Citi cards closed, TYP confiscated, reasons not disclosed.
May 29, 2015, 11:46 am
#1862
Join Date: Jan 2007
Programs: PC Pl, UA 1K, CC Gl
Posts: 2,235
Jun 6, 2015, 5:49 am
#1863
Join Date: Dec 2012
Location: Murica
Posts: 344
It's been over 24 months for me. Gave it a try recently and was told my previous account was closed for fraud and no way to reconsider. They did give me an address to write to about the matter. They went ahead and pulled my credit anyway.
Jun 11, 2015, 3:48 am
#1864
Ambassador, Hong Kong and Macau
Join Date: May 2009
Location: HKG
Programs: Non-top tier Asia Miles member
Posts: 19,773
Citi HK's just cut the account of an "Apple farmer" (MS via trading in Apple goods for resale to Mainland traders) here
They seem to have allowed redemption of all outstanding points. But can someone comment whether my summary of the TYP case is accurate please?
http://www.hongkongcard.com/forum/fo...p?id=15128&p=5
They seem to have allowed redemption of all outstanding points. But can someone comment whether my summary of the TYP case is accurate please?
http://www.hongkongcard.com/forum/fo...p?id=15128&p=5
Citi TYP: In short, Citi US offered an unlimited 5X points offer on its Citi ThankYou Premier cards in 2013. US$1 = 1 point, 1 point = around $0.0133 in travel-related redemptions, so 5X = 6.67% rebate. Everyone "manufactured spending" (US term, similar to our coupon trading and apple farming but their tools are different) like crazy.
In March 2013 Citi:
1. Froze the cards and stopped redemptions on points balances
2. Closed the accounts
3. Stated that because the accounts were closed, there were entitled to confiscate the TYP points.
In the US there is no HKMA complaint process like we have here.
Since TYP is a monetary rebate scheme (unlike Shacom PLK), this was a monetary claim and the only recourse was to go to FINRA (their FDRC), which no card jing will go because the bank always wins.
What they did was to force Citi to attend Small Claims Court by filing claims for exactly US$10K and waiving the rest. This means Citi has to send someone to the SCC whereever it is in the 51 states of the USA.
Citi apparently settled every case taken to the SCC, for the full amount owed (even if over $10K)
In March 2013 Citi:
1. Froze the cards and stopped redemptions on points balances
2. Closed the accounts
3. Stated that because the accounts were closed, there were entitled to confiscate the TYP points.
In the US there is no HKMA complaint process like we have here.
Since TYP is a monetary rebate scheme (unlike Shacom PLK), this was a monetary claim and the only recourse was to go to FINRA (their FDRC), which no card jing will go because the bank always wins.
What they did was to force Citi to attend Small Claims Court by filing claims for exactly US$10K and waiving the rest. This means Citi has to send someone to the SCC whereever it is in the 51 states of the USA.
Citi apparently settled every case taken to the SCC, for the full amount owed (even if over $10K)
Sep 3, 2015, 7:28 pm
#1865
Join Date: Feb 2006
Location: Coppell, TX
Programs: AA EXP (1M+), HH Diamond, Hyatt Diamond
Posts: 384
If anyone is still lurking out there with a large TYP balance - word to the wise - citi is on the hunt. They just closed down all my CCs, including my citi preferred card (5x version of yesteryear).
I appear to have lost a fairly sizable TYP stash.
I appear to have lost a fairly sizable TYP stash.
Sep 3, 2015, 7:42 pm
#1866
Join Date: May 2003
Location: CA
Programs: AA Lifetime Gold, HHonors Diamond
Posts: 2,879
What did you do to bring attention to your account?
Sep 4, 2015, 6:31 am
#1867
Join Date: Apr 2005
Location: NYC
Posts: 1,756
What is considered sizable TYP in your case, 7 figures? Also I would think you still have 60 days to transfer the points after the cards are closed, did they just zero out your TYP account?
Sep 4, 2015, 6:37 am
#1868
FlyerTalk Evangelist
Join Date: Nov 2002
Location: BOS, MHT
Programs: AA ltg, B6, DL, UA, AS, SPG/Marriott Plt, HH, Hyatt
Posts: 10,052
best and fastest way to burn TYP is to book flights. Sure, if you get shut down you may lose the 1.6 prestige gig, but B6 always has good deals and that discount wouldn't have applied anyway. I have used TYP for b6 flights to the islands because connecting stinks and we always have to using any other airline including AA. We decided it was worth the extra money (or points) to fly B6 non stop than to connect and get stuck somewhere. So in that sense, losing the ability to book AA for less with prestige gig is a blessing.
also, I shouldn't have to say this, but someone doesn't always have to DO something for a bank to shut them down. Other than have a high balance, that is.
also, I shouldn't have to say this, but someone doesn't always have to DO something for a bank to shut them down. Other than have a high balance, that is.
Sep 5, 2015, 11:56 am
#1869
Join Date: Feb 2006
Location: Coppell, TX
Programs: AA EXP (1M+), HH Diamond, Hyatt Diamond
Posts: 384
After the denied transaction, I called customer service. Got transferred around a few times before being told all CC accounts were closed. Ran home and all looked well online (ie nothing out of the ordinary). Still had access to all account history and could access the TY portal via citi.com log in.
