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.
Citibank Comes Up With Elaborate Cash Back Offer That Reduces Credit Limit And Temporarily Suspends Card
Bob Sullivan at MSNBC—who coincidentally was one of the speakers at our event last night—has published a list of myths and facts about the new credit card bill. His article dispels some of the misinformation that’s out there right now about just what the act does, and what card companies are going to do in retaliation.
Police have charged Elizabeth Miller, the manager of the Bed, Bath & Beyond in Lexington, Kentucky, who refused to let a couple use the store’s phone to call 911 to report a three-year-old locked in a van, and refused to make an announcement over the store’s PA system. The charge is “failure to report dependency, neglect and abuse, a Class B misdemeanor that carries a maximum sentence of 90 days and a maximum fine of $250.”
A Californian named Andrew Michael (not pictured at left) was sentenced to four years in federal prison last week for scamming Citibank and credit card companies by fraudulently applying for an $8.5 million commercial line of credit—some $2 million of which he spent on personal goods for himself, including “170 troy ounces of silver, 479 tubes of gold flakes, [and] a Rolex watch.”