Citibank Mastercard closing?

Sep 16th, 2010 6:21 pm

#1

Tennoh: Sr. Member; May 12, 2004; 687 posts; 65 upvotes

Sep 16th, 2010 6:21 pm

I received a letter from Citibank that they will be closing my Mastercard Drivers Edge Platinum card as of Nov 1/2010. The reason given is that as part of CIBC's purchase of their credit card services they would be closing Citibank Mastercard services. I can continue using my account up to Oct 31/2010. Any outstanding reward amount I have will be given back to me via cheque end of the year. From reading the letter, there was no stipend on having to buy a car to get the amount back. Getting a cheque with no attachment to buy a car would be quite nice and since I've moved to C1 Aspire as my primary card, it's ok for them to close it and give me what I've earned so far.

Anyone else get this letter? I am thinking since the Drivers Edge provided premium 2% return, it was deemed too rich a rewards program by CIBC and thus they are closing it. Or perhaps CIBC is closing all Citibank Mastercard services?

Share:

Sep 16th, 2010 6:27 pm

#2

angel_wing0: Moderator; Mar 23, 2004; 33199 posts; 2137 upvotes; Markham

Sep 16th, 2010 6:27 pm

^ nope havent got anything yet.

I will be surprised if cibc is going to close down all citi cards

「もし、奇跡を起こせたら……」

Sep 16th, 2010 6:34 pm

#3

Tennoh [OP]: Sr. Member; May 12, 2004; 687 posts; 65 upvotes

Sep 16th, 2010 6:34 pm

The letter didn't have much detail. It would be quite drastic for CIBC to close all Citibank Mastercards however the letter just said closure of Citibank Mastercard services which means all to me. It could be perhaps for grandfathered Drivers Edge accounts that do not have the annual fee which my account falls under. The only worry really I have is that this card is one of my older cards with long credit history with large credit limit and what this closure would do towards my credit score.

Sep 16th, 2010 6:44 pm

#4

alvisblue: Jr. Member; Apr 30, 2006; 151 posts; 9 upvotes; Toronto

Sep 16th, 2010 6:44 pm

http://www.newswire.ca/en/releases/arch ... c6605.html

PURCHASE OF CITI CARDS CANADA INC.'S MASTERCARD CREDIT CARD ASSETS BY CANADIAN IMPERIAL BANK OF COMMERCE IS COMPLETED

TORONTO, Sept. 1 /CNW/ - The purchase by Canadian Imperial Bank of Commerce ("CIBC") from Citi Cards Canada Inc. ("Citi Cards") of a substantial portion of the assets comprising Citi Cards' Canadian MasterCard credit card business was completed today. Attached is a press release of CIBC providing additional details respecting the completed transaction.

In connection with the sale transaction, CIBC has become the seller and servicer of assets under the Broadway Credit Card Trust ("Broadway") securitization programme, and will replace Citi Cards as Broadway's administrative agent and as a credit enhancer. Citi Cards will act as a sub-servicer of the assets on behalf of CIBC for an interim period. In connection with the sale transaction, $285,413,851.51 of receivables from 1,350,639 accounts were removed from the pool of accounts subject to the securitization on the basis of delinquency or low credit scoring. In addition, defaulted and charged-off accounts were removed from the securitized pool.

A notice of meeting and information circular dated July 14, 2010 was prepared by Citi Cards in connection with the meeting of noteholders held on August 12, 2010 to approve changes to the Broadway securitization programme. A copy of the notice of meeting and information circular is available on SEDAR at www.sedar.com. Additional information regarding the sale transaction and its impact on Broadway is contained in Broadway's Management's Discussion and Analysis dated August 30, 2010 under "Recent Developments - Implications of Completing the Sale Transaction", which is available on SEDAR.

In connection with the assumption by CIBC of the administrative agent role related to Broadway, Wojtek Niebrzydowski and Andrew Kriegler, each officers of CIBC, will be directly involved in CIBC's capacity as administrative agent for Broadway and as such may be considered to be acting in a capacity similar to that of a director under applicable securities legislation.

Sep 16th, 2010 6:47 pm

#5

alvisblue: Jr. Member; Apr 30, 2006; 151 posts; 9 upvotes; Toronto

Sep 16th, 2010 6:47 pm

Have two Citi MCs. One Enrich Plantium and One Gold (No reward).
Hope CIBC will not charge fee for the 1% cash back card.

Sep 16th, 2010 7:10 pm

#6

offall: Newbie; Mar 16, 2006; 56 posts; 2 upvotes; Toronto

Sep 16th, 2010 7:10 pm

Same here
What the $&&$ they are doing?
I get my plat reward closeing

Shouldn't they compensate for my inconvenience ?

Any suggestion for equiverlant good card?

