Top reasons your issuer might close your credit card account
Card issuers may cancel a card for a few reasons. Here’s what you should know.
3 min read
Sep 02, 2022
Poonkulali Thangavelu
Former Senior Writer, Credit cards
EXPERTISE
- Consumer law
- Monetary policy
- Debt management
- Mortgages
- Managing investments
EDUCATION
- Master of Arts (Journalism) from University of Mississippi, Oxford
- Master of Business Administration from BIM, Trichy, India
- Bachelor of Arts (Economics) from Bharathiar University, Coimbatore, India
Making good financial decisions enables people to get more out of life, and I’m happy to contribute to that endeavor.
— Poonkulali Thangavelu
Poonkulali Thangavelu is a senior writer at Bankrate, addressing credit card-related consumer protection and debt management issues. She believes that making good financial decisions enables people to get more out of life and is happy to contribute to others’ financial education. She uses credit cards extensively and sees them as a good financial resource to draw on — if used wisely.
Poonka has extensive journalism experience covering personal finance and business topics. She draws on her financial education and expertise and likes to simplify the subject matter to enable readers to make good decisions. While covering the mortgage market for National Mortgage News, she curated and edited a newsletter targeting the home-equity lending niche of the mortgage industry. In this role, she cautioned that home prices were getting out of hand in the period leading up to the 2006 housing market crash.
She’s contributed to multiple business and consumer-oriented outlets, and her work has been picked up by various national publishers such as the San Francisco Gate, Chicago Tribune and McGraw Hill, along with syndication on Fidelity, MSN, Nasdaq, Yahoo! and others. Her career includes a stint doing consumer market research for global advertising agency Ogilvy as well as experience as an equity analyst and writer.
Find Poonkulali beyond Bankrate
- Can a bank cancel my dead parent’s credit card if I have power of attorney? (MSN)
- Can a bank seize funds from my checking for my credit card payment? (Yahoo! Finance)
Poonkulali wants you to know
It’s great to earn credit card rewards, but don’t go overboard with your spending in order to hit a welcome bonus or bonus category cap. I like the Blue Cash Preferred® Card from American Express since it offers cash back on groceries, which I buy a few times each month anyway. The cash back rewards even offset the annual fee, so I find it worthwhile.
Poonkulali's recommended readings
- My card issuer charged me for “card present” transaction fraud
- How the Fed affects credit cards
- Bank refuses to refund fraudulent charges
Making good financial decisions enables people to get more out of life, and I’m happy to contribute to that endeavor.
— Poonkulali Thangavelu
Poonkulali's latest articles
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Will your credit card late fees go down despite inflation?
The CFPB is looking into rulemaking that could bring down credit card late fees.
6 min read Aug 17, 2022 -
Do ECOA protections apply after a credit-card loan closes?
Should a lender provide an explanation if it closes your credit-card account?
4 min read Jun 29, 2022 -
Credit bureaus report incorrect information about identity theft
If you have been a victim of identity theft and had accounts opened in your name, the FCRA allows you to ask credit bureaus to stop reporting on these illegal accounts.
3 min read Jun 06, 2022 -
CFPB alleges TransUnion lured consumers with dark patterns
Digital dark patterns, such as those the CFPB alleges TransUnion engaged in, seek to market to consumers by misleading them.
3 min read May 20, 2022 -
Can a hotel charge my credit card for damage I didn’t cause?
A reader says a hotel charged his credit card for smoking in his room. He disagrees and says he didn’t. What should he do?
3 min read May 09, 2022 -
Regulators concerned about lack of consumer protections in BNPL space
BNPL installment financing has grown rapidly but many protections available to credit card-holders are not available in this space. The CFPB has launched an inquiry.
6 min read Apr 13, 2022 -
Restaurant did not notify me about credit card surcharge
Learn about what to do if a restaurant adds a surcharge to your credit card without notifying you.
2 min read Mar 28, 2022
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What is a business credit score and how does it work?
Your business’ credit score reflects its creditworthiness and iIt can be improved.
4 min read Oct 09, 2023 -
7 tips for using credit cards while traveling
Learn how to get more out of your credit card while you are traveling
4 min read Sep 25, 2023 -
How to check your credit score
How can you check your credit score? And why is it important to do this?
5 min read Aug 25, 2023 -
5 credit cards for people who don’t want to deal with category bonuses
There are flat rate rewards cards if you don’t want to keep track of rewards spending
4 min read Aug 22, 2023 -
How much available credit should you have?
You should accept as much credit as you qualify for, but use it responsibly.
3 min read Jul 12, 2023 -
Credit CARD Act of 2009: What is it and how does it affect you?
The Credit CARD Act comes with benefits for credit card holders.
5 min read Jun 20, 2023 -
What is a virtual credit card?
A virtual credit card uses randomly generated numbers to protect your card information.
6 min read Jun 15, 2023 -
Are credit card fees tax deductible?
Which credit card fees can you deduct for tax purposes?
2 min read May 03, 2023
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How a speeding ticket impacts your insurance in Texas
Bankrate explains how a speeding ticket can impact your insurance premium for years.
6 min read Jun 06, 2024 -
5 best checking accounts for recent college grads
These are the great bank accounts for new grads.
6 min read May 31, 2024 -
What is a FSA ID and why do you need one?
An FSA ID is simple to set up and useful for managing your student aid online.
4 min read Nov 27, 2023 -
How to complain to a financial advisor
Learn how to address issues with your financial advisor and understand your rights.
4 min read Nov 27, 2023 -
Social Security benefits in 2024: 5 big changes retirees should plan for
Retirees need to know about these changes to social security in 2024.
3 min read Oct 19, 2023 -
Why the Amex Gold is great for traveling foodies
Use the Amex Gold to earn rewards on dining, groceries and travel. Then, take advantage of boosted rewards redemption through the Amex Travel portal.
4 min read Oct 04, 2023 -
Charge cards vs. credit cards: What are the differences?
You can carry a balance on a credit card, but not with a charge card.
6 min read Feb 16, 2023 -
Best travel credit cards with 0% APR
Compare and pick the best 0% APR travel credit cards
6 min read Jan 30, 2023