Credit Card Accounts Being Closed Without Warning
Now this is really going to piss people off. It would seem that Citibank is actually closing down credit card accounts with little or no warning given to the cardholder.
The bank recently made a statement confirming as much where they stated that they “decided to close a limited number of oil partner cobranded MasterCard accounts”.
What they’re referring to are credit cards that are co-branded along with oil companies including Shell, Citgo, Exxon Mobil and Phillips 66.
Consumer websites are lighting up with people reporting that they pulled into the gas station and attempted to fill up only to have their card rejected.
Often times they were to told by Citibank that the card was rejected because of a negative mark on their credit report. However, a great many of the cardholders are saying that there were no negative marks on their credit report to substantiate that.
Many consumers are complaining that despite the fact that they use their card regularly and always pay on time that their accounts were closed without warning.
Citi in fact has not discontinued offering the oil partner co-branded MasterCard credit cards. They are still accepting applications and even offer a cash back rewards program on fuel purchases.
Citi did say that they sent out letters informing customers that their accounts would be closed, but it was in fact done with little or no notice at all.
Currently there are no laws on the books that prevent credit card issuers from closing accounts without giving adequate warning.
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