Citibank Gold Mastercard Credit Card Review
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Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
JOSEPH
Date: 2/12/2001 12:52 am CDT
I JUST RECEIVED A REVISION NOTICE TO MY ACCOUNT AGREEMENT
WITH MY CITIBANK GOLD MASTERCARD. UNDER THE ITEMS LISTED
FOR WHICH THE ACCOUNT WILL BE CONSIDERED IN DEFAULT WAS A PROVISION WHERE IF A PAYMENT IS MADE LATE TO THIS ACCOUNT OR ANY OTHER CREDITORS ACCOUNT, THEN THE ACCOUNT WILL BE IN DEFAULT.
I CAN UNDERSTAND IF A PAYMENT WERE MADE LATE TO THEM THE ACCOUNT WOULD BE IN DEFAULT, BUT A LATE PAYMENT TO ANOTHER COMPANY? I CAN SEE HOW PAYMENT HISTORY IS AN IMPORTANT ELEMENT OF ONES CREDIT PROFILE, AND CAN BE USED TO SET INTEREST RATES AND SO FORTH, BUT TO ESTABLISH A DEFAULT OF AN ACCOUNT AGREEMENT DOES NOT SEEM RIGHT. IS THAT LEGAL? IF IT IS, I DON'T THINK IT SHOULD BE. TO ME IT'S LIKE HAVING YOUR HOUSE REPOSSESSED BECAUSE YOU MISSED A PAYMENT ON YOUR CAR.
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Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
dave
Date: 2/12/2001 3:56 pm CDT
Yes, it is legal. Citibank reserves the right to increase your APR if you are late with other lenders. This is a sensible provision because from Citibank's perspective, you would be a higher risk to them. It's unfortunate that they use the word "default" to describe this situation, but the plain meaning is that if you fail to maintain good credit in general, you will have to pay higher interest.
archive
Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
Eugene
Date: 2/12/2001 11:02 pm CDT
Citibank reserves the right to increase your APR if you are late with other lenders. This is a sensible provision because from Citibank's perspective, you would be a higher risk to them.
Exactly.
It's unfortunate that they use the word "default" to describe this situation
More importantly, what does defaulting lead to with them? They will certainly raise the APR, on reward cards defaulting leads to forfeiting the pending reward, you can also forget most other perks because they are offered only for accounts in good standing (is that the exact opposite of default?) What else will happen? Joseph, you should scan your card agreement for the answer.
, but the plain meaning is that if you fail to maintain good credit in general, you will have to pay higher interest.
Well, up to now Citibank had a procedure to do that without needing to re-define "default". If they do now, they most probably do it for reasons other than being able to jack up your APR if you pay late to other creditors.
Has anybody else received a notice like that from Citibank? I have not.
archive
Posted: Tue Sep 28, 2004 11:35 pm
Post subject: Citibank Gold Mastercard Credit Card Review
: Amy
Date: 2/13/2001 4:04 pm CDT
HI I had a late charge with Quicken card with Citibank ( the first EVER- I think they are shortening the grace time for profit!!
I had a balance at Christmas-mailed in full (as always) on 12/20 and was charged late charges till 1/6 -They would not adjust for Christmas mail and days closed. Since then I have noticed I get the bill with last day of the month charges but don't get it till the 12th- or 15th of the month with due date of the 26th. Are there cards with better grace periods- I bearly have time for a same day turn around on the bills!
Thanks Amy
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
JOSEPH
Date: 2/12/2001 12:52 am CDT
I JUST RECEIVED A REVISION NOTICE TO MY ACCOUNT AGREEMENT
WITH MY CITIBANK GOLD MASTERCARD. UNDER THE ITEMS LISTED
FOR WHICH THE ACCOUNT WILL BE CONSIDERED IN DEFAULT WAS A PROVISION WHERE IF A PAYMENT IS MADE LATE TO THIS ACCOUNT OR ANY OTHER CREDITORS ACCOUNT, THEN THE ACCOUNT WILL BE IN DEFAULT.
I CAN UNDERSTAND IF A PAYMENT WERE MADE LATE TO THEM THE ACCOUNT WOULD BE IN DEFAULT, BUT A LATE PAYMENT TO ANOTHER COMPANY? I CAN SEE HOW PAYMENT HISTORY IS AN IMPORTANT ELEMENT OF ONES CREDIT PROFILE, AND CAN BE USED TO SET INTEREST RATES AND SO FORTH, BUT TO ESTABLISH A DEFAULT OF AN ACCOUNT AGREEMENT DOES NOT SEEM RIGHT. IS THAT LEGAL? IF IT IS, I DON'T THINK IT SHOULD BE. TO ME IT'S LIKE HAVING YOUR HOUSE REPOSSESSED BECAUSE YOU MISSED A PAYMENT ON YOUR CAR.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
dave
Date: 2/12/2001 3:56 pm CDT
Yes, it is legal. Citibank reserves the right to increase your APR if you are late with other lenders. This is a sensible provision because from Citibank's perspective, you would be a higher risk to them. It's unfortunate that they use the word "default" to describe this situation, but the plain meaning is that if you fail to maintain good credit in general, you will have to pay higher interest.
archive
Posted: Tue Sep 28, 2004 11:34 pm
Post subject: Citibank Gold Mastercard Credit Card Review
Eugene
Date: 2/12/2001 11:02 pm CDT
Citibank reserves the right to increase your APR if you are late with other lenders. This is a sensible provision because from Citibank's perspective, you would be a higher risk to them.
Exactly.
It's unfortunate that they use the word "default" to describe this situation
More importantly, what does defaulting lead to with them? They will certainly raise the APR, on reward cards defaulting leads to forfeiting the pending reward, you can also forget most other perks because they are offered only for accounts in good standing (is that the exact opposite of default?) What else will happen? Joseph, you should scan your card agreement for the answer.
, but the plain meaning is that if you fail to maintain good credit in general, you will have to pay higher interest.
Well, up to now Citibank had a procedure to do that without needing to re-define "default". If they do now, they most probably do it for reasons other than being able to jack up your APR if you pay late to other creditors.
Has anybody else received a notice like that from Citibank? I have not.
archive
Posted: Tue Sep 28, 2004 11:35 pm
Post subject: Citibank Gold Mastercard Credit Card Review
: Amy
Date: 2/13/2001 4:04 pm CDT
HI I had a late charge with Quicken card with Citibank ( the first EVER- I think they are shortening the grace time for profit!!
I had a balance at Christmas-mailed in full (as always) on 12/20 and was charged late charges till 1/6 -They would not adjust for Christmas mail and days closed. Since then I have noticed I get the bill with last day of the month charges but don't get it till the 12th- or 15th of the month with due date of the 26th. Are there cards with better grace periods- I bearly have time for a same day turn around on the bills!
Thanks Amy
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:28 PM
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