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 ...
We have two credit cards, and use only one -- which is paid off in full every month. (I love that 1% unlimited cash back!) The second card (Alaska Airlines) gets us a $50 companion with Alaska Airlines, and is very much worth the $75 annual fee (to us.) Since the second/backup card has an annual fee, I can't imagine that it will be canceled.... and we've already made more than ten times that fee back in airline discounts.
Drive by poster. Where are the 300 words?
Didn’t have time this time. Had to go to work and make money to pay my taxes.
Their "fraud detection" software noted the anomaly in your patterns.
This software sometimes gets them into trouble: as when data miners discovered people who purchased certain tires or ate at certain fast food places, had an appreciably higher risk of default.
If I remember the story correctly, one of the credit card companies tried to put higher charges on these merchants, and got their ass kicked for it ("How dare you stigmatize our customers! Who do you think you are, WE pay YOUR salaries!" etc. etc.)
They beat a hasty retreat.
Next time you’re in that situation, drop me a FReepmail with the link and I’ll post it for you.
I thought of that but hoped that nobody else would! :)
” 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 dont use the darned thing.
I got the same notice. I have perfect credit, so I’m outta there too. What’s up with this”
Wow, just got my Citi notice...blah blah,,,valued customer, but due to economic conditions we raising your rate to 27.99 percent.
I think that a financial implosion of epic proportions is about to hit this country...something is wrong when CC companies can charge loan shark rates to people who have good credit and are never late.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.