Better Check on your MasterCard

That is if you hold an oil partner co-branded MasterCard.  Several of these card holders are suddenly finding their cards to be unexpectedly declined.  An undisclosed amount of cards, issued by Citibank, have been closed.  The bank issued a statement simply saying that they “decided to close a limited number of oil partner co-branded MasterCard accounts.”  They are still accepting applications for cards, promising rewards, so they have not completely shut down the idea of the cards; unlike the move they made with Home Depot.  Citibank shut down the chosen cards on Wednesday, but did not send out letters until Monday, leaving many card users confused and stranded.  Unfortunately, there is no law that prevents banks from closing down credit accounts unannounced, and card holders can do nothing about this because closing at their discretion is stated in the fine print on the agreements.  It is no secret that Citi is having problems in this economy, these card closures are a reflection of that.  This is an unfortunate situation for the bank and card holders, and unfortunately these people will now have a closed credit card on their credit report.

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