Annual Membership Fee. Any annual membership fee is billed once a year.
The amount of the fee appears on the statement when the fee is billed. We
will refund this fee if you notify us that you are closing your account within
30 days of the mailing or delivery date of the statement on which the fee
is billed. You will get the refund even if you use your card during that
period.
Assuming we take them at their word, there is no harm in waiting until you
actually get the bill for the annual fee, if any, to cancel your account.
Or, you can always ask for the fee to be waived, as a condition for keeping
the card. Most banks would rather you keep the card for free, than for you
to close your account.
Brian
···
On the back of my (Citicards) statement, it says:
=======================================
In a message dated 2/16/2010 2:44:13 P.M. Pacific Standard Time,
howard.w.stern@earthlink.net writes:
This should be interesting! I hold an AT&T card that was sold to Citi
Group
a few years back. The contract said no annual fees ever. I wonder if I will
receive that mailing.
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
mikeymic
Sent: Tuesday, February 16, 2010 3:20 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Off Topic: CITI cards "no annual fee" becomes $60
effective 4/1/10
Those of you who hold credit cards should be aware of a massive mailing
done
by CITI this week.
Many "no annual fee" accounts will be charged $60 annually effective
4/1/10.
Not everyone is affected, but it is a sizable percentage of CITI
customers.
You have two options to avoid the fee: Charge $2,400 on the card per year,
and the fee will be refunded to you. Or, you can opt out of the card within
the next six weeks and close the account.
Some of you may hold Bank of America's Total Rewards VISA with the intent
of
making infrequent small charges strictly to preserve the life of your
Reward
Credits. Bank of America has apparently followed CITI's lead and already
sent a similar letter with the change in terms and conditions to selected
customers.
I have not received the letter but personally hold 8 credit cards. Some
have
the sole purpose of preserving airline/hotel points from expiring. If
confronted with the change in terms, I plan to consolidate where possible
to
achieve the $200/month average per retained card. For those cards no longer
kept, I recommend instead using "partners", i.e. car rentals, FTD flowers,
etc. occasionally to preserve your mileage/points from expiring.
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