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Citi Selling CC Portfolio to US Bank

Senior Contributor

Citi Selling CC Portfolio to US Bank

Article at Reuters. Any opinions and are all our cards going to be effected?
Message 1 of 13
12 REPLIES
Senior Contributor

Re: Citi Selling CC Portfolio to US Bank

Hmmmm.....can you say WAMU - CHASE.

 

Actually I have no idea....but as I recall US Bank is conservative compared to Citi.

 

 

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Message 2 of 13
Moderator Emerita

Re: Citi Selling CC Portfolio to US Bank

Citigroup sells three credit card portfolios

It would help if they said which portfolios, wouldn't it? Are we certain that they were sold to US Bank? The name of the buyers were not disclosed.

Ahh, here's another post that indicates it is US Bank, and which cards:

Maria Aspan reports for American Banker this afternoon that Citi Holdings has sold $1.3 billion of managed card portfolios to US Bank. She reports that the portfolios were associated with KeyCorp, Associated Banc-Corp, and the affinity card portfolio for the American Dental Association. Earlier, Floyd Norris of the New York Times posted a commentary about Citi's earlier press release announcing the sale - calling it the " least informative announcement ." He said that "I can’t remember a deal announcement when a company said it had sold undisclosed assets to an undisclosed buyer for an...

Payments News dot com article

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Message 3 of 13
Frequent Contributor

Re: Citi Selling CC Portfolio to US Bank

I hope US Bank doesn't ratejack their good customers because they are taking on $1.3 billion of managed card portfolios from Citi Holdings.
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Message 4 of 13
Senior Contributor

Re: Citi Selling CC Portfolio to US Bank


haulingthescoreup wrote:
Citigroup sells three credit card portfolios

It would help if they said which portfolios, wouldn't it? Are we certain that they were sold to US Bank? The name of the buyers were not disclosed.

Ahh, here's another post that indicates it is US Bank, and which cards:

Maria Aspan reports for American Banker this afternoon that Citi Holdings has sold $1.3 billion of managed card portfolios to US Bank. She reports that the portfolios were associated with KeyCorp, Associated Banc-Corp, and the affinity card portfolio for the American Dental Association. Earlier, Floyd Norris of the New York Times posted a commentary about Citi's earlier press release announcing the sale - calling it the " least informative announcement ." He said that "I can’t remember a deal announcement when a company said it had sold undisclosed assets to an undisclosed buyer for an...

Payments News dot com article


I don't think this is going to effect the holders of the regular Citi cards. (The ones offered thru their website.) Hopefully those moved over will be less marginal post transaction. Could be good for everybody, Too bad Chase didn't do this with a large chunk of the WaMu portfolio. Of course Chase got it for free, so why should they bother trying to make any money with the discards.

Message 5 of 13
Senior Contributor

Re: Citi Selling CC Portfolio to US Bank

KeyCorp = KeyBank

Associated Banc-Corp = A Wisconsin bank, HQ in Green Bay, WI

The affinity card portfolio for the American Dental Association = The reason why I avoid affinity cards.

Message 6 of 13
Established Member

Re: Citi Selling CC Portfolio to US Bank

"I don't think this is going to effect the holders of the regular Citi cards. (The ones offered thru their website.)"

 

+1 

Message 7 of 13
Super Contributor

Re: Citi Selling CC Portfolio to US Bank

Do you think it is going to effect KeyBank Card? I have Key Bank business card. Hope it wont get effected. As it is Citi is closing down the HDMC Business card and I am loosing $10k Business Line. If they pull Key Bank Card then I would loose another $8700 Business Trade Line. I got a $5K CLI on Sams Business Discover card to make up half of $10K CL I am loosing with the HDMC.
Message 8 of 13
Senior Contributor

Re: Citi Selling CC Portfolio to US Bank


concorduser wrote:
Do you think it is going to effect KeyBank Card? I have Key Bank business card. Hope it wont get effected. As it is Citi is closing down the HDMC Business card and I am loosing $10k Business Line. If they pull Key Bank Card then I would loose another $8700 Business Trade Line. I got a $5K CLI on Sams Business Discover card to make up half of $10K CL I am loosing with the HDMC.

 

It just might be all the KeyBank cards. You might want to call and ask somebody,at the KeyBank number tomorrow. It would be interesting to know what they have to say.
Message 9 of 13
Regular Contributor

Re: Citi Selling CC Portfolio to US Bank

I actually have an Associated Bank Account (not credit card).  Are you saying that US Bank just bought them?  If so, that makes all THREE of the banks I have accounts with non-existent since they have all been bought out by bigger banks. <sigh>
Message 10 of 13