var json_comments = new Array("

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nstonep

October 20, 2009 9:03 PM

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Gas station cards always have a crazy rate and usually variable. I once had a gas credit card and they gave me an insulting rate and limit so I just rode it out blank and eventually closed by chase. I hate chase...and bank of america...and amex...and citibank. Ge Money is okay.

What do people expect from a \"fine\" company like citibank?

4 replies

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wvFrugan

October 21, 2009 6:05 PM

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@nstonep:
\"Ge Money is okay.

Uh, OK...sure. They treated me so badly a while back that I used slash & burn tactics with them. They now have 2 accounts they had to charge off as bad debt (per the 6-month accounting rule). I ran into a tight spot last year and asked that they either let me skip a payment or just pay interest for 2 months. Their response was to raise my interest to 29.99% and charge me $39.00 late fees. These were both small short term accounts (under $1K both total) and the only credit I really used on occasion. Fuck them. I like to pay my bills but sometimes people's cars break down and sometimes they end up in the hospital. Behave like a person and you might find your customer develops some loyalty to your products...act like a jerk and you might get fucked.

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wcnghj

October 20, 2009 9:16 PM

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@nstonep: If you PIF, APR doesn't matter.

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October 21, 2009 12:26 PM

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@wcnghj: That's a pretty ignorant statement. If you always plan to PIF, why not just pay up front? There are better ways to build your credit than run up and pay off a CC balance every month.

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edman007

November 4, 2010 12:31 PM

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It is a gas card with 5% off gas, with gas near $3/gal using the card and PIF will save you 15 cents/gallon, I think for most people that is worth it. Then there is the fraud protection a credit card gives and the fact that you are getting a zero intrest loan (and thus the grace period is enough by itself to pull a profit from the card).

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FatLynn

October 21, 2009 2:45 PM

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@lincolnparadox: Holds. If someone puts a huge hold on your debit card, you can be screwed, whereas the same amount on your CC doesn't matter if your limit is high enough.

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pecan 3.14159265

October 21, 2009 12:45 PM

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@lincolnparadox: Paying rent and utilities no longer counts on a credit report. Not everyone finances a home or a car. Other than that, what is there?

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October 21, 2009 12:35 PM

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@lincolnparadox: Please tell. Keep in mind that most of the other ways are not mutually exclusive to keeping a credit card for the chargeback protection and credit building aspect.

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October 21, 2009 6:40 PM

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@Scuba Steve: Not to mention utilizing the grace period to earn interest in the bank account.

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greggen

October 20, 2009 11:44 PM

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@wcnghj: True, but it does if you plan to PIF and something happens where you cant...
Then again, health insurance doesnt matter if you plan to stay healthy, right?

","

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October 20, 2009 9:09 PM

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Ben I wrote you an email this week about CITI closing Home Depot cards also.

My mothers will be closed soon. We have to get her rewards off of it as she has aquired a lot with fixing up her house. She has NO credit issues and is retired sitting on plenty of income. She bought a new car last year and the salesmen when all out to make the sale to her after running her report.

V

1 replies

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sleze69

October 21, 2009 11:33 AM

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@vdragonmpc: If they are closing these cards AND revoking people's rewards, aren't they opening themselves up to a class action lawsuit (or criminal fraud)?

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Aaronjk

October 20, 2009 9:16 PM

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My mother-in-law got her BofA card slashed a few months ago for a \"Credit Report Problem\". Her score,
935!!!!

The credit related problem is just to get you off the phone, they're slashing everyone without regard. I would bet though if you had lousy credit you'd still have that card, they're the ones that pay the price to have credit.

4 replies

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H3ion

October 21, 2009 4:09 AM

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@Aaronjk: They probably added her score to someone else's. The highest score is in the 800s.

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ben

October 21, 2009 5:08 AM

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@H3ion: There are multiple credit scores, each with its own range. VantageScore goes up to 990. [www.vantagescore.com]

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H3ion

October 21, 2009 12:12 PM

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@ben: Thank you. I didn't know that.

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October 21, 2009 1:31 AM

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@Aaronjk: Maybe she got her account closed because there is no such thing as a 935 credit score.

