Update 5/10/19: Notices of adverse action have been sent out. Some people receiving this have already cashed out points, others are still waiting for points to post. Hat tip to TwelveBall
Last week we saw Terps dramatically reduce the value on points when redeeming for anything but airfare. Readers are now reporting that all their points have been removed from their account, it seems that only accounts that manufactured spend are being hit with these point losses. In addition some people that recently redeemed points are also showing a negative balance currently.
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They now allow account closure over the phone. You do have to sign a bunch of Docusign electronic document forms though
I suppose bunch of people have already closed their accounts or will be be closing soon/eventually.
Anyway, I just did this and they don't make it easy.
# first called the number on the back - nope, you have to call the member services
# called the member services - nope, can't close over the phone; request in writing or SM
Here's how to send an SM (don't waste your time calling them):
If you've been using the Terps website (https://terpscard.com/) to access your account, no, you can't send SM from there. You have to use the University of Illinois Community CU website (https://uoficreditunion.org/). Both systems are totally separate, so you need to enroll again and you'd need the membership number (6 digits). Enroll, set up credentials, verify email - all the good stuff. Now you can SM them to close your card.
Please make sure you also explicitly ask them to close your member savings account and send you a check for that $5 - remember, you had to open a savings account to join the CU
anyone successful in getting points restored somehow?
on a different topic. has anyone try to close the card yet? they told me to send in a letter and cannot be closed over the phone or web. :(
You can try (1) hanging up and call again or (2) call the credit union to request closure of the CU membership.
Any DPs on how long the bonus points take to post after meeting spend?
My last statement closed on 4/22. 50K points posted on 5/9.
I meant the bonus terms are verbatim, not sure how to edit.
The rest of the terms of services were copied verbatim from Chase. So the original terms were taken from Chase, and later amended with American Express language. Word by word.
Terps revised terms of service "gaming" section was copied verbatim from American Express. Unbelievable what's going on at that bank.
Wow This game has been played some many times that it has been over for years.
Ha! Now you have been hit by a bottom feeding bank and everybody is complaining.
The message was loud and clear several years back, when my multiple Walmart cash cards , multiple Go Bank cash cards and other similar type cards, all getting slowly shuttered over time due to playing the visa gift card purchasing, loading and unloading.
Even got shuttered on all 3 versions of multiple cards under the Buxx programs.
No body has a privilege, even with Centurion, Amex shuttered my multiple Serve and Bluebird cards.
The message to me at that time from the Amex Executive office was, No, we don't what your status is or who you are, accounts closed.
Times are different now, tread very lightly, lay low, and you have no grounds for a complaint.
Go back and read the terms and conditions that came with this reward program closely.
Otherwise, this CU is an unheard of and probably low life bottom feeder bank and not worth the time of being involved with in the first place.
Did AMEX ever bill people for negative claw back points?