the outstanding debt continues to be subject to the same repayment terms but that no new debt may be incurred. | |
| Jan 4 at 10:35 | comment | added | Trish | @MichaelHall I could terminate the loan contract according to the contract terms, which usually includes the loan becoming liable in full at once. | |
| Jan 4 at 9:32 | comment | added | komodosp | Could you clarify - are you asking whether the company can forcibly retrieve the debt due on the card (e.g. by just taking it out of your current account or something), or just whether they can cancel the card (i.e. prevent further use) ? | |
| Jan 4 at 9:00 | history | edited | ohwilleke |
edited tags
|
|
| Jan 4 at 5:54 | answer | added | ohwilleke | timeline score: 23 | |
| Jan 4 at 5:37 | comment | added | Jose Garcia | Give an example. | |
| Jan 4 at 5:15 | comment | added | Michael Hall | "if I give someone a loan, I can't "take back" the loan." Yes you can. That's what distinguishes a loan from a gift. | |
| Jan 4 at 5:06 | comment | added | SegNerd | I can’t follow your question. What is “cashing out” a credit card? But yes, they can terminate it at any time. | |
| S Jan 4 at 4:11 | review | First questions | |||
| Jan 4 at 8:02 | |||||
| S Jan 4 at 4:11 | history | asked | Jose Garcia | CC BY-SA 4.0 |