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Blueskylaw

October 21, 2009 3:15 AM

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Have you never gotten more than 100 on an exam?

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wcnghj

October 20, 2009 9:18 PM

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If you have nothing bad on your reports,aren't carrying a balance on any card and have atleast 5 years credit history.... Apply for a Penfed Platinum Cash Rewards.

5% on Gas PATP Anywhere
2% Groceries
1.25% Everything else

Rewards cashed out automatically when your statement cuts.

4 replies

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October 20, 2009 10:08 PM

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@wcnghj: Still with AmEx Blue Cash today, getting 5% back on all gasoline and supermarkets. If that goes south, I'm DEFINATELY getting the PenFed card!

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crevers

October 21, 2009 1:35 PM

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@boomerang86: Sigh, \"definitely.\" At least you didn't spell it \"defiantly,\" which can work in context but still makes me laugh.

@wcnghj: Below $6500 in a given year, you get 1.0% on gas/grocery/pharmacy and 0.5% on everything else. Above $6500 in a given year, it's 5.0% on gas/grocery/pharmacy and 1.25% on everything else. Wife and I use Blue Cash for every possible expense, pay off twice a month, and enjoy getting a few hundred back at the end of the year.

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wcnghj

October 20, 2009 10:21 PM

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@boomerang86: Don't you have to spend $6500 to be eligible though?

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pecan 3.14159265

October 21, 2009 12:48 PM

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@wcnghj: If you spend more than $6,500 through the course of a year, as soon as you hit $6,501 you jump to the higher percentage.

That said...$6,500 isn't a very high marker. Most people can spend that in half a year.

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jeffbone

October 20, 2009 9:26 PM

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@wcnghj: I was thinking about jumping to that card because of the issues I've had with my Citi-Shell MC (see my comment below). This little stunt by Citi is the last push I needed.

","

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October 20, 2009 9:21 PM

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Not to mention, Citibank is raising the APR of some cards to 29.9%:

[search.twitter.com]

5 replies

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acasto

October 21, 2009 7:09 AM

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@dlayphoto: After reading this I just checked my account and yep, they jacked my rate up from 7.99% to 14.99%. That was my last card that hadn't screwed me over yet. At least that and my Capital One Visa gives me the options to opt-out and cancel the cards, unlike the formerly decent company referred to as AmEx.

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rlee

October 21, 2009 12:44 AM

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@dlayphoto: Yep, I got the notices yesterday on both Citibank cards. I don't carry a balance, but it's still outrageous.

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greggen

October 20, 2009 11:45 PM

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@dlayphoto: Just got the notice and closed the account, yesterday.

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swearint

October 20, 2009 9:26 PM

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@dlayphoto:
That's why I will be cancelling my Citi Mastercard that I have had for nearly twenty years. I got a Platinum Visa through my credit union with a 7% APR.

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October 21, 2009 12:34 AM

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@swearint and greggen: If you don't have an annual fee, isn't it more beneficial, credit score-wise, to just put something small on that card, pay it off every month, and maintain the long-standing credit history with them?

Citi raised my rate to 25.99% after THEY screwed up my online banking and made my payment late, but I have a high limit with them and a long track-record of good credit, so I'm going to say \"Up yours!\" to them by just not giving them any money but keeping them open to help boost my credit score.

","

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jeffbone

October 20, 2009 9:22 PM

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I noticed this effect on my latest Shell-Citi Mastercard. I have an outstanding balance of $150 from current biling-cycle charges and a $4k credit limit, yet my \"available credit\" is $0.00 and there aren't any of the usual ads/offers/etc. printed on the statement.

I was about to cancel the card anyway due to continuing poor service. Every time I call about the account, I encounter a nearly-incomprehensible, obviously off-shore outsourced CS rep. I don't think I'll even bother to call on this issue; it'll just be another blood pressure-spiking interaction that I don't need.

If Citi chooses to cancel it for me, it's no skin off my nose. It's one of my newer accounts and I've got plenty of other cards to use. The ding on my credit report (as if I cared) will be minimal. F'em.

