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Citibank on Apr. 1st is adding annual fee...

Posted: Feb 21, 2010

of $60., if you don't charge $2400. annually on their card.

This was in the Chicago Sun-Times today.

;

Was just talking about this - any company/bank that charges - anony

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for not remaining in debt with them should go down the tubes. The gall of them to say I'm going to charge you because you are not charging. If I had a card with them I'd cancel it and I hope everyone else does too.

These day and ages with the economy the best way to live (in my opinion) is cash only. If I can't afford something with my paycheck I don't buy it.

It's the way my parents, grandparents, great grandparents, etc lived and they did just fine.

Not only that but they are restricting people - from withdrawing their own money

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That would be a huge warning to me to remove my money and close my account if I had an account with them.

Credit cards - Euro sepsis

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I have had a card through Citibank for 30 years. Never a late payment, never anywhere near to my credit limit. About 20 years ago they used to have an annual fee but offered for me to pay a flat $60 fee and NEVER pay an annual fee again. I did that. I got my notice last week that they will be imposing a $60 annual fee with the above restrictions. Obviously I do not still have the notice about the never having an annual fee again. I canceled my card last night and opened up a new MC through my local (very small town) bank with no annual fee and about 3% less interest charges.

I haven't trusted Citibank for a long time but didn't charge anything that I couldn't pay off in 2 months so it didn't really matter. This was just the kick in the butt I needed to get rid of them. I refuse to pay them a fee just to be able to pay them more later. Ridiculous!

What about credit unions? Are they better than banks? - nm - Zircon

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I don't care - anon

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about the fee. I love the rewards. I put everything I can on that card (gas, groceries, etc), but the catch is I pay it off completely each and every month. No interest. No late fees. Nada. I keep track of my purchases online, and yes, there will be no problem charging at least $2400 annually. If you are disciplined, you can make this work for you. Citibank has the best rewards program out there overall IMO. Don't just drop them before you read all the fine print and see how it can work for you. No, I am not a Citibank employee. lol

As an MT, I cant afford to pay $2400 annually for - ANYTHING, except food/rent! - Zircon

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I drive my car as little as possible, and only fill it up once a month. ($45).

I only buy whatever's on sale at the supermarket. ($300 mo.)

I only buy clothes at the local thrift shop, unless Walmart has something I need/want on the $3 rack. ($100 yr.)

I recently worked out a deal with my landlord where I'm working off part of my monthly rent by taking care of the property. (- $100/mo.)

Zircon - anon

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Exactly! Gas and groceries would be all you need to put on there to more than quality for the yearly amount (and still get your rewards back in cash if you want!) I am a coupon queen too. I only buy on sale and match with as many coupons as I can at the same time. Nice deal you have worked out with the landlord. We all do what we have to do in this economy and in this profession the way it's going right now. Best wishes to you.

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