They were sending me a new card but I told them to close the account for good. I had intended to do it in a matter of days anyway. Bank of America used to pay me to have a card. I paid the balance off every month and earned cash for points. I'm not their bread and butter. But now, after 10 years, they're charging me a $50 annual fee.
Citibank is closing accounts without warning as well and it looks as though there are no laws against it.
Citi confirmed the basics. The bank said in a statement it "decided to close a limited number of oil partner co-branded MasterCard accounts." That includes not only Shell, but Citgo, ExxonMobil and Phillips 66-Conoco cards.
The close date was Wednesday, and letters were sent out Monday to customers informing them of the change, a Citi spokesman said. The bank would not say how many cards were shut down or how much available credit they represented.
But unlike the bank's move to shut down its Home Depot cards, Citi did not discontinue the sale of these cards altogether. It is still accepting applications, promising rewards like 3 percent cash back on fuel purchases and 1 percent cash back on other spending.
No law, including the Credit CARD Act that has started to take effect, prevents banks from closing down credit accounts without warning. Credit card issuers all maintain the right, typically listed in the fine print on credit card agreements. MSNBC