1 replies

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jeffbone

October 20, 2009 9:23 PM

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@jeffbone: One other thing. According to my current statement, I \"earned\" a rebate of about $20 which was supposedly credited to my account. I've added up the numbers three different ways, and the rebate just disappeared like OP described. Nice.

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Duke_Newcombe sez íViva la Revolucion de Chihuahua!

October 20, 2009 9:23 PM

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B-b-b-but...it's the MARKET working as it should, kids!!

Nothing to see here...move along.

3 replies

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nbs2

October 21, 2009 1:02 PM

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@Duke_Newcombe (now with 50% more feigned interest): That's right, it is. The economy is sour, so banks are cutting cardholders. The government is increasing regulation, so the private sector is trying to maximize profits in the short term. And even though it is permitted under the terms of the contract, Citi is screwing around with customers, and the public is responding with comments indicating their dissatisfaction with the bank and identifying alternatives that obtain similar benefits.

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October 21, 2009 3:09 PM

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@nbs2: +1. some consumers don't want to accept their own responsibility when it comes to operating in the free market. they'd rather be babysat. free markets only work if customers try to act intelligently.

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Duke_Newcombe sez íViva la Revolucion de Chihuahua!

October 21, 2009 5:28 PM

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@craptastico: While I agree that consumers have a responsibility to be awake as to how to protect themselves, let's not operate under any illusions that the balance of power here favors the banks and CC companies. They change the terms on a whim for the same reason dogs lick themselves: because they can. Not out of trying to retain customers, not out of trying to engender brand loyalty, just becuase of the short term pursuit of the almighty dollar. You would think the whole \"market will sort it out thing\" would bring sanity to this, but when mostly ALL of the banks and CC companies are doing this, what do you propose?

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October 21, 2009 4:50 AM

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@Duke_Newcombe (now with 50% more feigned interest): +2

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calchip

October 20, 2009 9:24 PM

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Citi and Bank of America have been doing multiple things that are no doubt blatantly illegal for a couple of years now, but nobody will do shit about it because it is these illegal acts that are keeping the banks afloat.

Without gouging customers with unwarranted high interest rates, unearned overdraft fees, inflated interest rates on mortgages, and refusals to modify loans even though they received Federal funds to do so, these banks would not have the money to operate.

It is essentially theft, sanctioned by the Fed. Until customers of these institutions rise up and simply stop paying their mortgages, credit cards, ridiculous overdraft fees, and other means of sanctioned robbery, these institutions will continue to fleece people for the purpose of lining their executives' pockets.

I read an article that said it would only take 1% of BofA cardholders to withhold their payments, and within 10 days, the bank would fail due to lack of cash. Citibank is apparently equally precarious. I would love to see it happen, because i think it's the only way that things will be able to get back on track.

5 replies

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October 21, 2009 12:02 AM

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Without gouging customers with unwarranted high interest rates, unearned overdraft fees, inflated interest rates on mortgages, and refusals to modify loans even though they received Federal funds to do so, these banks would not have the money to operate.

see, there's the falsitude right there. banks don't actually need to screw customers to the wall to make money. it just makes it easier to make gobs of money & keep shareholders happy. this is the conundrum of big banking in america today: after years of easy profits do to m&a, these companies are finally discovering that you can't always use accounting tricks to keep your stock climbing. occasionally, you have to actually provide a service that people want & use.

if you are unhappy with how these big banks operate, the only thing YOU can do about it is choose to take YOUR business elsewhere. there's plenty of alternatives, but it's going to take some work & you're likely to lose some of the convenience that comes from banking with a company that has branches in almost every town in america.

please don't fall into this thoughtless trap of not paying your bills to bring the system down. millions of post-foreclosure americans will tell you that their bank is doing just fine while their financial lives have been turned completely upside-down. better to pay any debt to these slavemasters in full & either stop using the card or close the account altogether.

& then take your business elsewhere.

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October 20, 2009 11:04 PM

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@calchip: There's always Project Mayhem...as a last resort only, of course.

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keepher

October 20, 2009 10:12 PM

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@calchip: Actually everyone should just say \"no\" to the too big to fails, the abusive cc companies and just go local. Get a CC from the credit unions, checking/savings with a small regional bank. If enough people did that it would put a hurt very rapidly on the too big to fails.

