BB&T Financial Complaint

BB&T Financial Credit card department,

On - -, 2016, I was approved for the BB & T spectrum credit card. I had been banking there for roughly the previous 8 months before applying. I was approved with a limit of -. The reason I had applied is that my personal banker recommended the card to me, as it had an uncapped increased rewards structure for the first 90 days. The card paid a flat rate of 3 % cash back on all purchases for the first 90 days, 1 % after that. However, there was a bonus structure if you spent at least - in a year. If you did, you received an additional - percent on all cash back earned for your anniversary year, in addition to the 5 percent everyone received. Thus, next - -, I would receive 35 % of all the cash back I earned for my first year.

rewards. My business is in helping others with credit issues and also gift card arbitrage. Her business is in event planning. I was told there was no restriction and my banker suggested a credit line increase. I agreed and my limit was raised to -. I began using my card for these purchases and averaged about - to - - per day. I paid my charges from my BB & T checking account each time. After approx 2 weeks, a hold was placed on my account to verify there was no identity theft or other fraud taking place. I stopped back into the branch and showed my credentials. However, the next day, my account was cancelled without explanation. I stopped back into the branch and spoke to -, who is the area operations manager for the - Florida locations. My meeting with her was for approximately 2 hours and involved several calls to corporate. She reinstated my card and they paid to have a replacement card send over night to me. We spoke in great length about the size of my purchases and whether I would have any problem going forward. I was assured my business was more than welcome and to continue using my card for my business expenses. My concern was in how BB & T was paying the cash back on the card. Since BB & T was essentially holding a large portion of the money for a full year, I was concerned that after my spending dropped off after the first 90 days, that the bank would be unhappy that I was not using the card at the much lower cash back percentage. I feared that the BB & T would terminate my account to avoid paying me this additional money after the first year. I expressed this concern to - and was told that it was not a concern. I was free to use the card during the bonus period and less after that If I so chose. She gave me her card and told me to contact her if I had any further issues. I continued to use the card for the next 10 weeks, again spending an average of - to - - per day. I had no further issues until my promotion period was about to end. My card stopped working and when I called, I was told that BB & T though the risk was too high and they would let me know when my card was going to be closed. My card was closed on - -, almost exactly 90 days since I opened the account and right at the end of the promotion period. My calls to - when unreturned and my banker told me there was nothing else she could do to help me. I feel this was a punitive measure to avoid paying the bonus. I accumulated - cents in cash back rewards on my spending during the time I used the card for all my purchases, business and personal. I had a rewards balance of - as well when my account was closed. 35 % of that - was due as a bonus on my anniversary. That is a total of -. Added to the -, the total is -.