Citi Closes Cards Without Warning
Oh my goodness. Am I just picking on Citigroup et al, or have they been in the news a lot in the past couple of days?
News came in last yesterday that, over the weekend, many people tried to use their gasoline cards, which were issued by Citigroup for those companies, and found that they weren’t working. All of them were Mastercards. When people called to find out what happened, they found that their cards had been closed.
Citi owned up to it today, saying they sent out letter today (of all things) saying they were closing a bunch of these “oil-branded” credit cards, including Shell, ExxonMobil and Phillips 66-Conoco cards. I actually have a Mobil card that I haven’t used in a few years, so I guess this means I’ll be getting my notice at some point, if my card is still deemed active. My mother also has one of these cards, but I had talked her out of using it a couple of years ago, opting to have her use a credit card that gave her points for purchasing items with it.
Anyway, it seems that even with the new credit card legislation that’s coming, credit card issuers can close accounts at any time, without warning, whether you’ve been a good customer or not. And get this; supposedly many people with this card could see their credit score take a hit because the account has been closed by the bank, even though it’s not the customer’s fault. That’s another reason I believe credit scores are a joke. Not that anyone’s credit scores are helping them buy anything of substance these days, including real estate.
Folks, if you’re doing any business with these people, you need to beware. They’re going down fast, and they may end up taking many of you with them. I’m not going to say anything more; man, I’m so done with these folks!