Citigroup bedankt USA-burger voor steun en vraagt nu $60 per credit-card

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

De pinpas kost hier nagenoeg niets en betalingen zijn kosteloos (én
dankzij Neelie zonder rentedagen ;).
Naast de vaste kosten die de houder van een creditcard betaalt, rekenen
de banken óók nog een percentage provisie af met het bedrijf die de
creditcard als betaling accepteert. Die laatste kosten worden dus
impliciet aan de klant doorberekend.

De soep is dus bepaald niet kosteloos en voor sommigen zelfs heel duur.

Groet / Cees

PS. Het is toch niet voor niets dat de EU-banken zo graag aan het model
van de creditcard willen voor de betalingen binnen de EU?

Ernst Debets wrote:
> REPLY TO: D66 at nic.surfnet.nl
>
> In Nederland zou er binnen de kortste keren in dit soort situaties een
> Pieter Lakeman opstaan en oproepen tot een bankrun. Zou misschien de
> oplossing tegen dit soort acties zijn. Nu is echter een bestedingspatroon
> van USD 2.400,- per jaar (USD 200,- per maand) nou ook niet zo extreem hoog:
> kijk maar eens welk bedrag je maandelijks van je rekening via pinpas
> betaald. Dat is gemiddeld meer dan EUR 150,- die Citibank hier als
> bestedingspatroon (omgerekend naar EUR) vraagt om niet voor USD 60,-
> aangeslagen te worden. Bovendien: de Creditcard heeft in de USA dezelfde
> positie als de pinpas hier. De soep wordt dus niet zo heet gegeten als hij
> wordt opgediend.
>
> Ernst Debets/
> Zaanstad
>
> -----Oorspronkelijk bericht-----
> Van: owner-d66 at nic.surfnet.nl [mailto:owner-d66 at nic.surfnet.nl] Namens Cees
> Binkhorst
> Verzonden: dinsdag 9 maart 2010 20:27
> Aan: Discussielijst over D66
> Onderwerp: Citigroup bedankt USA-burger voor steun en vraagt nu $60 per
> credit-card
>
> REPLY TO: D66 at nic.surfnet.nl
>
> Zouden ze daarmee nu hun handen niet meer hoeven op te houden?
> Ben benieuwd, denk namelijk dat ze nog een keer gaan komen (om geld
> bedoel ik ;)
>
> Groet / Cees
>
> Citi to taxpayers: Thanks for the bailout, now pay up
> Vikram Pandit
>
> Citi won't say how many of its millions of cardholders nationwide are
> subject to the new annual fee, which takes effect April 1. Above,
> company Chief Executive Vikram Pandit. (Jay Mallin / Bloomberg / March
> 4, 2010)
> The banking giant is showing its appreciation for a $45-billion infusion
> from the U.S. by slapping a $60 annual fee on many credit cards.
> By David Lazarus
>
> March 9, 2010
> Vikram Pandit, chief executive of Citigroup Inc., thanked taxpayers the
> other day for coming to his company's rescue with $45 billion in bailout
> cash.
>
> "Citi owes a large debt of gratitude to American taxpayers," he told
> lawmakers in Washington. The bailout money, Pandit said, "built a bridge
> over the crisis to a sound footing on the other side."
>
> And how is Citi expressing its gratitude for that act of taxpayer
> generosity?
>
> It's slapping a $60 annual fee on many credit cards that previously had
> no fees and telling customers that if they don't like it, tough
> patooties. They can pay off any outstanding balance and take their
> business elsewhere.
>
> Man, if that's Citi when it's grateful, I'd hate to see the company when
> it's cheesed.
>
> Bank of America Corp. unleashed its own annual fee of as much as $99 on
> some cardholders last month. JPMorgan Chase & Co and Wells Fargo & Co.
> both say they have no plans to introduce such fees, but it's probably
> just a matter of time.
>
> Citi isn't saying how many of its millions of cardholders nationwide are
> subject to the new fee, which takes effect April 1.
>
> But it is saying that if you still want to keep your account, and if you
> want to avoid the fee, you'll have to run up at least $2,400 a year in
> purchases using that credit card.
>
> Samuel Wang, a Citi spokesman, said imposing the fee was "necessary
> given the increasing cost of doing business."
>
> He also patted Citi on the back for "taking a very different approach
> than others in the industry by communicating these changes in a clear way."
>
> Wow -- communicating clearly with customers. What will the banking
> industry think of next?
>
> Lake Forest resident Betty Atwell was among those who recently received
> notice that one of her four Citi cards will be hit with the annual fee.
> It's a card she's had for more than a dozen years and one that she
> seldom uses.
>
> "These days, I only use cards that have some kind of reward, such as
> giving cash back," Atwell, 66, told me. "This card with the new fee
> doesn't have any rewards."
>
> So close down the account. Easy, right?
>
> Not exactly.
>
> "My concern is that my credit score will be affected if I start
> canceling cards with annual fees," Atwell said. "Right now it's Citi,
> but you just know the other banks will follow."
>
> She's right to be concerned.
>
> Linda Sherry, a spokeswoman for the advocacy group Consumer Action, said
> canceling an older card that reflects long-term creditworthiness can
> indeed have an impact on your credit score.
>
> "You might see your FICO score go down by as much as 100 points," she said.
>
> FICO scores range from 300 to 850. A score above 700 is typically seen
> by lenders as a sign of good financial health. Anything below 600
> represents a greater risk for lenders and can result in higher interest
> rates.
>
> This is where lenders have people between a rock and a hard place. Yeah,
> you can close down your account, but your credit score might get dinged
> in the process.
>
> Sherry said cardholders in this position should take a long view and
> figure that even if they lose FICO points for canceled cards, they'll
> gradually earn those points back with a good credit record.
>
> "Unless you're going to be buying a house in the next year or so, you
> should probably just let the suckers go," she said. "You don't always
> need a perfect credit score."
>
> And if you're a Citi customer, you at least can take solace that the
> company appreciates your helping hand when times were rough.
>
> Just don't expect anything else in return.
>
> Quake insurance
>
> Last week's column on sky-high earthquake insurance premiums and
> deductibles drew plenty of responses from homeowners throughout
> California saying they too are either paying through the nose for
> coverage or can't afford protection.
>
> It also prompted a sharp reaction from the state Department of
> Insurance, which said my tale of woe about Reseda resident Yves Didier
> wasn't unique.
>
> Didier, 45, had to drop coverage after his insurer, Northern
> California-based GeoVera Insurance Co., nearly tripled his annual
> premium to $7,100 and raised his deductible to more than $100,000.
>
> GeoVera's CEO, Kevin Nish, told me that the rate hike was fair and had
> been approved by the Department of Insurance.
>
> Jason Kimbrough, a spokesman for Insurance Commissioner (and
> gubernatorial candidate) Steve Poizner, acknowledged that officials did
> give the go-ahead for a change in the way GeoVera values insured properties.
>
> "But I don't think anyone who dealt with the settlement anticipated rate
> increases of 200% or 300%," he said. "That's a pretty astronomical jump."
>
> Kimbrough said that "dozens of rate-related complaints" have been
> received from GeoVera customers. He declined to be more specific because
> the Department of Insurance is still tallying the complaints. Kimbrough
> said the agency's options include negotiating rate reductions on behalf
> of customers.
>
> GeoVera's Nish responded that the possible tripling of some customers'
> premiums had been disclosed in advance to state officials.
>
> "We remain confident that our rate filing was implemented properly," he
> said.
>
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