Consumer complaint received 2016-09-07
Company: BB&T CORPORATION
State: FL
Product: Credit card
Issue: Rewards

Complaint:
On XXXX XXXX, 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 XXXX. 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 XXXX in a year. If you did, you received an additional XXXX percent on all cash back earned for your anniversary year, in addition to the 5 percent everyone received. Thus, next XXXX XXXX, I would receive 35 % of all the cash back I earned for my first year. 

After I received the card, I stopped in the branch and asked my banker XXXX XXXX if there were any restrictions on the type of spending, mainly if I could use the card for spending for my business and my girlfriends business in order to take advantage of the increased 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 XXXX. 

I began using my card for these purchases and averaged about XXXX to XXXX XXXX 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 XXXX, who is the area operations manager for the XXXX 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 XXXX 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 XXXX to XXXX XXXX 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 XXXX XXXX, almost exactly 90 days since I opened the account and right at the end of the promotion period. 

My calls to XXXX 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 XXXX 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 XXXX as well when my account was closed. 35 % of that XXXX was due as a bonus on my anniversary. That is a total of XXXX. Added to the XXXX, the total is XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation