This seems to be entering the mainstream trend with financial institutions theses days. It's sad, but the old axiom "Good Guys finish last" has come true. Citibank, Chase, and Bank of America among other credit card issuers have started closing the accounts of their customers with little or no warning. And the startling revelation that appears to be coming out of it is they are hitting the "good customers" more than the ones who are behind on payments.
Sounds like bad business right? Wrong...
The late payers are actually making the banks MORE money than the ones with accounts in good standing. Why? Fees. Loads and loads of fees. Late fees for not paying on time. Fees for going over your credit limit. Increased interest rates for getting behind. It all adds up to a much more profitable customer than those who play by the rules, make the monthly payments, and never have any fees applied.
What a sad world we live in... when those that break the rules can get away with it. And it's the good customers that pay... and pay some more...
