Skip to comments.Citi starts closing Mastercards without warning
Posted on 10/20/2009 6:41:41 PM PDT by John.Galt2012
No law, including the Credit CARD Act that has started to take effect, prevents banks from closing down credit accounts without warning. Credit card issuers all maintain the right...
(Excerpt) Read more at msnbc.msn.com ...
About time. Maybe now we will get some sensible credit policies. I fear it may be too late.
Citi sucks but at least they are doing people a favor by closing their cards.
“Maybe now we will get some sensible credit policies.”
LOL yeah right
This might make sense if I had any confidence that they were closing down the right accounts. But frankly, I doubt it.
Mine just sent a notice that the rate was now 30%
(I owe nothing and don’t carry a balance, and have stellar credit).
Sometimes, I really wish they’d close my wife’s.
What? No more egregious fees? Well then we are taking our CC’s and going home!
Can you imagine if Americans actually had to pay their bills without running up credit cards and then declaring bankruptcy?
Of course banks have the right to close credit card accounts, why wouldn’t they?
‘Play with snakes and you get bit’ ping!
did you see the FHA thing? handing out home loans like candy to people who can’t pay the bills.
Barney Frank considers it a form of wealth transfer and supports it.
It would be...the 1950’s!
Oh joy. Guess who holds my mortgage?
They are deciding to get out of the business because they see no end to Congress attempting to micro-manage it.
If I were a credit card issuer, I would do the same thing and refer complaints to Barney Frank and Chris Dodd.
They can’t do that. Having a credit card is a right. I’m sure I saw it in the Bill of Rights, between free health care and a college education.
I received my notice yesterday that if I wanted to continue to use my Citi Mastercard, my rate would be moved from 5.99% to 29% on any purchases after November 1st unless I “opted out”. No skin off my nose. I don’t use the darned thing.
I called the 800 number and spoke to the friendly foreigner and within 3 minutes it was closed.
Unfortunately, a lot of people reading your comment have no idea that your tongue is firmly in your cheek.
Perhaps you should rethink the “Mrs. POS” moniker......
Well... I knew a house, food and a big TV was in there but, I never imagined all this other free stuff was in there too.
You haven’t lived until you’ve heard someone wonder how the gubmint can pay for their wedding.
Aren’t they giving warning before they shut down the accounts?
Wish I’d known that 15 years ago. Oh well, how about my divorce? Will they spring for that?
Me too, and they ALSO decreased my credit line, which harmed my credit rating!
Chase just gave me another 2500 on my credit line. I have a balance and I pay well over the minimum every month. I travel so I use it in hotels and for food and gas.
I think they are raising rates through the roof on good accounts to beat the new bill limiting such rate raises = so, thanks a lot, government - all you did was hang us out to dry.
I called this week to see about lowering the rate, pointing out that they may have noticed I haven't been using the card since the hike - but they wouldn't budge. They cited the economy as to unstable - yada yada. This is unusual. Card outfits were always amenable to lowering rates with good customers = I have always paid well above minimum payment and always well before due date.
> trying to minimize losses on bad credit card accouns
hmm. Too late. But this is what they all should have done, all along, instead of giving credit to people who could not pay, taking losses on those, then ripping off creditworthy customers.
Yep, they’ve narrowed it down to just that last thing now.
Slimy no good bastards!
As of today, ACCOUNT CLOSED!
Near the end of the article it says Citi had $8 BILLION in consumer credit losses in Q3 including both mortgages and credit cards. And they say that will continue to track the unemployment rate upward (duh!).
We should expect Frank, Dodd, Rangel, Pelosi, Reid, et al to come out soon with a proposed law that will stop them from closing credit cards.
Only the lurking Dummies and Puffington Hosters won’t get it.
“Oh well, how about my divorce? Will they spring for that?”
Perhaps - do you have a “redistribution of spouse” clause anywhere?
Close it. I don’t care.
Last month I purchased a firearm with my Amex card. Now the $600 or so is not in my normal spending pattern. I have no limit, and the balance due was something like $400.
I got a call from Amex stating that I was nearing an amount that would require that they suspend my spending. I told them that was OK, because I wasnt going to use it any more. The one time event was going to be paid as soon as I got the bill.
They wanted me to pay the current $400 AND the $600 that would appear next month.
I told them to screw. The $400 would be paid by the due date, and the other would be paid when I got the bill next week.
I have never been late. I have always paid it in full.
What is this world coming to?
“Citi is just about to go under...”
Oh joy. Guess who holds my mortgage?
As long as the Fed gov’t owns over 1/3 of Citi, it’s not going under. The gov’t will make sure of that.
No, but she does.
Happened to me a couple of months ago. They closed an account I hadn’t used in years. Honestly, I was keeping it open merely as a backup, in case my primary card was lost/stolen. Oh well, I can do that without Citi, good riddance guys.
yes thats a problem. yes Barney isn’t fit to clean pig feces
Hey if broadband internet is a right then a credit card surely is.
Can you imagine if banks did the same thing!!!!
Don’t worry, if Citi goes under the customer service will only marginally decrease in quality.
Just walk away.
The debt is no recourse, they’ll have to sue you in Civil court to get any money back, a proposition that most likely will end up costing them more than you owe. Don’t bother filing for bankruptcy either, it just gives the banks (through the courts) access to your paycheck.
Your debt will be sold over and over for pennies on the dollar, till eventually, it will be worthless to any collection agency, and it will simply sit on your credit report.
The Federal government (YOU) has already covered your outstanding balance anyway, so why pay for it twice?
As to your credit score, as you’ve probably already read here and other places, your score is going to be affected no matter what you do. Even those that stay current will have their scored lowered due to actions of the banks.
Oh..and for those that feel that walking away is wrong morally. Total up the amount of purchases on your cards over the years, then the payments, then look at your outstanding balances, chances are you’ve already paid for that which you purchased.
When you signed the card agreement, did you agree to pay 30% interest on previous interest? When they sent you that 0% card, would you have accepted it if you knew that they were going to skyrocket your rate regardless of your payment history? At any moment?
Let them have it, live on cash and just walk away.
I got the same notice. I have perfect credit, so I'm outta there too. What's up with this?
This past week, I got yet another mailing from them asking me to sign up for extended payment terms on purchases over $100 (or was it $200?), in exchange for 5000 frequent traveler points. I finally did it, having tossed previous offers in the trash (only offered 1250 points, cheap bastards!). Why my signing up for something I will never use is worth 5000 points to them (about $50 in air travel) is beyond me.
Citi and others should have been giving credit cards to everyone who fills out an application in order to get a foam cup holder
CORRECTION: Citi and others should NOT have been giving credit cards to everyone who fills out an application in order to get a foam cup holder
Debtors are slaves to the lendors....
Thanks Hoosier for the ping.
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