03-27-2009 09:49 AM
The following is from my wife's Shell Citibank Card.
On the scheduled payment date, if your payment is greater than your current balance and more than the last statement balance, we will lower the payment to an amount equal to the last statement balance. (If that statement balance was zero, the payment will be canceled.) The purpose of this is to avoid a credit balance on your account.
Shell/Citibank dropped the CL from $1600 to $300. A single tank of gas will push the card to almost 10% utilization. We planned to use the card a few times, ask for a CLI, use it more time, etc then grow the CLI back to a more reasonable number. The above statement says that if you didn't have any balance last month,then you can not pay or prepay any changes before the closing date.
Is this payment policy common for all cards issued by Citibank or is it only done for cards with low credit limits?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO