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Credit Card Warning

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Chase and Citibank are canceling credit cards that have not been used for a six month period or longer. Chase bank sent a letter to card holders, explaining that the cards have been canceled, after the fact. Citibank cards are being canceled without notice to the cardholders. This could be very embarrassing to people that use a card and find out it has been canceled. I believe the companies are worried over the looming credit card debt as the unemployment numbers rise. I am sure Chase and Citibank are not alone in this new practice.

I advise clients to always have three to six months net (take home) pay available, via cash or CDs, life insurance cash value or a home equity line. Many clients keep a credit card unused for emergency purchases or cash advances. These are the very cards that are in danger of being canceled, without the client knowing. The quick fix: go charge a purchase on any dormant credit cards you have. The charge will keep the card active and buying something will help the economy!

Sandy

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About the author

Sandra Field, MBA, CFP®

Sandra Field, MBA, CFP®

Sandra Field, founder, of Asset Planning Inc. (API), is a Certified Financial Planner and has been an active professional in the financial services industry for over 23 years. She is recently named as one of nation's leading wealth mangers by Bloomberg "Wealth Manager" magazine. 

A Southern California native, Sandra graduated from California State University Long Beach with a Bachelor of Science in Finance and from University of Southern California with a Masters in Business Administration.

Sandra is a member of NAPFA (National Association of Personal Financial Advisors) and the Financial Planning Association. Sandra has served on the board of directors for the Orange County Chapter of FPA. Well respected in the industry, she is a featured financial advisor for the LA Times "Money Makeovers" as well as for the "One On One" column in the Orange County Register. In addition, Sandra serves on the Mutual Fund Panel of Experts for the Orange County Register Newspaper. She is also an active member of the community, serving as past President of the Seal Beach Chamber of Commerce, past Vice President of Finance on the Board of Directors for the American Cancer Society, and past Business Advisor to the City of Seal Beach.

Last but not least, she is a featured speaker at many public and private functions such as AAII (American Association of Individual Investors), Cal State Univ. Long Beach, EWGA and USC. She recently spoke at the WISE (Women In Securities & Education) conference, conducting a live money makeover before 400 women.

Whether she is assisting clients to reach their retirement goals or selecting the right investments for clients, education is at the core of Sandra's philosophy. She emphasizes the importance of developing a relationship with and educating clients, placing the utmost importance on helping them reach their goals, whatever they may be.

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