6 Highlights Of A Citibank Credit Card

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Citibank credit cards offer a wide range of benefits. Basically, all of it features offer clients with security during emergencies, the advantage of not bringing cash and checks, and improving independence and responsibility in financial management.

Other than these basic perks of credit cards, there are specified benefits the Citibank credit cards have to offer. Here are some of the credit cards and their corresponding perks:

1) Diners club international credit card. This kind of credit card provides you with the decision of your own credit limit. The interest rates would not show on your bill for fifty days. Since this Citibank credit card could be used all around the world, it gives you the privilege of using it within five million companies worldwide. The ATM card could be used anywhere in the world. And lastly, there is no extra fee when the Citibank credit card is lost.

2) The Citibank Gold Card. This kind of Citibank credit card provides you with a higher credit and cash limit. It offers you access on international lounges and airports. It has a strong and secured insurance. And there is no fee when the credit card has been stolen, lost or damaged.

3) Jet Airways Citibank International Gold Card. This kind of credit card allows the cardholder to take advantage of jet privileges and promos on jet miles when you make use of the credit or cash. When you have been approved with this kind of credit card, you will be automatically given a jet airways ride of 1500 miles. Plus, the services and credit card is insured.

4) The Citibank Silver Card. This kind of credit card has several kinds of insurances like personal accidents, baggage and household insurances that would cover up your expenses. There are also occasional discounts on certain stores and zero costing on lost credit cards.

5) The Citibank Woman's card. This kind of credit card targets the women. It provides women with discounts on jewelry, cosmetics, health products, clothes and many shopping stores. It also provides jewelry insurance and there is no extra fee when the Citibank credit card is lost.

6) Specialty cards. There are Citibank credit cards that provide you specifically with music and book stores usage, gives you an advantage on concerts and movie passes, and could give you discounts on oil transactions. These kinds of credit cards would depend on which you apply for and use regularly.

With those numerous advantages, you will surely wonder how you were able to get along without it.

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Why is Citibank canceling my credit card?

Here is some back ground:
I am 28

My income is $48,000/year

Technically a mortgage still has my name on it from a divorce (all in good standing, no late payments, 5 yrs of payments made about $75,000 left)

I have paid off two auto loans, both in great standing, paid on time and early.

I have 4 cards :Home depot, Citi, Amex, Best Buy.

Amex= $4,700 limit. Balance is $4,300. (all payments made on time)

Home Depot= $3,700 limit Balance is $0 (Also a "Citibank card"I make purchases and pay them off)

Best Buy= $2,100 limit Balance is $0 (I make purchases and pay them off)

My Citibank credit card is my oldest card. It was my first card and I got it back in 2000 when I was in college. In the last 10 years I have had it maxed out and then paid off 3 times. I have had a zero balances many times. Currently my limit is 3,700. My balance is 3,300 and has been for 2 years. I make all payments on time and over the minimum. Occasionally I make small purchases. (which is why my balance stays the same over time). They sent me a letter stating they "recently adjusted their standards and my account does not meet the new standards" It will be canceled due to:
*Proportion of balances to credit limit is too high
*Amount owed on accounts it too high
*Amount owed on revolving accounts is too high

Yes, those are all self explanatory reasons. But somehow I still need further clarification: do they want to cancel it because I have not paid it down in a long time----that it's basically "stagnant"

So with all this info and you see the big picture do you think this has anything to do with my Home Depot card and it's zero balance?
Do you agree they are canceling my card because it is "stagnant"
Do you think they would agree to keep it open if I agree to bring the balance down soon?

I plan on calling of course, on all of these issues, but for now they are closed and I need to get your opinion.

Answer
I think they canceled your card because the bank changed its standards for its credit card customers. Citibank is now tightening its credit standards. While you may have fit their profile for a customer back in 2000 and even 2008, you don't at the moment.

You have said yourself that the Citi card balance stayed around $3,300 for 2 years. Why so? Sure, you have made small purchases on the Citi card, but if you have paid off two auto notes (and early at that), couldn't you had made extra payments to Citi after the cars were paid off to further reduce your Citi debt?

Where did you divert that money too instead?

Right now, you have $7,000 of outstanding credit card debt and a mortgage (technically) on top of that. It sounds like you are ready to move mountains to get your Citi credit line back, but you really shouldn't put amounts of debt on your credit card that takes 2 years + to pay back. And one of the main reasons is the very credit card company who used to treat you like family may renege on its loyalties and cancel your card with little notice and not much explanation.

The business model is changing and we must change our appetite for debt to accommodate the new whims of the credit card industry.

You should call the bank and make a request for them to change their decision, but if they deny your request, look at it as an opportunity to owe less debt in the future, to tie up less of your future income with creditors, and to ultimately reduce the number of credit cards you have to pay on a montly basis.