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greggen

October 20, 2009 11:47 PM

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@keepher: not all credit unions are your friend...

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FatLynn

October 21, 2009 2:48 PM

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@greggen: Please elaborate on this...I have never had a problem with mine, and they pay higher interest rates rather than making a profit, but I have no idea if they all operate that way.

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bohemian

October 20, 2009 9:57 PM

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@calchip: Any idea what 1% of the card holders is?

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juliusseizure

October 20, 2009 9:43 PM

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Its credit. Not a privilege. Get over it.

2 replies

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Verucalise (Est.February2008)

October 21, 2009 1:23 AM

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@juliusseizure: It's shady business practices being uncovered. Not just about credit.

Get over yourself.

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October 20, 2009 10:29 PM

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@juliusseizure: I think you’ve missed the point of this site.

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buckykat

October 20, 2009 9:51 PM

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Ben asked, \"Did Citi cut off your gas-station branded credit this week? Does this affect your personal finance situation?\"

If having a credit card closed on you affects your personal finance situation, you need to take some important steps now. First, is building an emergency fund so if the card you use to buy gas goes kersplat, your can still get to work. You've got bigger problems than losing your bonus rebate if it actually affects your financial life materially. Take control of your finances and don't RELY on credit.

5 replies

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pecan 3.14159265

October 21, 2009 12:52 PM

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@buckykat: It does affect someone's personal finances because, like Timbojones said, it affects your credit ratio. And it may count against your credit history. There are more important implications to consider past \"just don't use a credit card\" - it's not about the card itself, it's what a company controlling the card can do to its customers' finances.

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FatLynn

October 21, 2009 2:48 PM

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@pecan 3.14159265: If it is your only card or oldest card, it can have a significant effect on credit score, no?

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pecan 3.14159265

October 21, 2009 4:34 PM

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@FatLynn: Yep. If they cancel a card you've had for a while, it can hurt you.

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October 20, 2009 10:54 PM

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@buckykat: Agreed that it should not affect your immediate financial situation, but your ratio of credit balance to credit limit is a significant part of your credit score. Having a credit card closed can thus affect interest rates on and eligibility for future loans. Possibly also interest on existing variable rate loans and lines of credit. Bad bank, bad!

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bohemian

October 20, 2009 9:58 PM

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@buckykat: Someone could be using such a card to consolidate gas purchases and pay them once a month if they have a bunch of cars, commute a long distance or drive for work. I could see some uses other than living on credit.

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jbl-az

October 20, 2009 10:28 PM

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@bohemian: Actually, my Citgo card is also my daughter's lifeline. If they do this to us, she has a problem.

On the other hand, I don't think it's a rebate card. And even though it doesn't carry a balance, money in 4 figures is put on the card monthly and paid off, and merchant fees on that must count for something.

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October 20, 2009 10:25 PM

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Pay off your balance every month? What are you thinking? To Citi and the others, you are a \"deadbeat\", which means no matter how they gouge you on interest, the balance is always zero. Citi wants the \"profitable\" customers, with nice fat balances.

6 replies

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October 21, 2009 12:34 AM

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How do they make 3% on everything you buy? As a merchant, my rate is around 1.5%...how are they getting double that fee when my processor takes a chunk of that just for me to accept a credit or debit card?@wcnghj:

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XTC46

October 20, 2009 11:04 PM

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@The_Legend: nah, a lot of cards charge interest daily, not at the end of the month, that way there are no freeloaders.

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pecan 3.14159265

October 21, 2009 12:54 PM

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@xtc46 - thinksmarter on twitter: The credit card company makes money on merchant fees regardless of whether you pay in full or not, but interest fees don't apply to you if you pay in full. That's the difference.

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wcnghj

October 20, 2009 11:24 PM

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@xtc46 - thinksmarter on twitter: But nearly every card issued in this country has a grace period..

The CCCs DO make money when you pay in full, they make about 3% of every purchase you make.

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edman007

November 4, 2010 12:39 PM

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The fees for a Visa card are about 1.72% against the merchant, about 1.5% goes to the issuing bank (usually 1% is used for rewards programs), the rest is profit for the bank. with the 5% cash back they always limit it (exceptions are branded cards, like gas cards, where the merchant has agreed to a larger fee), if you are trying hard and buying the right stuff with the right card you can make the banks lose money. If you carry a balance then the interest more than pays for everything.

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October 20, 2009 10:39 PM

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@The_Legend: I'm one of the always pay the balance in full guys. I resent the term \"deadbeat\".

Now, if they referred to me as a \"freeloader\", I'd agree immediately.

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October 20, 2009 10:33 PM

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My Shell Citibank card worked today at the Shell station. Not sure of their logic, I never carry a balance so I'm not profitable. Maybe they'll cutoff mine on Wednesday.

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October 20, 2009 10:47 PM

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Just checked my Citi Exxon Mastercard and it shows as still valid. I only use the card for gas purchases and pay it off every month. I've received almost $1500 in gas rebates so far. I hope my card doesn't get canx'd!

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Michael

October 20, 2009 11:16 PM

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This is exactly what happened to me. I have been trying to make small purchases, $30 here, $50 there, and they've been declined. I pay my bill in full, on time, and yet, I can't use the card! So I called up customer service and they gave me the exact same story, some mystery item on my Equifax credit report has disqualified me for an account and they closed it, finito, for ever. I asked if there was someone else I could talk to, and the rep said I could talk to a supervisor, but the sup wouldn't have any better answers for me.

So, one of my oldest accounts on my credit report is gone for no good reason, and how does that affect my credit? I checked my credit report just last month, and there was nothing scathing or otherwise troublesome on my report. What kind of scam is this?

I don't care. I'm so angry at the credit industry -- the greed, the disrespect, the inhumanity -- I'm numb, and I have better things to do with my time than bust an artery over such crap. I've paid the bill, cut up the card, and I will never do business with Citi again. I'm slowly paying off the rest of my credit cards and will kindly pay with my debit card from now on.

Credit cards suck. They're just pure evil. O. M. G.

5 replies

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October 21, 2009 5:28 PM

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@Michael: \"I'm slowly paying off the rest of my credit cards and will kindly pay with my debit card from now on.\"

Been there, done that... actually, about ten years ago when I began to notice a lot of the shenanigans we read about here first coming into play.

I don't always get what I want exactly when I want it but I usually manage to enjoy whatever it is just a little more for having waited until I can afford it and paying for it when I get it.

I suspect that, what with my being a senior citizen/pensioner type and all, this fits my lifestyle better than it would that of a lot of you younger folks but I still feel pretty good about being ahead of the curve on where this whole credit thing was headed back when there was still time to make the necessary adjustments to avoid a lot of what I read about on this site.

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SacraBos

October 21, 2009 1:30 AM

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@Michael: Everyone that got the false \"Experian\" mystery item needs to band together as a slander class-action suit.

If they want to cancel the accounts, but honest about it. But slander you about your financial dealings, when in fact they know they are not true, they need to be called on it.

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October 21, 2009 5:50 PM

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@SacraBos: Slander is for willful intent. I believe you want to claim \"Negligence\" on the behalf of Esperian. Esperian had a duty to provide accurate information to credit companies, and failed. This damaged you by hurting your credit score when your bank closed the account.

I am not a lawyer, however. And this is not binding legal advice. If you wish to persue this in court, remember that Credit Card companies are one of the biggest Federal lobbyists in the country, so good luck, and consult a lawyer licensed to practice in your area.

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wcnghj

October 20, 2009 11:24 PM

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@Michael: It won't effect your average age until it falls off your reports 10 years from now.

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Verucalise (Est.February2008)

October 21, 2009 1:25 AM

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@wcnghj: I do believe you are misinformed.

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jeffbone

October 20, 2009 11:57 PM

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Curiouser and curiouser. I just logged into my Shell-Citi account. According to the information presented there, I still have a full credit line available. However, when I clicked on the link to send a secure message to inquire about account and rebate status, I received a \"This service is not available for this account\" message. First time that's happened, IIRC.

I'll be darned if I'm going to crawl their CS IVR system to get an answer to these questions; besides, it sounds like other people are not getting any useful information there anyway. It almost seems as though they don't want any publicity or traceable communication about this issue. Oh well, there's always certified mail...

1 replies

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jeffbone

October 23, 2009 10:08 PM

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@jeffbone: So, I received \"the letter\" today, with the same lame-ass excuse: \"too many bank or revolving accounts\". At least I'll get a free credit report out of this nonsense.

Interesting observation: the letter was mailed using a \"First Class pre-sort\" stamp, instead of the usual metered postage used for these types of notices. Guess that indicates how many of these letters they sent.

Think I'll forward a copy to Shell, with a note explaining why I won't be buying any more gas from them. Heck, it was only a couple thousand gallons a year, so they probably won't notice.

A hearty FOAD to you, though, Citi.

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October 21, 2009 12:29 AM

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It's not just Citi. Until last week I had a business Chase GM Mastercard that my company has been paying in full every month for three years. Our average balance was usually less than 10k and we have never paid interest. Chase lowered our credit line to 5k indicating there was something on our credit report that was negative. I called them and closed it along with my personal card and will never do business with them again. I think they are trying to eliminate accounts that aren't profitable because they don't get fat interest payments or annual fees.

I should have listened to Dave Ramsey and just kept my credit union card and forgot about the GM 'rewards' (that's another story for another day). As far as I'm concerned, Chase, Citi, B of A, and the likes can keep their cards; I'll do business with a bank that doesn't rely on a computer to make decisions for them.

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seamer

October 21, 2009 12:45 AM

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Isn't corporate policy designed to cancel the card before they tell you, so you can't run up massive amounts of debt between being told and canceled?

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MEoip

October 21, 2009 1:08 AM

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Citi Closed all home depot Credit cards and apparantly others. We had 2 months notice and a visit from our HD and Citi rep. Having $100,000 in credit with the HD probably earned a little better treatment one of our competitors found out today when I told him.

1 replies

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October 21, 2009 3:43 PM

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@MEoip: I am guessing you are a business user. What reason did the HD and Citi reps give you for the closures?

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October 21, 2009 1:22 AM

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They will send out CRA notices saying something dubious like \"Too many open accounts\" or something. They can always find a reason to close accounts.

1 replies

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October 21, 2009 1:23 AM

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It's so crazy...

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hsbauer

October 21, 2009 1:31 AM

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Raising interest rates seems to be the other part of this story. Apparently many of us got letters advising our rates were going up to nearly 30%. Our letter is dated October 12th. See the twitter link above for more reports

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PsiCop

October 21, 2009 1:55 AM

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FWIW they're also closing out Home Depot-branded cards. If I didn't know any better I'd say they were exiting the CC business entirely. Not that I'd shed too many tears, but are the new rules really going to make it so unprofitable that they're giving up entirely? I doubt it. I suspect it's just retribution against the consumer.

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October 21, 2009 5:30 PM

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@PsiCop: Didn't they just roll out a new Sears branded \"platinum\" card and force all of Sears customers with older Sears MCs to \"upgrade\"?

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dink2

October 21, 2009 1:56 AM

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Get your bank to put their reasoning in writing. My guess is that they will flat out refuse or they will send you a letter that reads nothing like the conversation you had.

If they do happen to write a letter telling you what they told you on the phone, you can send it back with your credit report attached and ask them to highlight the problem entry.

I have found that you are treated a lot better if you put all your communication in writing. My bank would tell me anything to get me off the phone and stop complaining. They changed their tune very quickly when they were forced to put in on a letterhead.

Even if you don't get your credit card reinstated or any kind of resolution, just be happy that you wasted their time. Finish every letter by telling them that you expect a response in writing from them.

In the end, I wasted CSR time and even legal department time. I accused them of breaking the law, which they were doing and did change pretty quickly.

FYI, I am in Australia.

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InfoJunky

October 21, 2009 2:28 AM

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Hmmm, I'm thinking that more of the credit default bills are going to hit soon and they're jumping the gun. Or maybe they're just cutting off people they're not making money from/

I'm with a different company, I have a low maximum, and I pay my bill every month also. So who knows maybe more comapnies are going to do this also.

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October 21, 2009 2:49 AM

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My personal recent favorite was I got dinged on my credit because I did not have a mortgage or other real estate account.

Seriously!??!

2 replies

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October 21, 2009 4:47 AM

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@SlappyFrog: yep. they got bored with all the old excuses. time for a new one.

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October 21, 2009 12:29 PM

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@the_wiggle: Wait until January. The CC companies are going to do everything they can before the new rules come into effect in February. You're better off getting rid of every card not owned directly by a bank or credit union.

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October 21, 2009 3:19 AM

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The evil Darth Citibank closed my regular Mastercard.
WOO-HOO! I have no more connection the the evil Darth Citibank! I am free!

DOWn, baby, DOWn!

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October 21, 2009 3:50 AM

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Wow, I thought I was the only one! Shell MC...been my primary card since 2003. I buy lots of gas - maybe they decided enough is enough?

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zzxx

October 21, 2009 3:59 AM

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My mailbox was broken. I went to Home Depot and got a new mailbox kit, post and box. It cost about $50.00. I was going to pay with my Chase card and get the bonus back. The kid at the register said that I can get $25.00 off the purchase if I apply and get a Home Depot card. I did and got $25.00 off. I paid the card off a week later. Two weeks after that (four weeks ago) I shut the card automatically using only their machine, no persuasion to keep the card. I found that strange. In this instance I feel that I 'put one over on the man'.

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October 21, 2009 12:46 PM

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You didn't have enough history with them and probably weren't a low enough risk for them to bother retaining you.

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artgyrl

October 21, 2009 7:20 AM

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I don't know if this is related, but my Citi American Airlines account was just closed, and a new one automatically opened, because (their letter said) \"your account number may have been compromised due to a recent merchant data breach\". Like it was happening with a lot of accounts.

It wasn't closed completely, though, the letter was in with a new card, just a different account number. Just 2 days ago. Weird.

3 replies

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October 21, 2009 6:26 PM

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@artgyrl: Our no-branded Citi card was closed last week for the same vague reason. When the spouse called, he was told the account might have been compromised, but they of course wouldn't say which merchant's data was supposedly breached. We're still waiting for the new card, and I highly doubt there was any data breach at all.

It made us decide to forgo the cash back and use cash more often instead. Too many weird, customer-unfriendly things going on with the credit card companies.

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October 22, 2009 1:35 PM

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@Illiterati: It's great when people lash out at companies that are doing the right thing. And it doesn't really matter if you doubt there was a data breach at all, the bank does and they are incurring extra cost to save them the risk and you the hassle.

And if you really think there was no data breach, I recommend you read the news (and consumerist) a bit more often since they are ridiculously common now. Merchants like TJX (TJ Maxx, Marshalls, etc) and payment processors like Heartland Payment Systems have been hit hard by data breaches. If you want to see some of incidents then you should visit the Open Security Foundation website ([datalossdb.org]).

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October 21, 2009 12:45 PM

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@artgyrl:
No that means that your payment account information may have been compromised by a data security breach either at a merchant or a processor. This is Citi actually doing a good proactive thing.

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October 21, 2009 9:14 AM

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Sounds like fraud, especially them using you for all you got and dumping you before the end of the billing cycle, also, lying about the reasons why they closed the account. I'll know to avoid these greaseballs in the future.

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lastgasp

October 21, 2009 10:46 AM

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I'd suggest that ALL Citibank cardholders check their payment due dates carefully for unannounced changes.

I checked my account online yesterday. Citibank had moved my payment due date up by five days - from the seventh of the month to the second of the month. A link with a warning message was just below the new due date: Make a late payment, get hit with a $39 late fee *and* have the account's APR jump from its current 7.34 percent APR to something along the lines of 28.99 percent APR.

Chilling to see such tactics employed - consumer beware!

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October 21, 2009 1:19 PM

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Citibank loves to do stupid things with peoples credit cards.

My dad has a non-Mastercard Shell card through them. For the purposes of this story, understand that we have a similar first name. A few years ago, I tried to apply for a Shell card as well, and they came back denying me the card because they said I already owned one. Of course, it's because they thought I was my dad and already had one. So I thought nothing of it.

