Many Citibank cardholders have received notices of an annual fee effective April 1, 2010.
From the letter:
February 13, 2010
Dear Potentially Hosed Customer,
We’re writing to let you know about an important change we’re making to your account. Effective April 1, 2010, an annual
fee of $60 is being added.The reason we are making this change is to maintain the quality of our service amid the rising cost of doing business.
However, because we value you as a customer, we wanted to give you an opportunity to have the annual fee credited
back to your account.Here’s how it works. Each year, we’ll credit the $60 fee back to your account once you have made $2,400 in purchases
during that year. That comes to an average of $200 in spending a month, an amount you can reach by using your card
for purchases you already make, like gas, groceries, cell phone plans or your cable bill.As always, you have the right to opt out of this change and close your account. Please read the Notice of Change in
Terms and Right to Opt Out beginning on the back of this letter so you are fully aware of all your account changes. If you
have questions, call 1-866-915-9425.Sincerely,
Ken Stork
Citibank (South Dakota), N.A.
Here are some of the Citi cards with annual fee starting April 1st:
- Citi Diamond Preferred Rewards MasterCard
- Citi Dividend World MasterCard
- Citi mtvU
- Citi Drivers Edge
- Citi CashReturns
- Citi Home Rebate Mastercard
- Citi Platinum Select
- Citi Appreciation Plus
- Citi Dividend AMEX
It states that once you spent $2400, they will add the $60 credit back to offset the fee. This is almost like blackmail in my opinion. I suggest to get a new card with no annual fee below.
Chase Freedom
Of the many Chase Consumer cards out there, the Chase Freedom Cash Visa Card is ranked on top for its cash back program. The card offers 3% cash back on rotating categories such as gas, groceries, and quick service restaurants. Earn up to 20% cash back when you shop online at select merchants through Chase. You will earn 1% for all other purchases. This seem to be rock solid cash back program with groceries, gas, and restaurants(fast food) combination.
Discover More
The Discover More card gives you 5% cash back on various categories throughout the year. If you go through this special Discover More Card link, you are qualify to get a $50 bonus after $500 in purchases. This card rarely gives out cash sign up bonus so sign up to day through the special link.
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{ 4 comments… read them below or add one }
I was a card member in good standing since 1990.
I was dumbfounded to get the letter from Citibank.
The egregious greed never ceases to amaze me.
I canceled the card the next day.
Spread the word about Citibank’s greed.
I have called Citibank twice and told them to cancel my card and to send
me written confirmation that my account (which I have not used in two years) has been closed.
Each time I call I have been told that a letter will be sent, but it has been three weeks and I have not received it yet.
I am VERY CONCERNED that this company is going to charge EVERYONE the $60 fee!!! It will be their word over mine that I called to close this account. How can I protect myself when they will not mail written confirmation that my account has been closed?
Help…………..
Sharon,
Why don’t you call that number on the back of your card. Ask them to notate on your account that you have told them to cancel the card and to email you with a written confirmation. If the $60 show up, you will have something to back it up.
Citi’s Customer service told me- this change does not effect Citi’s Professional cardholders , true or false ? Later he gave me a $25 credit to my account if i continue to stayed ????? I don’t think i received a letter particular to this account, while I did receive the notice on separate accounts. Although I don’t think those were professional cards.