Tennoh; wrote:I received a letter from Citibank that they will be closing my Mastercard Drivers Edge Platinum card as of Nov 1/2010. The reason given is that as part of CIBC's purchase of their credit card services they would be closing Citibank Mastercard services. I can continue using my account up to Oct 31/2010. Any outstanding reward amount I have will be given back to me via cheque end of the year. From reading the letter, there was no stipend on having to buy a car to get the amount back. Getting a cheque with no attachment to buy a car would be quite nice and since I've moved to C1 Aspire as my primary card, it's ok for them to close it and give me what I've earned so far.

Anyone else get this letter? I am thinking since the Drivers Edge provided premium 2% return, it was deemed too rich a rewards program by CIBC and thus they are closing it. Or perhaps CIBC is closing all Citibank Mastercard services?

Sep 16th, 2010 7:19 pm

#7

angel_wing0: Moderator; Mar 23, 2004; 33199 posts; 2137 upvotes; Markham

Sep 16th, 2010 7:19 pm

alvisblue wrote: ↑
Sep 16th, 2010 6:47 pm
Have two Citi MCs. One Enrich Plantium and One Gold (No reward).
Hope CIBC will not charge fee for the 1% cash back card.

agree hopefully they dont do anything with the enrich platinum else i m going to cancel for sure. I doubt they will touch the petro thou.

「もし、奇跡を起こせたら……」

Sep 16th, 2010 7:25 pm

#8

CorSter: Deal Addict; Mar 30, 2004; 2922 posts; 270 upvotes

Sep 16th, 2010 7:25 pm

CIBC is probably picking and choosing clients based on their own criteria.

Sep 16th, 2010 7:27 pm

#9

bcbgboy13: Deal Addict; Apr 2, 2007; 1330 posts; 384 upvotes; Toronto

Sep 16th, 2010 7:27 pm

The more important question for the ones received the letter is " Do you carry a balance or not"?

There is some parlance for "performing" and "notperforming" cards and I am not sure which are performing (the ones with balance that they are going to keep) and close the nonperforming ( the ones you pay in full) or it is the other way?

Apparently CIBC has 14 Billions in outstanding balances on their VISAs and Citi MC had around 2 Billions ( on 1,350,639 accounts)

Sep 16th, 2010 7:27 pm

#10

cardero: Newbie; Sep 14, 2009; 33 posts; 8 upvotes; Vancouver

Sep 16th, 2010 7:27 pm

I have the grandfathered no cost DriversEdge card too but haven't received that letter (yet). I'm cool with the payout as I have switched to the MBNA SmartCash card recently.

Sep 16th, 2010 8:20 pm

#11

smokescreen15: Deal Addict; Aug 16, 2009; 1129 posts; 108 upvotes

Sep 16th, 2010 8:20 pm

I have a Citi Petro Card Mastercard I've been using consistently for the past 3 years. Haven't received a letter from Citi or CIBC....yet.

I recently opened an MBNA Smart Cash so I'm not to worried if I lose my Citi Card.

Sep 16th, 2010 9:35 pm

#12

Tennoh [OP]: Sr. Member; May 12, 2004; 687 posts; 65 upvotes

Sep 16th, 2010 9:35 pm

My Drivers Edge that they are closing never carried an outstanding balance. No way would I carry a 20% AR monthly. I liked the card a lot even though I had it cloned 3 times within the last couple of years. Citi was very good in reversing everything quickly and getting me replacement cards.

I used the rebate to buy my 2009 minivan and it was very nice to get back the amount I did. Now that they are closing it, I think I'll stop using my Aspire for the next couple months and maximize my purchases back on the Citi card for the that 2% return final rebate cheque.

Sep 16th, 2010 10:19 pm

#13

ct809: Member; Dec 15, 2005; 224 posts; 21 upvotes

Sep 16th, 2010 10:19 pm

Just called citi to ask

Im on the citi enrich platinum card

apparently for my card, it will remain with citi for 12 months, after that I will be converted into some other CIBC card..

Sep 16th, 2010 10:23 pm

#14

ohmer: Jr. Member; Oct 14, 2006; 177 posts; 4 upvotes

Sep 16th, 2010 10:23 pm

ct809 wrote: ↑
Sep 16th, 2010 10:19 pm
Just called citi to ask

Im on the citi enrich platinum card

apparently for my card, it will remain with citi for 12 months, after that I will be converted into some other CIBC card..

I hope they will to replace the Platinum Enrich by one of their crappy CC...

Sep 16th, 2010 10:32 pm

#15

cardero: Newbie; Sep 14, 2009; 33 posts; 8 upvotes; Vancouver

Sep 16th, 2010 10:32 pm

ct809 wrote: ↑
Sep 16th, 2010 10:19 pm
Just called citi to ask

Im on the citi enrich platinum card

apparently for my card, it will remain with citi for 12 months, after that I will be converted into some other CIBC card..

Got a similar response just now - my card/account is being transferred to CIBC and only selective ones are being cancelled and they possibly may issue a new card number.