MORE Card Shutdowns and Financial Reviews (Amex, Chase, Discover)
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- Опубликовано: 12 сен 2024
- How to avoid Amex, Chase, or Discover shutting down your accounts. [ Blog Post ] bit.ly/386qLd3
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If any card company sent me one of these I would I would cancel my cards with them. The risk of my personal information floating around out there is not worth it. After the equifax data breach, when a company mishandles your info nothing bad happens to them, but you personally get screwed.
I hate to assure you of this but the likelihood that all of your personal information is already on our true dark web is very good; it just hasn’t been packaged, sold, and bought yet. The only thing you can do to minimize risk is lock your credit reports and monitor it.
Good luck :)
If you already have a credit card your information is already out.
Would you sell me your car with a load
That is backwards, and WRONG.
It's NOT their data, doggone it!!!
If worried, freeze
The primary reason I have a Discover card is because I like their customer service. If they ask me for income verification out of the blue then I will provide it. If they close my account. I will black list them.
The issue I have with DISCOVER Card is they closed my account before they contacted me and asked for verification, poo poo poo to Discover. Very embarrassing when my card was denied and I didn’t know why.
@@jeanroeder5534 Discover card was supposed to be my first CC. Until one month in using it. I applied two months before Coronavirus and I was subject to the 4506-T. They closed my relationship since they couldn't verify my income. And I even had two years of tax returns.
Discover said "No Mas" and I am now not allowed to apply a card with them for the next seven years. Leading me to close my remaining relationship with them. (I.e.) my emergency fund.
Decided to wait a year and now Citi has since become the first CC in my wallet.
Bank: gives you high credit limit
Also bank: how'd you get such a high credit limit?
Different department with different goals. Add in market risk (early concerns in 2020 with employment + level of gov't support).
Ridiculous smh
I feel like it’s none of their business. If I’m making my payments and I don’t owe them anything then there shouldn’t be a problem!
Logically speaking, you are correct! Banks continuously monitor their balance sheets and compare their exposure to current market trends; currently downward trends. Therefore, the logic goes out of the window. Even if you have been a customer for 15+ years, they will review you based on the current market trends. In reality, there is no loyalty extended to long-time customers. As one CEO used to say: "Your opinion of the bank, has no cash value!"
Legally, there isn't.
Yes?
Right
I got an income verification from Discover this week. My credit line is 18k and I used very little of it. I am considering shutting it down as I’m reading in most cases they do this as a pretext to closing your account to avoid regulatory scrutiny. I think I’m just gonna close the account instead of filling it out even though my income is much higher than 3 years ago when I opened the card.
@@mike-uw6wt I would generally agree with you, however, this account is my oldest And highest credit limit account so having it closed by the creditor would be devastating for my credit right before mortgage underwriting. Luckily, they were able to verify the income and kept the account open
Don't close your credit card accounts. It will lower your credit score!
Watching this while relaxing in a Delta Lounge at DTW. I love my platinum card for travel and was persuaded to get it with your videos from years past.
If you travel much at all, just the lounge access alone is worth the annual fee on the platinum card!
Even when the lounge is a little crowded, it so SOOOO much nicer than the chaos of the terminal.
American Express not only wanted my tax returns, they also wanted both my private banker and private attorney to send reference letters. Uh, at the time I reported my household's income as $200 *thousand*, not $2 million you idiots! And this was for a card with a puny $11,000 limit. So what did I do? I just close my cards and took all of my business elsewhere. Now my household's income has grown to over $500K, my savings to over $1.5 million, and my cards all have no preset limit. American Express suddenly wants me back. Nope! I still remember how I was treated. I heard they like to give some people lifetime blacklisting. Well, two can play at that game.
I just applied for the Discover It Card and did a balance transfer. Never had to verify my income whatsoever. I make about 100k a year. I’m surprised to be hearing about this
Ya Discover closed my 20K cl per the 4506 tax form they requested after I applied for a 2nd card. Discover closed both accounts the 20,000 and the new 6,000 card they approved. There was no reason to close my accounts. Now my credit report shows new account and new inquiry and new closed accounts.
Ouch
I always pay as I go. Helps out a lot with utilization and credit score.
Me, too! Every weekend, I pay off what I charged during the week and I stop charging about 4 days before the statement closing date.
