After using Citibank Credit cards for nearly 5 years, my conclusion is - ’’DON’T EVER TAKE A CITIBANK CREDIT CARD’’
These are smart buggers who have all the information about thousands of people whose salaries are credited to Citibank accounts every month. That’s how they start trapping people. You may be surprised to know that they have every information from how much you earn to what is spending pattern to your adrresses and phone numbers. The worst thing is that they also sell this information to other companies who keep looking for high networth individuals (not necessarily those earning in crores but the ones who start earning in lakhs right from their first job)
First they offer a free card. Once you fall for it, the real game starts. Soon, they will bog you with offers of all sorts. You will realise that you are receiving more ’’free cards’’ with different credit limits and different due dates. All this to make you use the card more and (probably) default on timely payments.
Once you miss the payments, you find that the next statement contains some really vague charges. Interest rates charged could be between 3.5 to 4.5% per month (yes, don’t get shocked, that has really happened to a friend of mine). So, you may argue, what about the 1.99% interest rate that they advertised. Well, I have never seen anyone paying just 1.99%.
If you refuse to pay the exorbitant charges, they show their real face - which is worst than the typical money-lenders who still exist in our villages. You will receive threatening calls first. Then some ’’nice people’’ will drop by your door to just ’’remind you’’ (by shaking your collar or even landing a few punches on your smooth face) that you need to pay up immediately.
Even if you pay up all outstandings on time and decide to cancel your card, no problem. The card will come back to you after 3-6 months. You realise that it is the same card that you canceled a few months back (yes, that’s what happened with me). When you enquire, you are told that NO CARD IS ACTUALLY CANCELLED. So, Citibank keeps you liable for your entire life. Your card is always active even when you are thinking that it is closed, and can be easily misused over the net to make payments. Ofcourse, you will still have to pay for the misuse of your closed card.
AVOID TAKING A CITIBANK CARD THE FIRST TIME, EVERY TIME.