Well my dad had gotten the card in 1978, and back then the companies didn't ask for your SS# like they do now. Well when I applied for the credit card, because they assumed that I was my father, they entered my SS# in for his record. Fast forward to last week and my dad calls up to change the address on the account because he's moving. Well while talking to customer service, they try to verify him using the SS#, which of course doesn't match. So he has to go through this whole thing of proving he's the account holder, and then they finally realize how stupid they are because he points out that he got the card before I was even born (I was born in 1982).

We'll see if they actually did fix it over the phone.

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razremytuxbuddy

October 21, 2009 1:22 PM

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My Sears-Citibank statement now has Sears on the envelope again. I assume Sears may be stepping back into the picture, which will be more than okay with me. I've only used that card occasionally--to get the 1-year-no-interest deals on appliances, but even with such limited use, Citibank is just unbelievably slimy.

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cliffvk

October 21, 2009 1:24 PM

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I've had the Shell Mastercard since 2003. A longtime loyal customer who paid the bills on-time and used it every week for gas and groceries. Called executive customer service and got the Equifax spiel. Told them it was cover story because my credit score is over 700 (not any more because of this). They just repeated the same story.

If I were Shell I'd be pissed they shut off the cards of 1,000's of my customers. I, for one, will now find a different gas credit card and it won't be Shell because they only offer cards thru Citibank. Shell just lost 1,000's of customers nationwide who spend 1,000's of dollars a year on their gas. That's gotta hurt their bottom line.

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x24

October 21, 2009 2:38 PM

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The same happened to me. Called Shell Citi and they said exactly the same thing. I called Equifax (got a CS number somewhere on the net) and they just said they're gonna give me a copy of my credit report. I'm guessing there won't be anything wrong with it like the other people said. I thought it was another Equifax-ruined-my-credit-report thing again that I had just resolved. But apparently this is a widespread thing.

We use it primarily for gas because of the rebates. It's been good to us, I guess until now.

So what are we supposed to do now?

1 replies

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October 21, 2009 3:48 PM

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@x24: Actually this is a great reason to score an extra free Equifax report for anyone affected by the Citi bank issue.

I had a Citi bank card and paid it off in 2006 though I left the automatic email updates in place for warnings on high balances over $0.00. Wouldn't you know that it still sends me updates. I made an email rule and these dump automatically to a folder for them...

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bvita

October 21, 2009 3:03 PM

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They got me over the weekend and gave me the same lame excuse about Equifax. I immediately pulled the report and there was NOTHING negative there.

I've had my Shell Mastercard for years. I would charge $500-$1000 worth of gas each month and pay it back down. Never late, never over the line.

If this is the way that Citi treats there customers, perhaps its time that I look at my other Citi cards.

Hey geniuses, how about a letter next time BEFORE you embarrass your customers saying that you're discontinuing a program on a certain date. Might prevent some of the bad customer karma towards you.

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DoubleK63

October 21, 2009 3:31 PM

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Yeah - I have...soon to not have a Citi card. I've always paid off the balance every month. This week, I received a letter from my friends at Citi thanking me for being such a great customer. They are going to up my APR to 29.99%. I don't think so. This card is history. Think I'll shred it and send to them along with their \"thank you for being a great customer\" letter.

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Skaperen

October 22, 2009 2:04 PM

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Normally this is where were say \"Never bank with Citi\". But since these are branded with gas station chains, what is needed is a mass EECB to the gasoline retailer CEOs to tell THEM \"Never partner with Citi\".

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jilliane

October 22, 2009 10:43 PM

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The exact thing happened to me. I've had my card for several years, pay the entire balance every month -between $500-$700 per month. I got the letter telling me there was an Equifax ding on my credit that prompted this. I called Citi (shell) account and the rep told me they cancelled \"thousands\" of gas branded cards as those would be the easiest for them to dump. I confirmed they had not one deliquency ever, no complaint on me, nothing.

I was happy to be able to open my drawer and pull out another (different) citi card account that I don't use - non gas branded - I told them to cancel it. If you can believe this, the person transferred me to another rep who tried to beg me to keep me as a customer.

Problems there you think?

On another note, I subscribed to Equifax to find out the problem and I learned that I have NO deragatory incidents or dings on my account. They flat out lied in the letter.

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