MrBuckaroo2014 it’s become a habit for me to pay it off. Always on my phone anyways.
I’ve done the same thing. I have a secured credit card (to rebuild my credit) with them and they put my account on hold pending that send the form to let them check my tax returns
Discover it secured is the credit card I’m talking about
Thats weird they would ask for a tax form with a secured card when it’s ur own money tied to it.
Well I'm just going to work with the credit accounts I already have. I don't need all this nonsense
Business borrowers used to say a banker is someone who will lend you an umbrella but wants it back when it looks like rain. Now consumers are getting the same treatment.
I had been a Discover customer for over 5 years my CL was around 9K. Now I have a nontaxable non-reported income because I have a few businesses overseas. I told Discover this and even sent them a copy of my bank statements and those idiots still closed me down! Screw discover. They have no right to dig in my Taxes! I called Citi and they just approved me for 20K lol. Discover is going to lose a ton of customers!
Discover was my first card had it for 4 1/2 years. Out of nowhere they shut my account down. Never missed a payment, perfect credit. Had a 6.5k limit. Was in the middle of a move so I put a lot of spend on the card (which is abnormal) because of the bonus categories and my low interest rate. Got an email the middle of December asking for IRS documents. Out if nowhere I get a follow up email stating my account was closed due to a business decision. Discover customer service was great until they close your account out of the blue. Now when I call in they rush me off the phone and refuse to acknowledge the department responsible for the decision despite them sending me emails and calling me. They've taken a "we'll call you don't call us" montra. Extremely disappointing to see such a reactionary chain of events.
My last Discover card was closed by Discover because I was NOT using it enough...LOL. They did call and aske me why I wasn't using the card more and I would get more point if If I used it. I gues, I did increase the spending enough.
Most likely that the department that deals with this is internal and doesn't accept inbound calls.
We are losing are privacy by the minute.
TBH we never really had it mostly an illusion, plus most people have given it away via social media
Is that 20 cent coffee?
Even better, 10 cent coffee w/ no creamer.
Ew, creamer is disgusting
Hahaha shout out graham!!! SEBBY and him have me so much inspiration to start my channel!! Keep it coming
Love graham
@@TechCryptoNow I'll subscribe to you if you subscribe to me.
Keeping credit limits at 50% or less of stated income with any given issuer sounds like a sound rule of thumb.
Bankruptcy lawyers recommend filing when unsecured debt reaches 50% of gross income.
Okay second comment but I HAD TO.
*”In this video we are talking about what we are talking about”*
It’s that kind of unintentional stuff that keeps me hooked for the rest of the video. Love it!! Hope you were able to get some sleep soon after!
This is when I remind people all the time : dont bank the points , they are not yours until you spend it .
That's why I do cashback. Another RUclipsr mentioned a statistic of nearly 90% of Amex MR points go unused
AMEN!
lol if they close my account then I shouldn’t be responsible for any remaining balance.
Lol
Ok!
Best of luck with that.
When I got my first AMEX back in 2005, which I needed for Costco, I got a 'financial review' of sorts during the application. They didn't request a 4506-T, but they demanded that my employer's HR provide proof of my address, my pay, and my phone number -- it was literally every piece of information on my application. They wouldn't take copies from me, it had to come from HR. Unfortunately, at the time Costco accepted only AMEX, so I had no choice but to comply since I had already purchased a Costco membership. It took nearly 60 days from my application to my approval. I never got an answer as to what spooked them, since my FICOs were >800 at the three major bureaus, I was a homeowner, etc. They've never requested another one.
In Canada, if you have an AMEX Platinum, Gold or Green Charge Card (not credi card), they let you make a prepayment to your account (via your online banking from a Canadian financial institution just as if you are going to pay a bill) before you make large purchases. Not sure about the U.S.
I'm a medical courier. I drive over 100,000 miles per year. Tax credit of 57.5 cents/mile means I take over 57,500 off of my taxable income. $2500/week goes into my bank account and pays for gas and car repairs...usually with a credit card. My tax liability is often zero but I earn 100k/year. There has to be another way to verify income for a credit card.
