Citi starts closing Mastercards without warning

[katty]

more: http://www.msnbc.msn.com/id/33388210/ns/business-consumer_news/

updated 8:39 a.m. PT, Tues., Oct . 20, 2009
NEW YORK - Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected.

Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville, Md., resident got a copy of her credit report online, the only negative thing she saw was "closed at credit grantor's request" on the Shell MasterCard account.

"They said there was a routine review," said Burdette, who maintained that she and her husband, Brian, used the card regularly and always paid the bill on time.

[The_Casual_Observer]

1. citibank lost a lot of money, this is a desperate heavy handed move

to do "something" to fix it.

[tabatha]

5. But why close on people who pay regularly?

[katty]

6. it happens, we had one card closed that we'd paid for years

regularly after Chase Bank took over one of our card companies-we had a fairly low balance, still had a credit line and paid more than minimum payment, we called several times up the corporate chain-it was an indefensible move on their part-but they just don't care.

[Daveparts still]

10. Because

They don't make any money on them. They want people who run balances, that's where the moneys at.

[napi21]

2. I would call them back and demand to know the reason. It

could be something they get on their copy of your CR that isn't on your copy. Ive read that banks, CC co's and maybe some others are able to get more detailed info from the Cr. Reporting Agencies than the individual can. No matter, I'd still want to know if it was just THEM being AH's or if there's really something wrong like an error, or another CC you have thatis almost maxed out because they lowered your credit line.

[winyanstaz]

3. Well this is a good credit card company to start with boycotting...

Pay them off if you can,...transfer your accounts...stop giving them any business. And no..don't notify them ahead of time.
I am also sick to death of the power credit companies have over people's lives.
They are raising rates with no good reason...denying credit for things that might well be explainable and fucking with people's lives.
I paid off all my credit cards...and was threatened about my credit rating for doing so.
fuck them..
If I cant pay cash or save up for something...I won''t get it.

[HuckleB]

4. Geez.

It took four requests for us to get them to close two MC accounts a decade ago.

How times have changed.

[marmar]

7. Can't we close $hiti without warning?

nt

[tomm2thumbs]

8. they're doing people a favor - everyone should leave credit cards to debit cards

revolving credit is like being covered with leeches - bleeding you slowly and surely

[MISSDem]

9. I don't agree. I like using their money for a month

and letting mine draw interest. But you do have to pay it in full every month when you get the bill. They do say that the credit card company is test flying a yearly fee for people like me who pay it off every month because they don't make much money on us.