Citibank Shell Mastercard just closed without notice

I went to my local Taco Bell to buy some food and paid with my Shell Citibank Mastercard, which I have had for years, to have it declined! I have never missed a payment, always paid in full, and have never had any problems with them or that card.

When I called Citibank customer service, all they had to say was that my Equifax report had something on it that prompted them to close it.

So lo and behold, I ordered a copy and reviewed it. There is absolutely nothing that is negative in my report so I decided to call back again and this time they said that hundreds of thousands of accounts were closed this morning and that I will be receiving a detailed letter soon as to why.

Has this happened to anybody else?

I think the time to boycott credit cards is just around the corner. If stores would man up and give a 3% cash discount or the reward program would die (like should happen in Feb 2010) then people may start flocking to cash again.

uutxs said: tante said: I think the time to boycott credit cards is just around the corner. If stores would man up and give a 3% cash discount or the reward program would die (like should happen in Feb 2010) then people may start flocking to cash again.
One problem is, stores incur a cost to handle large amounts of cash. I dont know what that is but suspect it is not insignificant compared to the 3% discount.

Especially at places like Taco Bell - I imagine it would be very easy to readily steal $0.50 per transaction and make good money over the course of a shift.

I think the problem with cash is that it's just too messy.
A friend of mine works at Fry's and he could get fired easily just by not being able to balance the cash on his assigned tray.
It also elicits theft and crime, in my opinion, both by a broke employee and those hoodlums who get free money by pointing a gun in your face.

Are you sure the CSR said "hundreds of thousands"? Was it just the Shell card? The number seems excessive.

I have two other Citibank cards and customer service said they were fine, but of course no guarantees.

Btw...I like to pay with credit card on all purchases because there's a record of all my transactions to see how I am spending my money, regardless of the amount.

Co-Branded....like Associated Bank.
Shell card tossed into SALE also?

Here is an interesting article:

http://www.consumerloanwire.com/news/210324-shell-mastercard-cash-back-rewards-decreasing

Mine is still good for 5%. They just tried to charge me a membership fee, because I didn't make 9 purchases in a year (I was off by seven days). They waived the fee. Maybe I am lucky that I have been using it lately.

I have Home Depot Mastercard issued by Citibank. Citibank has decided to close The Home Depot Credit card program effective Oct 31, 2009. I received a letter from Citibank two months ago explaining that it was the business decision to close the program, which it had nothing to do with one's credit score or history. Citibank also said in the letter that the rewards will be honored until Feb 2010.

Would it say anything on their website when you log in? I have the card as well. I've already made my 9 purchases for the year so I haven't used in a couple of months. I haven't received a letter either.

mrredskin said: uutxs said: tante said: I think the time to boycott credit cards is just around the corner. If stores would man up and give a 3% cash discount or the reward program would die (like should happen in Feb 2010) then people may start flocking to cash again.
One problem is, stores incur a cost to handle large amounts of cash. I dont know what that is but suspect it is not insignificant compared to the 3% discount.

they also pay a fee to CC companies to be able to accept CCs as payment per transaction

Right, thats where the 3% came from. The cash discount would be close to the cost difference in cash transaction versus credit card transaction.

I was browsing around to see if this was a wide spread issue. I guess it is. Same story as most, i stopped to get gas yesterday and was denied. We have had our cards about a year, we only use it for gas and pay in full every month. Actually thought it was one of the better things we had gotten. A couple of shell stations in our area keeps their prices down with the other companies and I do get a little better mileage on shell gasoline. Customer service told me the card was issued based on the credit score of the primary card holder and our credit score no longer met their requirement. My wife actually opened the card so it is based on her credit score that when checked yesterday was an 830. The lady at custumer service said she did not know what the cut off was.

Maybe CitiBank just hit a brick wall selling their prospective CC securitizations; that would rock the market !

This exact same thing happened to me. Went to lunch today and my Shell MC was denied. I have paid it off in full each month since opening it and have no delinquencies on my credit report.

Called CitiBank and they told me a letter was being sent out and the account was closed due to something on my Equifax report. Downloaded free credit report from Equifax and paid $16 to get my FICO - nothing out of the ordinary on either.

Citi rep refused to give me additional details as to what it was on the report that caused them to close my account. No dropped credit limit, no notice, nothing but embarrassment from having my card denied in public.

bargainhunter3 said: Would it say anything on their website when you log in?

Nope. Nothing. Didn't even indicate the account was closed. I had to call and speak to a rep to find that out.

Boy, if thats the case, I think they will be getting a lot of complaints to the BBB and FTC very soon.

You all realize the new credit card laws signed by Obama will be going into effect in February 2010.

xoneinax said: Maybe CitiBank was trying to sell off these Shell branded accounts and could not find a buyer?
Pretty strange that the CSRs are trained to say "we found something on your Equifax"

That was my first thought a well. It does make sense because of the abrupt nature in closing so many accounts without proper notice.

Well, I called last night 8pm eastern and the system was done; I was asked to call back in 5 hours. Then I called today and was only told that I got a letter. They closed my account the day before statement so, to me, it seems like they managed it to maximize non-payout on the rewards. It also seems that closed those that made purchases and paid off every month.

OK, for those who did not yet complain to the BBB about lost rewards, I would immediately submit a complaint. The issue is that the BBB of SD is pretty pathetic and transfers the complaints to the BBB of NY. It took 3 months to handle because the NY BBB is backlogged but finally victory. I am receiving a check for the full unused balance of rewards. There was, of course, the nonsense about being in their full rights but then an agreement to issue me the check; it was well above the chipotle level for me. Good luck to all!!