Why would they do this as they have databases they can verify? 🤦🏼♂️
I’m Australian, always had CC with Aus banks. Got an American Express card because they offer better points per dollar here with Qantas.I had to upload payslips with the application. Had the card for 3 weeks and got a financial review!! I have never experienced this with Aus banks so was unsure what to expect. Usually here soon as you’re approved for a card the bank has already done all the credit and income checks before they issue you the card. Then Amex asked me for payslips, bank statements, tax return and utility bills. I didn’t have a problem because I didn’t lie on my application. And told them whatever they needed I could send through. No problems. So sent through the documents then received a call the next day to say they have opened my account again. So all good. No problems with that,
The only problem I had was they just suspended my card without telling me so I went to use it to buy something and it declined then I had to call them to ask. And they told me they suspended it to do a financial review and didn’t give a reason, but anyways it’s fine the process so don’t have to be worried or anything if you haven’t done anything wrong.
They were happy to let me know my card account was open again and didn’t have any more problems or questions, not sure. I actually earn a lot more then most people in my industry so maybe they thought I wasn’t honest with my income lol. it’s not in line with other companies in my industry, but once I sent through my tax return and payslips all good. Probably just confirming my income I guess. I’ll never know though.
I’d rather pay with a jar of pennies than use my Discover card
Just another way they inconvenience their customers..... at the same time saying its to "protect" you.
They are protecting their business, nothing wrong with that.
Fuck there business not our problem
@@annoy_ken Not at my inconvenience. I will take my business elsewhere....
One could argue that it is indeed to protect you, in a way. If they determine that you’re a risky individual after their review and you’re unlikely to pay credit card debt, they are protecting their business yes but also preventing / discouraging you from falling in that debt which you would have if you had the ability to borrow.
@Terrance Pride - I don’t think they care. THEY don’t want YOUR business.
Discovery card. If you use too much you get flag. If you dont use it enough u get flag. If you open another account you get flag. If you dont make enough you get drop. Humm...i think iam done with discover. Will not be with them forever.
This is quite scary how they can shutdown your account like that out of nowhere from what I read in the comments
At the end of the day a business is extending you credit. That offer can always be taken back unless in writing.
@@KevinLaPage-ff6bjthey haven’t given me credit yet. I sent my 200.00 . When they extend credit now ask paperwork
I have a bad feeling that this is just the beginning....
Amex plat flag = 4k auto repair bill, got an income verification immediately after charging $4k for a Porsche auto repair. Yeah wrong credit card for that I know
Discover just decided to do this to me. It upsets me that they found me high risk
How’d it turn out?
*Listening to your video and reading some of the comments makes me wonder what is really going on.* 🤔
All this is a symptom of the economy. The dollar isn’t worth what it used to be, the government is broke and in debt, and the well has basically run dry. The credit companies can’t hand out money like they used to so they are trimming the fat.
Gold Standard, Reset
Pay as I go. Every 3-5 days I pay all my balances
Dang, this is a big time video. Thanks for putting it together. Would be interesting to know the stats of how many people are getting these income verification forms percentage-wise..,.
Never had any of this happen but now i'm actually afraid of having my accounts shutdown
This happened to me with American Express😑. I gave my mom a card and everytime it was used I would pay it off. That apparently set an alarm off with frequent payments. They shut it down until I proved my income and right you can't talk to anyone except for those in the verification department. Once I sent tax info income was verified, they released the hold🤷♀️ I guess that was weird purchasing behavior 🤪
I opened a new secured credit card account back in October with an initial deposit of $500. After receiving the card but just before activating it, I deposited an additional $1000 into my account and requested a limit increase. The card issuer granted the increase but failed to place a hold on the additional funds(don’t know why this happened). Anyway, I had been charging between 2-3k a month in expenses and paying the balance in full every time that I received my biweekly direct deposits. About a month ago, the lending department of the card issuer reached out to me requesting the remainder of the security deposit or else the card limit would be decreased to $500. When I objected to this by making the argument that the entire security deposit had not previously been required to secure the limit(obviously an internal oversight on their end), and that it shouldn’t be necessary as they are my primary financial institution & because I consistently pay my balance in full, they threatened to close the account.