The next morning when I logged in and tried to see the transaction history for each card, I received the warning that each account was closed.
All access to the TY portal was gone too. I haven't called in to confirm if I still have access to my TY points balance, but via online methods I certainly do not.
Sep 5, 2015, 1:19 pm
#1870
Join Date: Apr 2005
Location: NYC
Posts: 1,756
I received notification that my CC accounts were closed when I had a denied charge at a store. Not a word in advance from Citi.
After the denied transaction, I called customer service. Got transferred around a few times before being told all CC accounts were closed. Ran home and all looked well online (ie nothing out of the ordinary). Still had access to all account history and could access the TY portal via citi.com log in.
The next morning when I logged in and tried to see the transaction history for each card, I received the warning that each account was closed.
All access to the TY portal was gone too. I haven't called in to confirm if I still have access to my TY points balance, but via online methods I certainly do not.
After the denied transaction, I called customer service. Got transferred around a few times before being told all CC accounts were closed. Ran home and all looked well online (ie nothing out of the ordinary). Still had access to all account history and could access the TY portal via citi.com log in.
The next morning when I logged in and tried to see the transaction history for each card, I received the warning that each account was closed.
All access to the TY portal was gone too. I haven't called in to confirm if I still have access to my TY points balance, but via online methods I certainly do not.
Sep 5, 2015, 9:52 pm
#1871
Join Date: Jul 2013
Posts: 1,872
I received notification that my CC accounts were closed when I had a denied charge at a store. Not a word in advance from Citi.
After the denied transaction, I called customer service. Got transferred around a few times before being told all CC accounts were closed. Ran home and all looked well online (ie nothing out of the ordinary). Still had access to all account history and could access the TY portal via citi.com log in.
The next morning when I logged in and tried to see the transaction history for each card, I received the warning that each account was closed.
All access to the TY portal was gone too. I haven't called in to confirm if I still have access to my TY points balance, but via online methods I certainly do not.
After the denied transaction, I called customer service. Got transferred around a few times before being told all CC accounts were closed. Ran home and all looked well online (ie nothing out of the ordinary). Still had access to all account history and could access the TY portal via citi.com log in.
The next morning when I logged in and tried to see the transaction history for each card, I received the warning that each account was closed.
All access to the TY portal was gone too. I haven't called in to confirm if I still have access to my TY points balance, but via online methods I certainly do not.
Sep 7, 2015, 11:51 am
#1872
Join Date: Jan 2014
Posts: 39
TY Premier and AAdvantage Platinum Select Closed
Just received a notice that Citi shut down all (two) of my credit cards:
http://www.flyertalk.com/forum/manuf...l#post25388890
It could have been worse, but it still sucks. First shutdown for me.
http://www.flyertalk.com/forum/manuf...l#post25388890
It could have been worse, but it still sucks. First shutdown for me.
Sep 7, 2015, 4:18 pm
#1873
Join Date: May 2015
Location: LAX, BUR
Programs: AS,AA,JB, HH Gold, Starriott Titanium Elite, Hyatt Explorist, Global Entry
Posts: 1,930
Just received a notice that Citi shut down all (two) of my credit cards:
http://www.flyertalk.com/forum/manuf...l#post25388890
It could have been worse, but it still sucks. First shutdown for me.
http://www.flyertalk.com/forum/manuf...l#post25388890
It could have been worse, but it still sucks. First shutdown for me.
Sep 7, 2015, 4:25 pm
#1874
Join Date: Jan 2014
Posts: 39
It was in the link to the other post that I made. But here's a copy/paste from there:
AAdvantage Platinum Select: $15.5k limit, $0 balance, opened 12/14
This card had some real, big purchases when I was meeting min spend. Half MS as well. Didn't touch it after that until now. Made a $1.5k purchase on GiftCards.com on Saturday. It didn't go through so I called Citi and they said I'd have to call when the security department was open M-F. Thought that was strange at the time, but I wasn't worried. Now it's Monday and I got this email. It might be a coincidence, but I doubt it.
ThankYou Premier: $10.5k limit, $104.33 balance, opened 5/15
MS to meet min spend. Then $1.7k in real spend since then. I was starting to like this card. I guess I'll have to revert to my Chase Sapphire (not Preferred).
AAdvantage Platinum Select: $15.5k limit, $0 balance, opened 12/14
This card had some real, big purchases when I was meeting min spend. Half MS as well. Didn't touch it after that until now. Made a $1.5k purchase on GiftCards.com on Saturday. It didn't go through so I called Citi and they said I'd have to call when the security department was open M-F. Thought that was strange at the time, but I wasn't worried. Now it's Monday and I got this email. It might be a coincidence, but I doubt it.
ThankYou Premier: $10.5k limit, $104.33 balance, opened 5/15
MS to meet min spend. Then $1.7k in real spend since then. I was starting to like this card. I guess I'll have to revert to my Chase Sapphire (not Preferred).