Taron said:
@Sadie
Thanks for your advice. I will look into this further. Do you think a CFPB complaint will do more than just annoy them?
It might solve your issue since someone on their end will need to respond to your complaint.
And if more people file CFPB complaints, it might get them more attention from regulators and lead to fines, like what happened with Wells Fargo or Bank of America.
@Taron
I see, did you buy gold at Costco or any other transactions like that that could be seen as cash equivalents?
I saw people in other threads about the Robinhood card saying that would also get your account closed.
@Sadie
Nope, never shopped at Costco.
However, while I was thinking of ideas, I remembered that I used it at a shipping company when I needed to send a UPS package. They only took Visa or Mastercard. That was months ago and was less than $10. Could this have been coded as a business transaction? If you think so, it seems odd that they would just start caring today.
@Taron
That’s definitely not it. People ship stuff for personal reasons too, and they wouldn’t care about $10.
It’s more like spending thousands or even tens of thousands on items that could put you at risk.
@Taron
Any big purchases? Over $500 or $1,000?
Yes, but I think it would be a strange reason to close an account.
Yes, but I think it would be a strange reason to close an account.
It would depend on the size of the purchase. Are you comfortable sharing how much your purchases were?
@Cale
(Editing, see other comment) I have some transactions from $4,000 to $22,000.
Taron said:
@Cale
(Editing, see other comment) I have some transactions from $4,000 to $22,000.
Okay, I just checked. I spent $22,000 at the Park City Waldorf, but paid it off when my statement closed like I usually do. That was the most I’ve spent in one go.
@Taron
That’s like $600 in a single cashback transaction. Others I’ve seen have spent in that range, and Robinhood closed their cards. Ultimately, the bank has the right to stop offering a service to anyone they choose. The best thing you can do is contact Robinhood support, explain the transactions, and say you won’t make such big purchases in the future. Or you can get a 2% cashback card.
@Cale
This comment is empty, admin should fix.
@Taron
This must be it. Whether it was fair of Robinhood or not (likely not), I think such a large transaction caused the closure. Were you booking just for your own stay or for others too?
Sorry they closed the card and locked you out of your cashback.
@Brennan
This comment is empty, admin should fix.
I’m going to guess that you and others who had the card closed might be using it as a business card and not a personal one or are violating some other terms you already agreed to.
Dayton said:
I’m going to guess that you and others who had the card closed might be using it as a business card and not a personal one or are violating some other terms you already agreed to.
I do not own or work for a business.
@Taron
I mean, I have a good income, and my highest credit limit is $16,000 on one card and $10,000 across multiple cards. Having a $50,000 limit is a lot, so maybe they see it as a risk and it’s worth shutting down, I don’t know.
@Dayton
I have $100,000+ in monthly trust income listed in my investor profile. I have a non-charge Amex card with a higher limit than $50,000.
Taron said:
@Dayton
I have $100,000+ in monthly trust income listed in my investor profile. I have a non-charge Amex card with a higher limit than $50,000.
Did they verify that income?
@Finian
Yes, when I opened my brokerage account.
Forget Robinhood. Literally everyone knew this would happen. I’d choose to do business with Credit One before I’d deal with Robinhood. Why did they even start this card if they’re just going to cancel anyone who actually uses it?