Complaint Review: Citibank NA Shell Mastercard - Sioux Falls South Dakota

I received my letter from Citi, dated 10/15/09, today, the 23rd, explaining why my Shell Mastercard account was closed. The reason I was given was "ratio of revolving balances to credit limits too high". They also said "Our review was processed by a credit scoring system that assigned a numerical value to various items on your account(s) with us and your credit report." 

 

I assume that other Citi cardholders whose accounts were closed received similarly-worded letters.  

 

Reading up on this situation, I am glad that the account is closed. Once I pay this off, no more Citibank. At least I can still continue to make monthly payments at my current interest rate, which is 18.9%. Usually closed or "opted out" credit card accounts are paid off at the "old" interest rate. I did hear that Citi plans to raise the interest rate on its cards to 29.99% by November 30. Whether this increase will apply to the closed accounts I don't know offhand, but I do plan to transfer the balance to a 14.99% Visa from another bank if Citi does raise my rate. I prefer to pay Citi at this point since it would keep more available credit on my other card open, thus keeping my credit score acceptable.  

 

I wonder what the reasons were for other Citi card accounts closing, since the letters are reaching the affected cardholders now. I assume the same reason for the closing of my account.

We have a similar story as well but it hit us by surprise as we have been paying off our credit cards after getting socked with a ton of debt.  At one point we had 14 credit cards and now we were down to four, including the Shell Mastercard from Citi.  It had been paid off but we were using it monthly for gas purchases for the rebate.

However, my wife just had surgery this month so this month things were tight and when she went to the store and tried to use the card it was declined. 

When I called customer service the rep started talking to me as if she were reading from a cue card of some kind about my 'credit report being pulled' and the results were my account was closed.

Despite having gone through credit card hell, we were NEVER late on any credit card and in fact our financial situation has improved significantly in the past year.

We have gone to a cash only system (one CC will be kept open for hotels, car rentals, etc.)  and our life has been a lot better since we no longer are having to deal with CC companies and their BS.

I found out by going to purchase gas.  Very embarassing.  I took the card inside to have the clerk run it, and was told in front of a crowd of people it was declined.  Crappy way to do business.  They should have used that nifty service they use to email me my bill to tell me they yanked my card.

Looks like they did it to a bunch of us... same story: go get gas, card declined, no letter or notice at all.

I pulled all 3 reports yesterday, and they were all in the 700-800 range (which is very good).

I find it hard to imagine that they would do this to their best customers.  I had the card for about 10 years, with $12,500 credit line.  My average monthly balance was about $1500 and was paid in full every month (which they HATE).

This is particularly offensive in light of the fact that $30,000 of my 2008 tax bill went to those bastar.s.  Let's see $330 billion to CITI / 10 million taxpayers who pay 90% of the US tax burden... hmmm.

Just for fun (and to mess with them) I am seriously considering filing a damages suit against them in JP court to smoke them out.  The $40 filing fee would be worth them having to spend $10,000 to answer it.  It is the old "because of their egregious and malicious act to deny credit without cause or notice, I have lost a promising  investment opportunity, the lost opportunity cost of which remains undetermined".  The good news is that I can pay the monthly balance into the registry of the court, and they can't say that I'm past due.

Of course, if everyone did it, it might actually get some media traction.  In any event, a call to your political representatives might be useful as well (in spite of their recent ignorance of our will). 

We have or had until last week three consumers in my family that had Shell CitiBank Platinum Cards that were cancelled last week. Each was denied without any notice except to call the card company.  None of the cards ever had a late payment. Almost every month's charges were paid in full

My account had a credit limit of $5,000 and was over 8 years old.  I think that Shell wants to stop paying the discount on its gasoline.   Tim

My husband and I have had a Citi Shell Mastercard since 2003.  In that time, we've never been late and never over the limit.  Last week, we both attempted to use the card at gas stations (as we always do - that's why we have it), and each time, it was "not approved." 

Yesterday, I called Citi to find out what was going on with the account.  I couldn't figure out why the card was being declined when payments were made on time, and we had substantial available credit.  I was told that the account was closed, and that we should shred our cards.  The reason was some mysterious problem with our credit report.  However, a look at both of our credit reports showed nothing unusual. 

For whatever reason, Citi has decided to cut off it's loyal customers.  When I asked the customer service rep how Citi can do this, she responded with "we've been doing it that way for 40 years."  Bu||sh|t.

We'll be transferring our entire balance to another account, and closing all Citi accounts (including our Home Depot card).  They'll never get another dime from us.

"As a result of the Global financial crisis of 20082009 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U.S. government under plans agreed for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion."

Now I am no economist..but it seems the 50 BILLION total they received,which you would think during a recession was intended to help stimulate the economy.....was not enough to cover a risk as they must be assuming you are..since they are already potentially in the hole 306 Billion in "risky" assets.

You are just a statistic to them..they sneeze more then $1100.00 per minute at that rate of LOSS.

I know I didn't mind when I was sent a measly $600.00 back of MY tax dollars for the Bush "stimulus"..but I guess now they only thing that is being "stimulated"..is anything that may protect the banks.

If I am wrong..please let me know.