I got a letter today from Citibank. As of April 1st, they plan to charge a $60 annual fee! According to the letter, after you make $2,400 in purchases, they will refund the $60. Perhaps they need to take a look around...they are not exactly the only credit card company out there.
Sure...I'm not carrying a balance on the card and so I'm kind of a free-loader in that respect but they do get a percentage of every transaction. I will also agree that it is likely that I would put $2,400 on the card over the course of a year so I should get it back...but they know how much I spend through them! I have been with them since 1996 when I graduated High School - Why play games? Consumers do not want to work with a company that fools around, and relies on fine print and technicalities to get the job done. This move by Citibank screams of desperation! Are they really doing that badly that they need to resort to this?
So they give you the option to Opt-out (a.k.a. they close your account) and a handy toll-free number to call...I had to call the number 7 times since the other 6 times the lines were full and they were too cheap to put me on hold. If you know that people will be leaving in droves due to your changes, at least provide enough phone support!
I suppose that they have done one thing correctly - If you are going to commit yourself to NOT serving customers and driving them away, don't go half way...commit to it, own it, and make it yours. Congrats Citibank...and farewell!
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