Citi starts closing Mastercards without warning

AP ^ | October 20, 2009

[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...

[John.Galt2012]

Credit Bubble quietly bursting????

[aliquando]

About time. Maybe now we will get some sensible credit policies. I fear it may be too late.

[driftdiver]

Citi sucks but at least they are doing people a favor by closing their cards.

[driftdiver]

“Maybe now we will get some sensible credit policies.”

LOL yeah right

[hinckley buzzard]

Citi is just about to go under and is trying to minimize losses on bad credit card accouns in order to stay afloat.

[Cicero]

This might make sense if I had any confidence that they were closing down the right accounts. But frankly, I doubt it.

[Atlas Sneezed]

Mine just sent a notice that the rate was now 30%

(I owe nothing and don’t carry a balance, and have stellar credit).

[OldDeckHand]

Sometimes, I really wish they’d close my wife’s.

[Republic of Texas]

What? No more egregious fees? Well then we are taking our CC’s and going home!

[princess leah]

Can you imagine if Americans actually had to pay their bills without running up credit cards and then declaring bankruptcy?

[GeronL]

Of course banks have the right to close credit card accounts, why wouldn’t they?

[Hoosier Catholic Momma]

‘Play with snakes and you get bit’ ping!

[GeronL]

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.

[Republic of Texas]

It would be...the 1950’s!

[redhead]

"Citi is just about to go under..."

Oh joy. Guess who holds my mortgage?

[elkfersupper]

Maybe now we will get some sensible credit policies.

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.

[John.Galt2012]

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.

[Prince of Space]

I have a balance, have never been late, and pay far more than the minimum due every month....and they also raised me to 29.99%, although I get 10% of that credited back to me if I'm "good." WTF?

Mrs. PoS

[Glenn]

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.

Their loss.

[elkfersupper]

Unfortunately, a lot of people reading your comment have no idea that your tongue is firmly in your cheek.