Skip to content

This reader nearly lost 750,000 Ultimate Rewards points — reader mistake story

Dec. 07, 2022
5 min read
Businesses stress with credit cards.
This reader nearly lost 750,000 Ultimate Rewards points — reader mistake story
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

It's no secret that closing a credit card can result in losing unused credit card points. That's why we recommend redeeming or transferring your credit card points before you close a card.

Have you ever considered, though, that a misunderstanding on a phone call could cost all your credit card points?

Today, TPG reader Erik weighs in with his nightmare of losing 750,000 Chase Ultimate Rewards points:

In September, I called Chase to consolidate my credit line from my Ink Business Preferred® Credit Card to my World of Hyatt Business Credit Card. I had done this before when I moved credit lines to another account and left smaller credit lines on an old account to keep it open.
During the call, I was unsure if I had made a mistake, but my entire credit line was moved, which caused the Chase Ink Business Preferred account to be closed. My intention was not to close the account, as I needed my Ink Business Preferred to transfer my hard-earned 750k Ultimate Rewards points to partners for a redemption. Just the month before, I paid the annual fee the month prior for the Ink Business Preferred and didn't intend to close the account.
On Nov. 11, approximately 40 days after my call with Chase to move my credit line, I logged into my Chase account intending to transfer Ultimate Rewards points to Aeroplan (while the 30% transfer bonus was going on in November) and saw a zero Ultimate Rewards points balance. I immediately called Chase as soon as I found out and had a ticket created and escalated. I also went to my Chase Preferred Client banker on Nov. 12 to ask for their assistance.
On Nov. 17, I received a call from my banker saying that since the account was closed for more than 30 days, they couldn't reinstate my points. My banker said it looked like they reviewed the phone recording and noticed that the Chase customer service representative read me the disclosure. While I can't recall if this happened, if the disclosure was read and was transparent, this was my fault.
Ever since I finished college, I've worked closely with Chase. More recently, we were looking to open an account for our 3-year-old daughter at Chase and inquired about a pre-approval when we thought about purchasing our first home. Everything with banking and investments for us is at Chase.
Losing 750k Ultimate Rewards points is crushing. My first credit card in college was a United Chase card, and we were planning to redeem my Ultimate Rewards points for a special family trip. These points would have been worth $9,375 in the Chase Portal for travel but could have been worth significantly more if transferred.
It's painful, heartbreaking and devastating. I'm feeling defeated 'robbed' by my bank.

When Erik reached out to our founder Brian Kelly on Instagram, we felt terrible for Erik. TPG values 750,000 Ultimate Rewards points at $15,000, and after years of earning points through devout patronage with Chase, Erik was finally gearing up for a big redemption with his family.

Related: A great all-around business card: Ink Business Preferred Credit Card review

Why you might want to transfer credit lines to another account

KIWIS/GETTY IMAGES

If you have multiple accounts with a bank, you can often transfer credit lines from one account to another. Generally, banks permit this as you'll maintain the same cumulative credit limit. You might consider transferring credit lines to another account for several reasons.

First, here's an obvious one — if you're planning to close an account and want to retain your present total credit limit, you can ask your bank to move your credit limit to another card before closing the account.

When you're ready to apply for a new card, banks also often consider how much credit you currently have with them. Opening a new account will likely be more difficult if you're close to your maximum.

If you're not opening or closing an account, transferring your credit line to another card can help if you use one card for most purchases. Or, put differently, transferring a credit line to another account can give you more purchasing power.

Sign up for our daily newsletter

Additionally, if you use one card more than others, you can decrease your credit utilization ratio (the percentage of your credit used at once), which could be advantageous for your credit score.

Related: Is 30% credit card utilization the magic number?

Bottom line

Erik had no intention of closing his Ink Business Preferred card, yet the mistake of transferring the entire credit line to his Hyatt Business card resulted in his Ink Business Preferred account being closed — and, subsequently, his unredeemed Ultimate Rewards points voided.

Thankfully, this story has a happy ending. Erik worked with Chase and his Private Banker to have the points returned to his account after a lengthy appeals process. This took countless hours of time and energy, not to mention the stress of (temporarily) losing thousands of dollars worth of points.

With that in mind, it's always a good idea to ensure your phone agents know exactly what you're aiming for before action is taken. If you have any questions or doubts, as the customer, you're entitled to request to speak with a supervisor or manager. As always, make sure to regularly audit your loyalty accounts.

Featured image by KRISANPONG DETRAPHIPAT/GETTY IMAGES
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Top offers from our partners

How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
See all best card offers

TPG featured card

Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

2 - 10X points
10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day

Intro offer

75,000 bonus miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

Annual Fee

$395

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023
Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day
  • Intro Offer
    Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

    75,000 bonus miles
  • Annual Fee

    $395
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023