Initially I was upset by this, but after a quick google search I learned that my credit card activity mimicked a fraudulent behavior known as credit card cycling. Basically it’s when a credit user opens a new card account, maxes the card out frequently, but pays the balance in full in hopes that the card issuer will extend more credit to them. This behavior is suspicious to banks because what ultimately happens is after the user has established a good relationship with them & has been rewarded with higher spending limits, the user maxes the card out a final time and abandons their debt altogether. I guess my account activity triggered something internally with my bank and in order to mitigate their financial risks, they requested the residual amount of my security deposit. I went ahead on and just provided the residual deposit as my account is now 4 months old and due to graduate at 6, so I’ll be getting it back soon. Not sure if this is applicable to you and your mom’s situation, but I hope that it provides you a bit more insight.
Sebby has a video detailing this credit card behavior as well
Doug E Doug
Thanks Doug. Yes this info is helpful because I was really upset I was paying and trying to keep a low balance or zero. Now I just pay it once or twice a month😀
@@Pleaseandthankyou.656 Pay your balance ONCE a month, and ONLY after your card's statement has been issued. When you pay down your balance several times a month, it automatically triggers a review of your expenses. Keep your purchases below 30% of each card's credit line, ALWAYS! If you do that, you'll not be subjected to invasive audits.
Maurice S
Thanks Maurice. I was paying almost once a week or every time a purchase was made .... they probably though I was a drug dealer💰💰💰 😀😀🤣😄 I was tying to keep it low🤦🏾♀️ it’s too high now for me but it’s going to stay there until the statement comes out. 🙏🏾
This happened to me after almost 5 years with American Express I never missed a payment they did a review and now is the fixed they would put my credit limit back to where was but I decided once that happens I will shut down the account as for my other credit cards I started calling them started requesting lower limits I am paying what I owe eventuality is that I am going to shut them down and move away from credit cards
That’s childish to give up on all the benefits of credit
Hi Sebby, checking in from the DMV
👋
Get back to work
Gone are the days of stated income ... sigh. These banks are annoying
My wife had one of her Discover cards closed. It had an $8,000 limit and she didn't use it but it did rub her the wrong way.
Adam Smith they probably closed it for inactivity
Nicholas Mitchell agreed
My Plat got FR'd a couple months ago. They didn't ask for tax information. They wanted to see two months' bank statements. They did end up putting 20k limits on my Plat and gold card, though. It's been annoying a couple of times having to pay it off mid-month so I could keep getting points. It's not the end of the world, though.
I’m a student and Amex did a review on me last year and put a visible limit instead of the spend button
The Dave Ramsey philosophy of debit cards only might be a good idea. Distressing how credit accounts can be frozen / locked up nowadays without notice even if the account is in good standing.
Maybe keep a secured credit card as back up for car rentals etc.
Discover just closed my account. Whatever. I will keep my other 12 cards
Anything weird on your end? Increased usage? Inactivity?
@Ask Sebby inactivity. They kept asking for me to update income and I thought they were phishing, so I ignored them haha😅
Discover IT, not it, did that to me, closed my card. screw discover
Thanks as always for dropping the knowledge!
Sebby, I think during this time, these CC's are looking for anything to deny/cancel you.
Hey the amex lounge is open Charlotte when you coming to review it?
Lmao.. I did that too with the Amex tool.. then it said I was blocked from doing anymore checks for the day.. and I was like “shit, maybe this thing isn’t to play around with.” 😂😂
I literally just got the discover card and got a financial review. Like wtf?
Re 9:23 - so for some people they aren’t discriminating but for unmarried folks who have a large household income but it’s disproportionate, they are. For example, in our house P1 makes 66% of the income, P2 makes 33% - Discover shut down our accounts because we are unmarried and can’t prove that household income with our individual tax returns.
Discover allowed me to submit paystubs and other documentation vs waiting for the IRS to respond.
Thanks for the data point!
I submitted bank statements.... What other documentation did they let you submit and was your account kept open
Christian Villafuerte I think drivers license?? Yes my account was kept open.
The real issue is that they are helping the state institutionalize and normalize extortion ("taxation").
They asked this when i got a discover it secured card with $200 deposit to start building credit when i turned 18, i called and said that i just turned 18 so I hadn’t filed any taxes and they told me to go to my nearest bank and do all sorts of crazy steps to keep my $200 card open. I closed that account.
"Coffee time with Ask Sebby." Yoooooo. Shout out to THE TECHLEAD
Nice SEO on that Amex Financial Review Blog!
Discover just put a hold on my discover it secured credit card. Are they shutting down secured credit cards as well even tho it’s OUR money that we put into it? All I’m trying to do is rebuild my credit and I’ve been making all my payments in full.
