Citi to reinstate cancelled protection benefits?

Old Oct 2, 19, 1:02 am
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Citi to reinstate cancelled protection benefits?

As we are all aware by now if you have a Citi Prestige card the Benefits associated with the card were drastically cut on September 22. I called Citibank and requested that they refund my annual fee, and cancel my account. The first time I did it I was offered that option. I then said I wanted to think about it.

When I called back another agent told me “I’m surprised the last agent you spoke with did not tell you what has happened.” This second agent claimed that the benefits that were taken away are only going to be temporary and will be reinstated by the end of October. He went on to explain that the contract with the insurance company they had expired and they were getting a new company. This is the first I’ve heard of this? Is this totally not true?

So I asked him for any literature confirming what he was saying. He said there was nothing publicly available, but that’s internally what they were saying. Does anybody know anything further?
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Old Oct 2, 19, 6:46 am
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Possible. The benefits withdrawn appear to have been provided by MasterCard, and other issuers are also removing them from their card products. It is certainly possible that Citi is negotiating their own contracts, but it seems odd that they would not have mentioned this in their original notice if agreements were in place.
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Old Oct 2, 19, 9:06 am
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Originally Posted by mia View Post
Possible. The benefits withdrawn appear to have been provided by MasterCard, and other issuers are also removing them from their card products. It is certainly possible that Citi is negotiating their own contracts, but it seems odd that they would not have mentioned this in their original notice if agreements were in place.
I suspect that they are trying to coming up with something, especially since Amex is not willing to surrender in the ancillary benefits arms race yet.

But its telling that the agent had nothing they could point to (website, pdf, etc.) to keep the customer.

Lots of times mgmt chains in corporations know what the customers concern is....doesn't mean they can address it any time soon.

Citi should have had some back up plan. Expecting all their competitors to unilaterally drop the benefits seems a bit much.
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Old Oct 2, 19, 9:40 am
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Originally Posted by mia View Post
Possible. The benefits withdrawn appear to have been provided by MasterCard, and other issuers are also removing them from their card products. It is certainly possible that Citi is negotiating their own contracts, but it seems odd that they would not have mentioned this in their original notice if agreements were in place.
Well they actually did have vague language to the effect of "stay tuned for new benefits in place."

With Chase squatting and Amex upping the bet, they will probably have to bring at least something back.

I would personally be appeased by delay/cancellation insurance at the very least, being that it's a travel card (Premier/Prestige).
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Old Oct 2, 19, 12:01 pm
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I think the new leaner / meaner Citi has to find some outside vendor to provide it.

Back in the olden days of being a financial mega market they probably has some mini surety company they could have self insured through

But now they must be scraping around trying to find a partner.

They should have stepped up the their retention efforts if they were really coming up with a solution.

It's much harder to get new customers than simply pacify existing ones.
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Old Oct 2, 19, 2:14 pm
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If this is true, and I hope it is, it's Citi backpedaling in response to Amex adding some of this coverage to many of their cards in the months ahead. If Citi always intended to maintain the coverage, it would have broadcast that info. far and wide rather than let themselves get creamed by the bloggers. (Hell, if Citi intended to maintain the coverage, it would have ensured a seamless switchover on 9/22, which would have been a lot easier than ending and then re-starting the coverage.)
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Old Oct 3, 19, 12:31 am
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He did say the benefits would be back end of October and “we appreciate your patience during this time.” But I’m still bothered by the fact that there’s no official piece of literature, and no certainty. I called again, and this Citi agent did not seem to know what she’s doing. She said officially there is no plan to reinstate the benefits. You’d think if Citi was planning on reinstating this they’d say so.

My pro-rated refund for the annual fee is $412 now and will go down on my closing date on October 7th. Do I gamble and believe this guy, or no? I can’t use the Chase cards, and I don’t think Amex is competitive enough for $550. I also like the Citi points and their partners. Unsure what to do...

Last edited by NWplatinum; Oct 3, 19 at 12:46 am
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Old Oct 3, 19, 12:47 am
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Originally Posted by NWplatinum View Post
But I’m still bothered by the fact that there’s no official piece of literature, and no certainty.
Citi is really poor on this. Welcome to Citi.

Originally Posted by NWplatinum View Post
Do I gamble and believe this guy, or no?
Yes.

1. All calls are monitored and recorded. So if you are really duped by a Citi phone rep, I don't believe Citi will argue about the AF refund.

2. This is the official source. If you don't trust that, there is nothing else can be trusted.
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Old Oct 3, 19, 1:12 am
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Originally Posted by garykung View Post
Citi is really poor on this. Welcome to Citi.



Yes.

1. All calls are monitored and recorded. So if you are really duped by a Citi phone rep, I don't believe Citi will argue about the AF refund.

2. This is the official source. If you don't trust that, there is nothing else can be trusted.
Thank you for this. Yes the rep actually did say they were going to track that call down and find out exactly what happened so that will be good. I kind of thought it wouldn’t matter but she said the back office will find the call since it was just 24 hours ago.
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Old Oct 3, 19, 1:32 am
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Originally Posted by NWplatinum View Post
Thank you for this. Yes the rep actually did say they were going to track that call down and find out exactly what happened so that will be good. I kind of thought it wouldn’t matter but she said the back office will find the call since it was just 24 hours ago.
Believe me or not, Citi is really good in things that has been non-official official.

But official official? Not so good...
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Old Oct 3, 19, 5:00 am
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Originally Posted by garykung View Post
Believe me or not, Citi is really good in things that has been non-official official.

But official official? Not so good...
official/non-official aside, is there a second datapoint on this? 2nd call/2nd rep/Whatever. Also the travel blogs are surprisingly suspect on this. They’re usually good at picking up “rumors”.
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Old Oct 3, 19, 9:56 am
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I think Citi / Mastercard simply expected Visa / Amex to go along with the cuts that led off with Discover.

Suggests that there is still competitive dynamics in the payments sector.

Airlines would have all lockstepped together, following whatever devaluation Delta invents next.

The best way people can impact this - move spending away from citi (especially high interchange transactions like travel) and use retention calls to complain about the benefit cuts.
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Old Oct 3, 19, 10:04 am
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Originally Posted by akr1970akr View Post
The best way people can impact this - move spending away from citi (especially high interchange transactions like travel) and use retention calls to complain about the benefit cuts.
That’s old way of thinking. Now companies know exactly how much each benefit is costing them and the bottom line is what matters. The best way people can impact is not use the benefits en masse. But that’s not happening.
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Old Oct 3, 19, 10:27 am
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Originally Posted by flyershmlyer View Post
That’s old way of thinking. Now companies know exactly how much each benefit is costing them and the bottom line is what matters. The best way people can impact is not use the benefits en masse. But that’s not happening.
Most of these 'benefits' are not desirable to actually 'use'. I don't want travel delAAys ! or accidents or unhappy circumstances requiring purch protection etc.

Some of the increased claims has to be coming from AA and her labor force problems, and my guess is Citi is more exposed to that carriers problems (and thus claims)
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Old Oct 3, 19, 10:43 am
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Originally Posted by NWplatinum View Post
Thank you for this. Yes the rep actually did say they were going to track that call down and find out exactly what happened so that will be good. I kind of thought it wouldn’t matter but she said the back office will find the call since it was just 24 hours ago.
It sounds like a rep told you something before it was official. It's too late now, but why not just wait a week or two rather than get the rep in trouble? You don't seem to like Amex or Chase, so why the urgency?
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