No. of Recommendations: 5

You wrote, One other thing that the CARD Act put in place was that card issuers could only change terms (minimum payments, interest rates, etc.) once a year, usually in the anniversary month. So, just before the CARD Act went into effect, many issuers increased the minimum payments on 0% loans that they had previously made - sometimes as high as 4% of the principal a month. I seem to remember that this happened on a 0% loan that you had outstanding - maybe on the Citi card?

It was Citibank. I do recall that they changed the repayment terms, though I don't recall exactly what the change was. They did it explicitly because I had a 0% for life offer and wasn't using the card. Even more irritatingly, I immediately paid off the remaining balance. I'd already paid down like 2/3rds of the loan and interest rates had been falling so it wasn't making me that much money anymore. They responded by immediately closing the account in the next billing cycle.

I have no problem with Citibank not wanting to extend me credit at 0% for an unlimited time. But what they did just felt childish and dishonest. It was like I'd followed their terms to the letter and they were upset by that. So in response, they changed the terms and again I did what they asked. So in response, they took their toys and ran home and wouldn't play with me, just because I always won and they were too stupid and immature to find a way that both of us could win instead.

Now don't get me wrong, I'd take out another Citibank card again if the offer were right. But even if they purge their records after a while, I don't purge mine. I hold grudges and I always play to win. So if they come around and offer me something crazy-stupid like that again, you'd better believe I'm going to take them for as much as I can.

BTW, the card was a Citibank Dividends Platinum Select Rewards card. Before they made that stupid 0% BT for life offer, that had been one of my go-to cards. But these days Citibank rewards cards just aren't competitive in the cash-back rewards space, so it's likely I'd have quit using it by the time they closed it anyway.

- Joel
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