I was reading through some credit card company articles and I passed this one regarding Compucredit Corporation (co-brander of the Aspire Card and several other sub-prime cards) settling with the FDIC and FTC last week. I guess this is a big reason why a lot of their cards (like Aspire) are closing down. The backing banks don't want to do business with this company anymore.

http://money.cnn.com/news/newsfeeds/articles/marketwire/0462127.htm

I think the actions taken on our accounts are the results of ruling given to CompuCredit by the courts. So in turn the banks financing them have stopped doing business with them. Rewards660 was serviced by the same company as Total Visa but now is with MetaBank. Salute was serviced by CompuCredit and now they accepting back some cardholders.

I'm upset

I agree, Capital One, HSBC, and Hooters offer good cards that help consumers build their credit without ridiculous fees.

Is it closing down or transferring? Members in here are experiencing transfered accounts from Rewards 660 to MetaBank. I also heard that Salute is closing accounts also. Most of these banks are in trouble anyway, but I can imaging how you feel about losing the card altogether. Have you tried Capital One? That is a good card to grow with and a $1700 limit will come from them in no time.

I received a letter a few weeks ago saying Aspire is no longer going to have a credit card and that as I paid it off my credit limit would be $100 more than my balance. I am wondering if any one knows if another company is going to be picking us up or if it is just gone. I had a $1700 CL and I hate losing that. This has been a great card and with exception of the high interest rate I have had no problems. Too bad!