"Your ____ Business Card account is funded by an independent trust which owns the balances you owe on your account and provides funding for new transactions. We expect the trust to stop funding activity on our accounts. The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30th all _____ Business Credit Card accounts, including your account, will be closed. This means that you will not be able to use your card or account for new transactions... beginning on May 30th.
My first thought was that this was some kind of scam or something. So I dug out an old bill and called my credit card company. But, sure enough, it is for real. And the real bummer is - I received my letter (which was dated 5/22) on May 26; and it's no good in FOUR DAYS! I'm sure I can get by for awhile without a card, and I can only think of one bill that automatically charges to my credit card - which I'm apparently going to have to switch to my personal card, because who has time to get a new card in that amount of time - but can you imagine a big business that has lots of people using these cards, and lots of things billed automatically? This seems really strange. And, I know, someone will say it's just us. But it's not. It is the entire cc company. Weird.
So, anyway, I got this at noon yesterday and spent awhile trying to get to the bottom of it. I finally ended up having Jane bring me an application from her bank for a new card. I mailed it off this morning.
Has anyone else heard of people having their business cards closed recently?
UPDATE: See article here and here.