Citibank (and others) are cancelling people's credit cards without letting them know ahead of time. Reportedly the cancellation came because of something on the people's credit report. No big balances.
(article can be found here... at least for a while.
In their greed the credit cards are cancelling accounts for those who pay on time and carry small, if any, balances. No balance, no interest collected. No balance, no HUGE late fees. And without interest and fees, how will they be able to pay their CEO 30 million dollars in bonuses. Life is so hard sometimes.
I hope it all backfires on them big time. Maybe credit will become a thing of the past and we'll be paying in cash. How refreshing that will be.... if you have any cash on hand.
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1 comment:
I bet my card was cancelled, I never used it but once or twice and M makes sure every bill is paid on time or early (thank God for him)..
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