Yes, those assholes shut down my mom's $300 secured card. She only charged 50 dollars on it and paid it off in a week. Why are they even harassing secured card customers?
@@blakestar4100 . I have a $200 secured card they just sent me the stupid 4506 form so ridiculous...
I just got an Amex Cash Magnet card with $2600 limit and I want to buy a $1200 laptop using that card.
Is that okay?
You should be fine if Amex is used to you using that level of CL.
I know when applying you can add the income of basically everyone in your household that contributes to the bills but I'm wondering if that'll come back to get you with some of these issuers. I feel like that may not be a good option in the future but maybe I'm just reading too much in to this and over thinking.
Sebby... Keep Posting on RUclips I don't do Instagram...👊🏾
Nice to see you back. Rock on
I got one through Amex when I applied for a new card. I just got a new card Delta Blue a month before and wanted to get the Blue preferred. I own my own business so them pulling this personal form from the IRS would be senseless. I made over $160,000 last year so this has turned into a headache. After the Tender Swindler came out I think they put everyone on lock down.
"We'll talk about what we're talking about"... LOL
Discover needs to ask before issuing a card out. And most of all putting the account on your credit report then freezing it! I don’t feel comfortable giving my IRS data and bank accounts! I’m not applying for a home loan!!!
I can’t imagine why paying as you go would make you look like a risk. It doesn’t make sense.
Hey Ask Sebby what are your thoughts on the corona virus and how this may affect credit cards in terms of offers, bonuses, or even financial reviews if the economy starts to sour? Especially considering how the Dow absolutely tanked in the past week. And if more people start to default on their credit cards?
The 10-year bond is closer to 1%. Very few banks will want to extend credit lines. The bond's rate affect rates of mortgages, and all kind of loans. A credit crunch is expected, soon.
Thank you for the feedback!
I had a charge off with discover from 2016, i just paid it off in 2020. It was only $250. Will i ever be able to get discover again?
Is there any negative to paying your cards off early? I usually pay off my Chase, amex and discover 2-3 time per month whenever I see charges being posted. I just treat them as debit cards.
I do, as well. So far, AMEX doesn't seem to mind. Was recently approved for an online CL increase.
It’s okay. I have done that for years. Chase and Amex don’t care.
A suggestion...Pay your credit card's balance ONCE a month, and ONLY after your statement has been issued. Doing otherwise, will trigger a "review". Never ever charge more than 30% of your credit line; preferably 25% or less. Take care!
@@teknav1 Doesn't paying after the closing impact your utilization? And, if you do this with all your accounts, it really impacts your overall utilization. Please let me know if I'm incorrect in my thinking. Thanks
@@MrBuckaroo2014 When you pay multiple times in a month, it shows a pattern of instability. Utilization will be affected only once. By paying after receiving your monthly statement, it will show the bank that you know how to budget and that you always pay on time; both are pluses to your credit score. Multi-payments show a disarray in budgeting. Take care!
I had my Citi MasterCard for 5 months (on time FULL payments) and One bank reversal and Citi closed my account 😐😒. Now I'm with capital one.
Look up for a local Credit Union credit card, or a small bank's credit card. Take care!
My rule for lending is...Don’t lend money you can’t afford to never see it again. If I get paid back it is a plus.
I had a 300$ deposit secured discover it card and now I have to fill a 4506 t form. That why I’m here to learn about the form.
That's pretty surprising they would want that for a secured card.
These are unfair for self-employed people because they're gross income will not show up on their tax returns if they have a lot of deductions
Ur content is so informative 👍👍👍
Thanks :)
I have had friends that made up their net worth to get approval. Now if unusual transactions take place (late payments or fraudulent activity) those types of accounts will be on the hook.
Couldn’t transfer my MR to Delta, called them and was told my account is currently under FR. They informed it started 2/6 until 3/8. Was able to transfer my MR on 2/22.
Correction: *Coffee time with Daddy Sebby* :)
☕
Hey man.. I recorded my conversation with discover.. I decided to terminate my accounts with them due to this, asked exactly what this verification process is for.. she stated it was not an income verification, that it was identity verification.. I stated that makes no sense, why use IRS for that? Then she started going in circles.. reading off script.. could absolutely not get a straight answer out of her. So whatever this is is very sketchy.. I hope you research into this more because it’s definitely not what it appears.. I say if they pull this on you, just terminate your account.. or in my case, both accounts.. I may make a video sharing parts of the conversation so people can see how sketchy this truly is.
