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Citi starts closing Mastercards without warning
AP ^
| October 20, 2009
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 ...
TOPICS: Business/Economy
KEYWORDS: citi; credit; creditcards; debt
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Credit Bubble quietly bursting????
To: John.Galt2012
About time. Maybe now we will get some sensible credit policies. I fear it may be too late.
2
posted on
10/20/2009 6:44:31 PM PDT
by
aliquando
(A Scout is T, L, H, F, C, K, O, C, T, B, C, and R.)
To: John.Galt2012
Citi sucks but at least they are doing people a favor by closing their cards.
3
posted on
10/20/2009 6:44:35 PM PDT
by
driftdiver
(I could eat it raw, but why do that when I have a fire.)
To: aliquando
“Maybe now we will get some sensible credit policies.”
LOL yeah right
4
posted on
10/20/2009 6:45:08 PM PDT
by
driftdiver
(I could eat it raw, but why do that when I have a fire.)
To: John.Galt2012
Citi is just about to go under and is trying to minimize losses on bad credit card accouns in order to stay afloat.
5
posted on
10/20/2009 6:47:59 PM PDT
by
hinckley buzzard
(Truth--The liberal's Kryptonite)
To: John.Galt2012
This might make sense if I had any confidence that they were closing down the right accounts. But frankly, I doubt it.
6
posted on
10/20/2009 6:48:13 PM PDT
by
Cicero
(Marcus Tullius)
To: John.Galt2012
Mine just sent a notice that the rate was now 30%
(I owe nothing and don’t carry a balance, and have stellar credit).
7
posted on
10/20/2009 6:49:11 PM PDT
by
Atlas Sneezed
(Why not "interpret" your tax returns like the Supreme Court "interprets" the Constitution?)
To: John.Galt2012
Sometimes, I really wish they’d close my wife’s.
8
posted on
10/20/2009 6:49:31 PM PDT
by
OldDeckHand
(No Socialized Medicine, No Way, No How, No Time)
To: John.Galt2012
What? No more egregious fees? Well then we are taking our CC’s and going home!
To: Republic of Texas
Can you imagine if Americans actually had to pay their bills without running up credit cards and then declaring bankruptcy?
To: John.Galt2012
Of course banks have the right to close credit card accounts, why wouldn’t they?
11
posted on
10/20/2009 6:52:49 PM PDT
by
GeronL
(http://tyrannysentinel.blogspot.com)
To: CSM
‘Play with snakes and you get bit’ ping!
12
posted on
10/20/2009 6:53:38 PM PDT
by
Hoosier Catholic Momma
(Arkansas resident of Hoosier upbringing--Yankee with a southern twang)
To: driftdiver
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.
13
posted on
10/20/2009 6:53:58 PM PDT
by
GeronL
(http://tyrannysentinel.blogspot.com)
To: princess leah
It would be...the 1950’s!
To: hinckley buzzard
"Citi is just about to go under..."Oh joy. Guess who holds my mortgage?
15
posted on
10/20/2009 6:54:24 PM PDT
by
redhead
(The libs are SCARED TO DEATH, folks! :o))
To: aliquando
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.
16
posted on
10/20/2009 6:55:01 PM PDT
by
elkfersupper
(Member of the Original Defiant Class)
To: elkfersupper
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.
17
posted on
10/20/2009 7:01:31 PM PDT
by
John.Galt2012
(I'll take Liberty and you can keep the "Change"!)
To: Beelzebubba
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
18
posted on
10/20/2009 7:05:07 PM PDT
by
Prince of Space
(Don't use a big word when a diminutive one will do....)
To: John.Galt2012
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.
19
posted on
10/20/2009 7:05:36 PM PDT
by
Glenn
(Free Venezuela!)
To: John.Galt2012
Unfortunately, a lot of people reading your comment have no idea that your tongue is firmly in your cheek.
20
posted on
10/20/2009 7:06:27 PM PDT
by
elkfersupper
(Member of the Original Defiant Class)
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