Citibank Home Deport Rewards MasterCard discontinued

[Anonymous]

Citibank has sent out letters that they're discontinuing the Home Depot Rewards MasterCard as of October 31, 2009.

Since I haven't been running a balance on this card, I can close this account at any time.

Would it better for my credit score to have it closed "at customer's request" rather than to just wait for the bank to close it?

[Anonymous]

You could call and ask for a product change.

[creditwherecreditisdue]

Welcome to the forums!

You need to call and convert that card to another one of their products. It should be possible. Let us know what happens.

Message Edited by creditwherecreditisdue on 08-29-2009 04:42 PM

[haulingthescoreup]

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kitten69 wrote:

Citibank has sent out letters that they're discontinuing the Home Depot Rewards MasterCard as of October 31, 2009.

Since I haven't been running a balance on this card, I can close this account at any time.

Would it better for my credit score to have it closed "at customer's request" rather than to just wait for the bank to close it?

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It won't affect your FICO credit score one way or another. I suppose it might potentially affect a future lender, but all you have to do is say that they discontinued the card.

I have the Home Depot store card. I barely use it more than once every six months or so, but it has a $4K credit limit and should I get the urge to replace all my appliances or something, it would give me a 0% APR for some amount of time (can't remember how long.) Again, it's a store card, though, so it can't be used elsewhere.

[YoungEntrepeneur]

I've read that Citi isn't allowing any product conversions for this card. All HD M/C accounts will be closed at the end of October.

[creditwherecreditisdue]

Information found "elsewhere" indicates that the accounts are being closed and cannot be PC'ed by request and are unlikely to be PC'ed by Citi offer. The reason being cited is a stupendous write-off rate of 55%. OUCH and OUCH!

[YoungEntrepeneur]

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@creditwherecreditisdue wrote:
Information found "elsewhere" indicates that the accounts are being closed and cannot be PC'ed by request and are unlikely to be PC'ed by Citi offer. The reason being cited is a stupendous write-off rate of 55%. OUCH and OUCH!

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That's what I read also.

[DieselAmy]

I got the letter too.   I had just used this card for a few bucks last week as my biannual keep-it-active purchase.  I'm going to have to look for CLI elsewhere I guess to help my utilization; this one helped a lot.  Annoying.