Monday, February 22, 2010

CitiBank Resurrects Annual Fee: Bye-Bye CitiBank Card

I've carried a citibank credit card for almost ten years. I'm a very conservative credit card user. I pay my balances off in full each statement. I like the ease of credit cards, but when I got a letter in the mail informing me (a perfectly loyal customer with no late payments ever) that they would be charging me an annual fee of $60 from now on (that would be reimbursed if I charged $2400 in that calendar year), I decided carrying a Citibank credit card would no longer provide that ease. I called to opt out and cancel my card immediately. It was a simple, quick call. I'm sure they are getting a lot of them.

So why the annual fee? It has something to do with the new credit card legislation. Here's a news article that explains how the recent credit card legislation (which was intended to help consumers) backfired... at least for many Citibank customers.

Oh well, no loss to me. I don't care much for Citibank as a company anyway...

4 comments:

  1. I think that charging this annual fee is ridiculous.. It's like they don't want our business.

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  2. Just cancelled my card. Really annoying as
    (1) been a customer for 10+ years, more as a backup than primary card though
    (2) I was forced to put in a new application for the no fee card, which was rejected! Because I pay off my balances in full on on all line of credit each month, they were unable to evaluate my "ability" to handle revolving credit. Ummm.... I use the card, I pay it off. I have credit for up to 60 days even when I don't carry a balance!!!
    (3) they covinved me to "upgrade" to their Dividends card 3-4 years ago when I called for another purpose when I had the card I now tried to get back

    ReplyDelete
  3. I carried a balance on my card at an APR of 6.75% and last year they sent me a letter jacking my APR to 24%, so I opted out which meant my card would close in 2010. My card just closed, and after talking to Citibank, there's no way to reopen it "under the new regulations". I really wouldn't care, but I didn't want it to affect my average age of accounts as it was my oldest card. Hopefully by the time this tradeline falls off my credit report, everything else will have aged well. Anyway, I liked Citi, they were always good to me, but after the whole rate jacking move they did, I vow to never ever do business with them. So much for keeping customers!

    ReplyDelete

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