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What would happen to my credit card if the bank fails?
I have a WaMu credit card (love it because it has a good interest rate AND I can see my credit score 24/7 at no charge). They are in trouble financially for the same reason as a lot of other banks are. So if they go under or get sold or some other catastrophic thing happens to WaMu (or indeed to any credit card issuer), what happens to my credit card account? Can they demand all outstanding balances as immediately due and payable?
Whenever something like this happens another bank—the one that took over the credit division of your bank (or your bank)—will also take over the accounts. Your credit card may eventually be rebranded and it will be managed differently to reflect a new company's interests (e.g. right now, as a WaMu cardholder, you get a free PFICO, and that may change unless it is guaranteed in your terms), but you will keep your account (as you would keep any debt you have). IcyKold's scenario will not apply.
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