Also they stated if I ever want to open an account again... and I cut her off and said “that won’t happen “. If everyone sticks together on this, just terminates their accounts.. that will put a stop to this.. but it takes sacrifice to make changes. Have also read that they may be going bankrupt, and selling info to 3rd parties.. due to the pandemic they lost a lot of money.
I had one of those issues with Bank of America but they did not really told me what happened and did not had a department to solve the issues
My wife and I have been FR’d 4 times in the last two years by Amex. Big spending will do it every time. We got thru it but man did it SUCK!!!
Hey sebby, if you have 3 credit cards and you have low utiliziton on all of em, is it really importaint to get more cards within a 6-12month period. Or just wait a few years and this way have no hard pulls.
Discover closed my card.
They wanted some income tax verification.... sorry they don’t get that
Maybe they are scared of a recession and trying to cut people off who are risky
That’s exactly what they are doing
Exactly. A lot of these people hiding behind "muh information" are likely doing shit they shouldnt' be doing. You need to put your social security number on credit card applications. That information is much more sensitive than your tax info. They're likely putting higher income than they make or do illegal things to make money and don't want to be caught.
Excellent observation, don't forget credit card debt has been rising here in the US
I've got a credit score of 820, how can i get the las vegas cesaers diamond visa card. They upgraded me to the Platinum signature but I want the diamond. I rarely carry any balance on any card.
If you have a secured card with your own money , you shouldn’t need to be verification. I got flagged for 33.00 of 200 CL. My income 44,000 work fedex and have my own business . They close my account in 2 days, an will take 2 billing cycles… can say fraud on their side. They making money off my 200 sitting in their account
I got one of these when I get a new card, can I cancel the card before it arrives and not have to deal with this issue?
Credit analyst work hard , at my job my co worker said they're basically investigators for possible risk clients. 😬
Should you go to the issuer, say American Express, if you lose your job or stop working full-time and continuing as a student, and let them know that your income significantly dropped beforehand?
how does it work if self employed gross and AGI is big difference and a lot of deductions are not spent money like millage your gross could be 60k and you drive 80k miles and now your AGI is 13k and most cars do not cost .56 per mile to drive and you can deduct depreciation, bank statements are better for schedule c
I wonder if having a checking or savings account with them makes a difference.
It does...only if your payments to the credit card is linked to either account.
@@teknav1 I do, I have direct deposit into it, so it's pretty obvious to them what I make.
Thanks for your videos. I have had discover for over 20 years. If they ask me for my tax return I would let it close. Then I would have no loyalty and start churning all cards. Please say why we should show credit companies our tax returns? Is it worth it?
Because you are borrowing money. It is completely reasonable to check if someone is actually making money if you are lending them money. they do it for car Loans, mortgage, everything so why would that be unusual. Showing a bank your tax return is a completely normal thing. Do you never intend to get a mortgage?
Dominik Es I guess you are right, but if I have the choice to change credit card issuers without providing all this info, I would.
Be True To Yourself NO I MEAN HELL NO
@@betruetoyourself7162 you literally give them your social security number. Unless you're committing a crime, your tax info doesn't show much more than what you made and how much taxes you pay
Gerald you do you. I have my opinion you have yours. Good luck to you
Amex issued me my BCP card with a $28K CL. No financial review.
what can I do I f my account got closed after Financial review? can I apply for another or how long should I wait?
13:49: The lower the credit limit, the lower the risk we are to the banks? You know imma give this video a thumbs up.
Awesome and insightful video, came in handy as I just got approved for the AMEX Platinum card.
I was approved for 25k for the blue cash business, and 25k on the Amazon prime business card. I’ve also been with Amex for 4 years and have a good track record with them. Will I get a fv since I was approved for the limits, and didn’t ask for it?
What about it you have low limits and they lower the credit line and that raises the utilization ratio
I read a thread on myfico forums and I wanted to hear your opinion. Do you think discover would ever close your account if you only use the 5% categories?
Thank you for sharing your information especially on RUclips. I'm not a Instagram user. Your awesome please keep the information coming to us.