Canceling my card

**Thrif-t** · 02-13-2010, 01:28 PM

I'm right there with ya. I cancelled mine on thursday. I don't hardly ever use it.

**mdcrim** · 02-13-2010, 01:43 PM

I had an issue with Citibank when I was in college (a million years ago). I had a checking account with them and, out of the blue, they changed my terms and wanted to charge me a $15 monthly fee if my checking balance was below $1000. I was in college so I never had that much money in my account. When they wouldn't waive the fee, I cancelled the account and vowed to NEVER use them again for anything. A promise that I have since kept. They can't see the forest for the trees.

**cheerio** · 02-13-2010, 04:45 PM

What i hate about all of this is that they are doing this to make more money and what it is acutally doingis causing people to close their cards and lowering the credit of the people who has had the cards for years

**snafu** · 02-13-2010, 08:04 PM

I guess this is all due to the changes in legislation governing CC. I'd call them and ask the fee be waived if you want to retain the card or have a major purchase coming up that needs a high FICO score.

Write to on-line 'Consumerist' and express your concern, likewise to your Gov't representative, good practice writing effective letters of complaint! This nonsense needs to com back and bite CitiBank. BTW, they are now opening operations in major cities in China. Have they downloaded backroom operations to India yet? Can you ask them for me?

**wincrasher** · 02-15-2010, 06:19 AM

I got the same lettter this week from Citi. I've had the card since 1986 and have spent many tens of thousands on it.

But I'm gonna opt out and cut it up. Screw Citi!

**GREENBACK** · 02-15-2010, 08:54 AM

I've been waiting for bank of america to try this stunt. They haven't so far but they'll get the same treatment Citi got if they do.

**dmontngrey** · 02-15-2010, 09:12 AM

I've been running for the mail every day since I found out about this! We're bound to get a couple letters since we have 7 Citi cards between the two of us. Nah, we don't use most of them. Only one and I don't HAVE to use it. I'm actually looking forward to opting out.

**banditfist** · 02-15-2010, 09:16 AM

Originally posted by wincrasher View Post

I got the same lettter this week from Citi. I've had the card since 1986 and have spent many tens of thousands on it.

But I'm gonna opt out and cut it up. Screw Citi!

Not sure how this is gonna screw Citi. $60 as a percentage of the $2400 is around what Citi would get in the fee they charge to retailers for completing the purchase transaction.
What this fee is doing is ensuring that card holders who don't use them, use them enough to justify having the account open.

What you are doing is EXACTLY what Citi wants you to do.

I have not heard official terms as to the impact to credit scores for cancelled cards. But, I also put very little substance as to the real value of a FICO score anyways. Unless you are buying a house soon, who cares.

**wincrasher** · 02-15-2010, 09:32 AM

Well I put about $20k a year on that card. So now I'll give that business to AMEX or just use my debit card.

So that is screwing Citi out of the merchant fees they've been getting.

So if Citi doesn't want my business and would rather have my card closed, then so be it.

**GREENBACK** · 02-15-2010, 09:40 AM

Originally posted by banditfist View Post

What you are doing is EXACTLY what Citi wants you to do.

LOL....You're precisely correct. The spending figure is not some arbitrary number they came up with. The bean counters know precisely how to play this game. Anyway, Screw them. They don't call the shots, I do. Goodbye Citi, You effectively eliminated a client....So be it.

**Mike75** · 02-15-2010, 09:41 AM

Yes cancel

How can they even put a tab on your minimum spending? Credit card companies have to be the most innovative companies out there. Its funny how they invent things to charge us

**GREENBACK** · 02-15-2010, 09:45 AM

Originally posted by Mike75 View Post

How can they even put a tab on your minimum spending? Credit card companies have to be the most innovative companies out there. Its funny how they invent things to charge us

They're essentially the equivalent on Pay Day Loan companies but they have reputable names to back them up. Truly disgusting. I do buisness with them for my benefit but am willing to drop them like a hot rock when they try to screw me over.

**wincrasher** · 02-17-2010, 06:39 AM

I talked to the nice people at Citi today.

I have until March 31 to call and opt out. Any offers in place (like balance transfers and such) would remain in place until their expiration date if you opt out.

She asked me why I'd consider opting out when it's just $2400 needed to refund the fee. I told her it was the point - I find it a great insult since I've been such a good customer for over 20 years. Sounded like they've been getting alot of that, but alas, they aren't wavering.

So I'm going to opt out. My average account age will take a hit, but what do I need with $150k in cc limits? I may close a bunch of cards over the next few months. I think I can get by just fine on my $25k Amex and my debit card.

**Joan.of.the.Arch** · 02-17-2010, 07:22 AM

Wincrasher, they are doing themselves wrong not to waive the fee for you if you charge that much every year!

My DH canceled a Citi Card yesterday. Citi was asking the same terms as they asked of Wincrasher. DH only had this card because he had to accept it in order to get the terms we wanted for our DSL service a few years ago. He never used it.

Canceling my card