fast bloke

or two. I must admit I am more than delighted. After years of shuffling cards, loans and offset mortgages, mostly to the benefit of Egg and the detriment of Barclays (with a few pennies to myself), those nice people at Citi Group decided that I was a 'bad credit risk' in January and cancelled my cards, along with 167000 other 'bad credit risks'. - I found that a bit strange as I haven't used any credit card for several years, while I have several clients who use their Egg cards to pay their mortgages every month, but who were not deemed to be a bad risk. I didn't appreciate being labelled a bad risk, so i repaid my Egg loans and shifted my Egg savings on the same day. Now Barclays don't have to give Citigroup money on my behalf every month. Hope the lying sh1tes go down the tubes

David Lock

Well I paid off my standard card debt with Citi and used their balance transfer option to borrow £xooo at 4.99% with no time limit paying back a bit per month. So how can they make money loaning me money at less than base? Doesn't seem like sound banking to me. dl

fast bloke

The 0% balance transfer is aimed at those who use cards to pay for mortgages. You are supposed to transfer the balance at 0% for 6 months and then pay 17% for the rest of your life. The 4.99% lifetime option relies on people using the cards for purchases. Any payment you make comes off the the balance transfer and you pay 17% on your purchases. The whole scheme is designed to take money from people who can't stop spending what they don't have.

HankScorpio

They're in it to make money, you wouldn't expect to sit in a restaurant, eat your own sandwiches and not pay for anything.
When times are good, there are loads of offers and the banks bear the costs in the hope you might spend/borrow more but when one division is losing heavily, it's time to ditch the freeloaders. The others will do the same soon enough.

Citi shares went up 5% yesterday, the market seem to think their doing not bad in the current climate so down the tubes is probably not going to happen.

shamrock

I mentioned these losses to my cousin who is the head of the Credit Team at Citigroup and she just shrugged her shoulders as if it was just spare change.

Apparently they still all got their cash and shares bonuses.

Horico

Citi are huge all over the world...i don't think they'll be going anywhere soon...

just my 2p worth..