I have had a credit card with Bank of America for many years. I also have a long-standing card with another bank, a Sears card, and a newer card (< 2 years old), for a total of 4 credit card accounts.
On January 13 I paid off the full balance on my Sears card (~$600) and on my Bank of America card (~$1300).
On January 14, Bank of America sent me a letter saying:
As a result of a recent review, we have closed your above referenced account effective as of the date on this letter because you have a pattern of late payments on this account or another account...
I find the timing to be incredibly suspicious. While its true I have made some late payments in the past, in the last 6 months I believe I have paid everything on time, or early, so I suspect this was simply an excuse, rather than the real reason to close my account.
Is it common for a credit card to be closed immediately after paying off the balance in full? If so, why?