Consumerist
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too stupid to deal with
Citibank Invents "Pretend Rate" For Credit Card
Citibank has changed the terms of Victor's credit card agreement, and in the process they've created a bizarre rolling refund arrangement that will make his interest rate jump to 29.99 percent, except that actually it won't, eventually. Maybe. Update: Another reader sent us a copy of the letter, and the arrangement is even less favorable than we first thought (see below). More » -
mastercard
Citi Mysteriously Closes Scads Of Mastercard Accounts Nationwide
Without warning, Citi decided to close a swath of gas-station co-branded Mastercard accounts nationwide. The trouble seems to have started October 15. Quan was one of the affected customers and the credit card company was pretty disingenuous about it when called. More » -
rebates
Citi Gives Self Permission To Sell Your Personal Info If You Get Prepaid Rebate Card
Greg says he inadvertently authorized Citi to share his personal info because he applied for an online rebate. He writes: More » -
loan modifications
"What Do I Do When My Lender Isn't Playing Fair With Loan Modification?"
Yesterday, the New York Times wrote about a judge in Arizona who forced Wells Fargo to explain why it keeps stalling and being uncooperative with a customer who has been trying to get a loan modification request approved. Sadly, in the past week we've gotten two separate emails from homeowners who are also having trouble with getting banks to approve their requests for the government-sponsored loan modifications. "Who can we contact to complain?" asks one frustrated customer. More » -
foreign transaction fees
Beware Credit Cards Charging Foreign Transaction Fees On Domestic Purchases
Banks are increasingly charging foreign transaction fees on domestic purchases, a dangerous practice that's likely to expand as banks look for new ways to generate profit. Tripso tells us the story of Sunil, who bought tickets with Qatar airlines, which sounds ever so expensively foreign. Citi charged a 2% foreign transaction fee, even though the tickets were bought in U.S. dollars and processed by the airline's central reservation system based in Washington D.C. More » -
credit limits
Citibank Comes Up With Elaborate Cash Back Offer That Reduces Credit Limit And Temporarily Suspends Card
Compared to what some other banks and card companies are doing to reduce their exposure to debt, we guess Citibank's cash back offer isn't that bad—it's sort of a "let us help you help yourself get rid of your debt" scheme. It's funny, however, if only because it's such an elaborate way to get customers to self-select for a reduction in credit. More » -
citibank
Citibank Launches iPhone Version Of Mobile App
Okay, all you iPhone dorks, Citi's just released an easy way for you to keep track of your account balances while you're running around pinching things bigger and smaller with your heavily patented gestures. Don't worry, ugly phone owners, they've got other mobile versions too. More » -
credit cards
Citibank Reinstates Credit Limits If You Ask
Like many credit cards, Citibank is cutting people's credit limits left and right but apparently if you call up and ask to get your credit limit back to where it was, they'll do it for you. Classic tactic: Conduct adverse action, easily fix it for the small amount of people who complain, profit from the difference. As ever, squeaky wheel gets the grease.
Citibank Hacking Lines Of Credit — Again [CreditMattersBlog] (Photo: Groovnick)
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citi
White House To Citi: Don't Even Think About Buying Luxury Jets With Taxpayer Money
Yesterday, we wrote that Citigroup had decided to spend $50 million of its bailout money on a French luxury jet to ferry execs around town. The White House was not pleased about this. More » -
citi
Bailed Out Citigroup Stimulates French Economy By Purchasing $50 Million Corporate Jet
With $45 billion in taxpayer funds burning a hole in its pocket, Citigroup is purchasing a $50 million Dassault Falcon 7X, according to the New York Post. Apparently none of the existing jets that ferried execs to Washington to ask for bailout funds was ironic enough. More » -
credit cards
Defending Access To Your Credit Cards & Lines
Credit card issuers are panicking, cutting credit lines and entire cards. This can have a negative impact on your credit score, here's a few ideas on how to defend against it. More » -
citibank
20% Of Citigroup Cardholders Can Expect Rate Increases For 2009
If you have a Citigroup-issued credit card and you haven't had a rate increase over the last two years, expect to be notified of a 2-3% rate increase on your November statement. Congratulations! You're going to help Citigroup offset its losses in the global credit card division, whether you were directly part of those losses or not. As the New York Times points out, by doing this Citigroup is breaking the promise they made to Congress in 2007 that they would not arbitrarily raise rates on accounts—which may be why they're offering a fairly lenient opt-out policy. More » -
personal finance
Citi Credit Card Cautions You Against Spending
Citi's been burned enough by its cardholders' profligate spending, apparently. Check out the message on this activation sticker on a new card. We like the inclusion of a sort of Yin-yang background, as if to remind us that debt and repayment are equal elements of the consumer credit world. A balance must be maintained! Just, you know, not so high a balance that you can't make your monthly payments.(Thanks to Jerry!) -
wachovia
Citigroup Buys Wachovia
Citigroup is buying Wachovia's deposits, $300 billion of its loan portfolio, and about $42 billion of debt for an undisclosed sum, reports CNN. More » -
citibank
Forever 21 Aftershocks? Citibank Cancels Cards Due To Retailer Security Breach
We've received queries from readers telling us that their Citibank cards have been replaced, and asking whether we've heard about any new security breach. Other than Forever 21 we haven't, so we're wondering whether they're responsible for the stories below. More » -
illegal evictions
Citibank: Sorry We Illegally Ruined Everything You Own Because Your Landlord Was In Foreclosure
Do you know what your rights are if your landlord is in foreclosure and people show up at your door to try to evict you instead of him? What if they load all your crap onto a truck and lock you out? No? Neither did "Tabitha," a renter whose landlord was in foreclosure and whose possessions were destroyed as movers kept illegally loading them onto and off trucks over and over again. More » -
citigroup
Citigroup May Reinstate Universal Default
Last year Citigroup pledged to abandon the customer-screwing policy of universal default, where an unrelated late payment or credit score change can trigger an interest rate increase on your Citibank card. They even used a marketing phrase to promote their promise: "a deal is a deal." According to the New York Times, Citigroup is "quietly reconsidering its pledge" and may decide to reinstate universal default as early as this week.
As the New York Times puts it, "Citigroup’s deal is only a deal until it isn’t." More »
citi
New York, 6:30 AM
Mon Nov 9
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