On September 1st, 2016 CREDO and Comenity Bank will be ending their relationship. The CREDO credit card allowed cardholders to earn points that could be redeemed for donations to ‘progressive charities’ such as Planned Parenthood, Human Rights Watch & more.
The card earned at the following rates:
- 3x points on charity & supermarket purchases
- 1x points on all other purchases
You’ll continue to be able to redeem your rewards until December 31st, 2016. After this date they will be forfeit. It’s unclear if CREDO will partner with another credit card issuer to offer another credit card or not, but from the way their press release is written this doesn’t seem likely. If you’re an existing CREDO credit card holder, I’d recommend going to the official website for more details about how this will affect you.
For those still wanting to donate to charities with your credit card purchases, it might make more sense to use a card that earns a higher cashback rate on every day, grocery store or charitable donations and then donate the money directly to your favorite charity of choice.
How do the credit agencies, Experian, etc., handle this. I’ve called both Credo and Experian and neither one could give me an answer. Do they show the card “Closed” but with a balance? Most importantly, will that show as negative and result in a reduction of the credit score?
Mine shows the account as “Closed” but also does not include the balance still owed in my total debt. Therefore me score increased substantially.