Citibank Suddenly Closing Many Credit Card Accounts

The Associated Press is confirming what many blogs and Twitter users have been clamoring about for a few days now.

Citibank is making some major changes to its credit card department after posting “$8 billion in consumer credit losses for its third quarter last week.”

The changes include new interest rates for many customers, even longtime cardholders with good credit records. Sometimes closing a card can have a negative impact on your credit score, but many people reporting closed cards have solid credit histories.

But even more surprising are the number of cards suddenly cut off. Although Citibank would not confirm the number of accounts closed, it did confirm that most of the accounts were Mastercards tied to gas stations like Shell, Citgo, ExxonMobil and Phillips 66-Conoco.

While many customers are having their cards closed, the Citibank Mastercard gas station cards are not going away. According to the AP, Citibank is still advertising the cards on their sites.

Any Citibank card holders out there care to weight in? Have you seen your rates suddenly change or had a credit card cut?


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