Citi needs Moni badli?

[solarbird]

Yeah, something's going on at Citi: Citi Abruptly Shutting Down Gas-Linked Credit Cards:

The bank said in a statement it "decided to close a limited number of oil partner co-branded MasterCard accounts." That includes not only Shell, but Citgo, ExxonMobil and Phillips 66-Conoco cards.

Clusterstock is also reporting the Citi blanket rate hikes. If you haven't got one yet, be on the lookout. (h/t Mish; I'd been waiting for him to comment once it got out of the message boards.)

Comments

[l33tminion]

I noticed someone on Reddit commenting on this a few days ago. Aside from the "assets that aren't actually worth anything" problem, Citi seems to be having an "assets they think they own but damned if they can find the documents" problem.

[solarbird]

A lot of banks are having variations on that problem, which is leading to amusing court actions where banks can't prove they have rights to foreclose. Most of these have to do with CDO bundling, but not all, and courts - as they should! - have been requiring banks to come up with the paperwork to prove they actually have the liens, which has been amusing in that HA HA FAILBOAT way.

[chirik.livejournal.com]

I just got a notice in the mail from Citibank - they're raising my rates by 25% - from 15.99% APR to 19.99% APR (US Prime + 13.99%, minimum 19.99%).

That's ... pretty atrocious, really. My other card is 13.24%.