WRAL SmartShopper

WRAL SmartShopper

New credit card rules go into effect on February 22, 2010

Posted February 15, 2010

If you have a credit card, you will want to be aware of the new rules that go into effect on February 22, 2010.

Click the link in the box to see the main highlights at Clark  If you read the comments section below the highlights, you will find that many folks have received a new $60 annual fee from Citibank.  Thankfully neither of my credit card companies have decided to punish those of us who pay off their cards every month. 

Anyone get that Citibank $60 fee letter??

The only reason we use our credit cards is because of the rewards. If they take those away.......back to cash!


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  • GWALLY Feb 16, 2010

    My wife got the letter...(we had them for emergency travel)...we canceled our cards and shredded the bing...problem solved!!!! (I just love being in control of my finances)....Just remember......never EVER has a bank been your friend (as many are finding out these days)!!!!!

  • Faye Prosser - Smart Shopper Feb 16, 2010

    Great question, ncsqrl. If you cancel a credit card it will effect your score. How much depends on a number of factors - how long you have had the card, how much of your total credit is the card, & what other credit history you have. If you do charge $2400/yr you will get the $$ back so not an issue (although I think it is rottten they are doing it at all!). I recommend this article from on the effect of closing credit card accounts on your FICO. It answers lots of good questions. Just copy and paste it into your browser to see the article.

    I have read about alot of people cancelling their Citibank cards as a matter of principal, regardless of the ding on their FICO.

  • ncsqrl Feb 16, 2010

    Yes! I got a letter from Citibank about the $60 fee. have to charge $2400 /year or more to have it credited back to my account. I've had this card a long time, so prefer to keep it so it doesnt drop my FICO score (which I think is unfair too - given the circumstance)..but will cut it quickly if they dont stop this fee and required charges thing! what else can I do? is there a way to drop this card and not have it affect FICO?