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Super Contributor
Posts: 10,631
Registered: ‎04-22-2013
0

Re: Getting CCs closed by issuer


HiLine wrote:

I'm with enharu on this. I don't think any consumer has every won such a case against credit card issuers. You accepted the rule of the game when you agreed that both you and they can freely close the account without having to state the reason.

 


Clearly a personal decision!    But one point:  no-one (or nearly no-one) denies that they have the right to close the account, the question is whether they had to pay the value of the points.   Citi clearly cannot close one of their bank accounts "for any reason" and keep the money, they need some justification.

 

And yes, some (but by no means all) did get reimbursed by Chase when they did a similar thing.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Getting CCs closed by issuer

Since I am bored on a weekend afternoon. Here is what I found for you:

 

 

Citi® ThankYou® Rewards
Citi ThankYou® and Citi ThankYou® Preferred Card Terms and Conditions
Citi® ThankYou® Rewards is offered to certain cardmembers ("you") at the sole discretion of Citibank, N.A. ("we"), the issuer of your card account ("Card Account"). ThankYou Rewards or any portion thereof may be revised or terminated with 30 days prior written notice. Any revisions may affect your ability to use the ThankYou Points you have already accumulated. If ThankYou Rewards is terminated, you will only have 90 days from ThankYou Rewards termination date to redeem all your accumulated ThankYou Points ("ThankYou Points"). Rewards offered by ThankYou Rewards and the ThankYou Point levels required for specific rewards are subject to change without notice.
You will earn one ThankYou Point for every dollar you spend on purchases unless the offer to which you responded has a different ThankYou Point earning description. Only purchases are eligible to earn ThankYou Points. Personal banking transactions you make using your card will earn only 1 ThankYou Point even if the offer to which you responded has a different ThankYou Point earning description. If the offer to which you responded allows you to earn additional ThankYou Points at supermarkets, drug stores and gas stations, they are defined as follows: Supermarkets are stand-alone merchants that primarily sell a complete line of food merchandise for home consumption. Drugstores are stand-alone merchants that primarily sell prescription and proprietary drugs and nonprescription (over-the-counter) medicines. Gas stations are stand-alone merchants that primarily sell vehicle fuel for consumer use. Your ThankYou Points will not expire unless we terminate ThankYou Rewards.
For new accounts opened by July 27, 2013: At the end of your first Citi ThankYou Card account membership year (your membership year begins the date you became a Citi ThankYou cardmember ), you will also earn a 1% Anniversary Bonus calculated as a percentage of ThankYou Points earned from purchases during that membership year.
 Note: The Anniversary Bonus calculation does not include any other points, including bonus ThankYou Points,you may have earned during that membership year. It may take 1-3 billing statements for the Anniversary Bonus to post to your Card Account at the end of the first membership year.
You may earn ThankYou Points as long as your Card Account is open and current. If your Card Account is closed, you will not be able to earn ThankYou Points and you will lose any accumulated ThankYou Points that have not been transferred to your ThankYou Member Account. Balance transfers, cash advances, convenience checks, returned purchases, disputed or unauthorized purchases/fraudulent transactions, finance charges, Card Account fees, and fees for services and programs you elect to receive through us do not earn ThankYou Points unless otherwise specified.
If you are approved for a Card Account, a ThankYou Rewards Member Account ("ThankYou Member Account") will be set up for you. ThankYou Points post to your Card Account at the close of each billing cycle, and at that time we will transfer the ThankYou Points you earned to your ThankYou Member Account. ThankYou Points are not eligible for redemption until they are transferred to your ThankYou Member Account. ThankYou Points may not be redeemed and may be lost if your Card Account is not open or current.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Super Contributor
Posts: 10,631
Registered: ‎04-22-2013
0

Re: Getting CCs closed by issuer


enharu wrote:

You obviously did not read the entire T&C whenever you apply for anything, did you?

 

 


This really is the crux.  The T&C are using terms like "fraud", "abuse" whereas Amex etc, clearly state gift cards/reload cards are not allowed.  Citi had the opportunity to list those and didn't, just using blanket terms.  So, there is some room for legal interpretation here. 

 

And, as in my earlier post, putting things in T&Cs doesn't override other consumer protections.  

Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: Getting CCs closed by issuer


longtimelurker wrote:

HiLine wrote:

I'm with enharu on this. I don't think any consumer has every won such a case against credit card issuers. You accepted the rule of the game when you agreed that both you and they can freely close the account without having to state the reason.

 


Clearly a personal decision!    But one point:  no-one (or nearly no-one) denies that they have the right to close the account, the question is whether they had to pay the value of the points.   Citi clearly cannot close one of their bank accounts "for any reason" and keep the money, they need some justification.

 

And yes, some (but by no means all) did get reimbursed by Chase when they did a similar thing.


I'm willing to bet that the credit card T&C contains the provision that once an account is closed all the rewards also vanish. It is different for bank accounts such as checking and savings accounts as they are considered deposits and are protected by the law. 

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Getting CCs closed by issuer

https://www.thankyou.com/tc.jspx

 

Some quotes:

  1. ThankYou Points have no cash value.
  2. If your ThankYou Member Account is closed for any reason, you will lose any ThankYou Points in that ThankYou Member Account. If your participating Sponsor Account is closed, you will no longer be able to accumulate and may lose the ThankYou Points that you earned through that Sponsor and through ThankYou Rewards. If all your Sponsor Accounts are closed, we may close your ThankYou Member Account. If you do not have an open Sponsor Account, we may also close your ThankYou Member Account or suspend your account privileges at any time for any reason
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

this thread has gone off topic

you guys can dispute all u want on whether this waas abuse or not, we will have a judge decide and see! I'm not gona respond to discussion of whether i violated tos or not cuz according to my interpretation i have not...

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Getting CCs closed by issuer


kaiotes1 wrote:

this thread has gone off topic

you guys can dispute all u want on whether this waas abuse or not, we will have a judge decide and see! I'm not gona respond to discussion of whether i violated tos or not cuz according to my interpretation i have not...


The thing that matters here is not your interpretation nor ours.

Citi interpreted it that way and your accounts got closed.

End of story.

 

The best thing you can do right now is to have them not close the remaining ones. No use beating a dead horse over and over.

Right now, assume that they are closing your account for "RISK PURPOSES" not rewards abuse. Unless you can somehow prove that its not due to 10000 other reasons but only because of rewards abuse your account got closed, you got a chance.

 

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: Getting CCs closed by issuer

No one is going to try to stop you - it is your decision. We are only explaining to you that you don't have much chance in the case because of 2 provisions in the T&C:

 

1. That both you and they have the right to close the account for any reason.

2. That once the account is closed all the rewards points are forfeited. 

New Member
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

so if i had a savings account w 100k in it and they close it they can withhold my 100k right..

not gona reply to anything thats off topic anymore

 

 

Established Contributor
Posts: 505
Registered: ‎12-07-2012
0

Re: Getting CCs closed by issuer

Has anyone asked,

How does the OP have 10 accounts with Citi alone?

 

And what type of cards are they?

Amex BCE $18,000 | BofA Power Rewards WMC $15,000 | Chase Freedom VS $20,000 | Chase Marriott Premier VS $5,000 | Citi Diamond Preferred $4,200 | DCU $4,300 | Discover It $4,900 | Local Bank MC $4,125 | Local CU Visa $3,500 | PenFed Platinum Rewards VS $9,000 | SallieMae Rewards $11,000
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