My first ever credit card – closed!!!

Yesterday, I canceled my Citibank card. I have had a Citibank card for the longest time – close to 11 years. In fact, it was the first card I ever got and so I was a little disappointed to cancel it. It was my primary card for a very long time but I started reducing my use of it when I got a better rewards card. I still had it for nostalgia sake and it was a pretty useful card for certain things. Unfortunately the card did not offer any good perks to justify using it a lot. It was like being in a relationship where both of you are indifferent to each other. You don’t need each other but the comfort of knowing the other person is there was good.

Then the relationship started becoming abusive. Citibank first raised my interest rates – didn’t bother me much because it did not affect me. Then they started charging more for services. Again did not affect me much but was starting to anger me. They reduced my credit limit. Finally they decided to add a 60 dollar charge for the card. Seriously!!! For a crappy card, poor credit limit and not so great service, Citibank decided to charge me 60 dollars a year.  This at a time when they need customers. The condition to avoid the fees is to use the card to the tune of 200 dollars a month, they would credit it back at the end of the year.  While I probably can hit the limit easily, there was no way I am being forced to use their card. Being nostalgic, I still wanted to hold on to the card. So I called them up to reason with them. When I complained about the fees, they essentially told me that I can opt out of my fees but my account will be closed. Well, since there was an ultimatum, I just went ahead and canceled it. Screw you guys if you don’t want my business.

I will be honest and state that I am big on going local. In fact, when the move your money project started, I pretty much agreed with the philosophy and started to slowly move my stuff towards the local banks. I was not convinced I should close my credit cards but that changed fast. I am heading down to my credit union sometime this week and will open a credit card with them. I am sure they want my business and I am more than happy to give it to them.

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One Comment on “My first ever credit card – closed!!!”

  1. Anand Subramani Says:

    Hi Guppy,

    sorry abt ur card, can understand the feeling….mine is still in limbo, if u get the drift 🙂


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