Would you prefer instant closure or FR?

[Open123]

Have been reading up on Citi arbitrarily closing accounts for perk abuse with no recourse.  Not only has Citi closed the offending account, but also all associating credit and bank accounts.  There is no recourse, explanation or discussion.

Do you guys think this would be preferable to the Amex FR? 

I have some new found respect for Citi.  Best way to handle unprofitable customers (the truly egregious perk abusers) is to simply purge them en masse with absolute finality. 

[b_seeker]

Why do you have respect for Citi? They are handling their witch hunt very poorly. Yes, they are unprofitable customers but really it is Citi's fault for not thinking their uncapped points offer better. Plus, Citi should not be putting stop payments on checks redeemed when the accounts were in good standing, IMO.

That said, I don't know why anyone wouldn't prefer FR over instant closure. FR gives you the chance to refuse and accept the instant closure if you don't like it. Instant closure gives none of us a chance to save our accounts.

[parakleet]

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@b_seeker wrote:

Why do you have respect for Citi? They are handling their witch hunt very poorly. Yes, they are unprofitable customers but really it is Citi's fault for not thinking their uncapped points offer better. Plus, Citi should not be putting stop payments on checks redeemed when the accounts were in good standing, IMO.

That said, I don't know why anyone wouldn't prefer FR over instant closure. FR gives you the chance to refuse and accept the instant closure if you don't like it. Instant closure gives none of us a chance to save our accounts.

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+1

[Open123]

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@b_seeker wrote:

Why do you have respect for Citi? They are handling their witch hunt very poorly...

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My "new found" respect for Citi isn't related to their witch hunt or how they're handling it, but rather their conviction in drawing a line in the sand.

I never thought they had the backbone or temerity to institute a purge such as the one we're seeing.  My respect stems from their willingness to standfast and not give in to the loud and vociferous vocal minority, because the Citi of old would never have had it in them.

[SSA_2013]

I might be lost on this topic...what exactly is Citi considering abusive? Any thread explaining this?

[parakleet]

@SSA This is something that is discussed in depth on the flyer talk forum, not myfico.

[Open123]

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@SSA_2013 wrote:
I might be lost on this topic...what exactly is Citi considering abusive? Any thread explaining this?

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Using their 5X drugstore promo to buy $500 reloadable Vanilla gift cards, which after loading into a Bluebird account can be used to pay bills, withdrawal cash and issue checks.

[b_seeker]

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@SSA_2013 wrote:
I might be lost on this topic...what exactly is Citi considering abusive? Any thread explaining this?

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Check your PMs. 

[SSA_2013]

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@Open123 wrote:

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@SSA_2013 wrote:
I might be lost on this topic...what exactly is Citi considering abusive? Any thread explaining this?

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Using their 5X drugstore promo to buy $500 reloadable Vanilla gift cards, which after loading into a Bluebird account can be used to pay bills, withdrawal cash and issue checks.

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Thanks! I got worried since I have 2 Citi cards. Forward and Dividend. I usually pay all of my charges before the statement cuts or on I'll let a balance report and then pay in full. So I never let them collect any interest. Thus making me unprofitable...although I do use the cards quite a bit for actual purchases not the giftcard type tricks. Should I be worried or let them make some money every few months?

[b_seeker]

No you shouldn't. Forward and Dividend aren't the current cards in their sights. Dividend is capped anyway.