I’ve had an account with them for 19 years. Bye bye
Citigroup Sets Restrictions on Gun Sales by Business Partners
Citigroup Sets Restrictions on Gun Sales by Business Partners
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Just closed my Citi credit card
- Thread starter Mass9mmshooter
- Start date
babygorilla
NES Member
Just bought an LPK, Buffer and Stock with them, lol. AMEX and paypal weren't options.
***k citi group. They closed my account because when i was on the phone i got disconnected. I called back right after. And because of that disconnection they stated they closed my account. Im pretty sure it had something to do with me asking for a better rate or i will go somewhere else. Since other cards where offering better at the time.
Also sure they werent making money off of me due to no activity and they wanted to close the account due to me having a grandfathered in interest rate of 10.0% . So they took it upon themselves to close it. I never asked. They refused to reinstate the account and said theres nothing they can do once its closed. You have to reapply and get the their new interest rate of 24%. I told them to s*** it!
Also sure they werent making money off of me due to no activity and they wanted to close the account due to me having a grandfathered in interest rate of 10.0% . So they took it upon themselves to close it. I never asked. They refused to reinstate the account and said theres nothing they can do once its closed. You have to reapply and get the their new interest rate of 24%. I told them to s*** it!
Same. I get paid to use mine. As long as I’m costing them money I’ll continue to use it.
"Citigroup is setting restrictions on the sale of firearms by its business customers, making it the first Wall Street bank to take a stance in the divisive nationwide gun control debate.
The new policy, announced Thursday, prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. It also bars the sale of bump stocks and high-capacity magazines. It would apply to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company."
I fail to understand how they could know exactly what has been purchased. Other than a generic description (e.g., "parts") OR who purchased the item and what sort of check did they undergo.
The new policy, announced Thursday, prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. It also bars the sale of bump stocks and high-capacity magazines. It would apply to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company."
I fail to understand how they could know exactly what has been purchased. Other than a generic description (e.g., "parts") OR who purchased the item and what sort of check did they undergo.
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I kept my MasterCard open and now only purchase gun related stuff with it:
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GUN OWNERS OF AMERICA MEMBERSHIP $20
BROWNELLS $116.85
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Little do they know that I bought from Brownells a ten pack of PMAGs for ARs.
They're not going to know if you bought an AR from your local gun shop. Nobody's sitting there reading it purchase for purchase but I hope they are and get upset when they see "guns".
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GUN OWNERS OF AMERICA MEMBERSHIP $20
BROWNELLS $116.85
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Little do they know that I bought from Brownells a ten pack of PMAGs for ARs.
They're not going to know if you bought an AR from your local gun shop. Nobody's sitting there reading it purchase for purchase but I hope they are and get upset when they see "guns".
They wouldn't. It's whitewash for the uneducated masses.
namedpipes
NES Member
Use it to buy guns, ammo and related products, EXCLUSIVELY, and pay it off every month in full.
You won't pay a cent in interest and they'll lose money servicing your account.
(Make SURE you get PAPER statements, even if you pay online. Don't let them skate on the stamp!)
You won't pay a cent in interest and they'll lose money servicing your account.
(Make SURE you get PAPER statements, even if you pay online. Don't let them skate on the stamp!)
This sh*t should be a good test of Trump's resolve and commitment to 2A. Dick's and others banning the sale of firearms to anyone under 21 is one thing but, Citibank is in a federally regulated industry. Denying access to the banking system to a citizen attempting to engage in lawful commerce should not be tolerated. Treasury should bring the hammer down on them.
193rdsoldier
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That’s a great way to go about it. I was going to cancel mine, but I’ll rethink that.
Grendizer138
NES Member
Apparently principled stands end where good rewards begin.
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Penniepup1
NES Member
In November, I got a interest free Citi card good till August 2019. I can’t imagine what I’ll be doing with that? Not that I haven’t already. Makes me buy more scary stuff on their dime.
Nonsense. Like I said they PAY ME to use the card. That's costing them money. So as long as I'm costing them money I'll continue to use the card. But if you think it's better to have them lose a customer than PAY a customer - well then I guess there's no accounting for how those finances work out in your mind...
If you pay it off in full every month or have no activity (which is what should be done), why would you call to negotiate a better rate? I have utterly no idea what rates I have on any credit card... I'm sure it's high, but I don't know and I don't care, so I would never call them about it. In the past when I did need to keep a credit card balance for a while, what I did was use some 0% interest for a year deal to pay the whole thing, which costs a 1-time from 3% to 5%, then pay it off before the rate is not 0%. Better than maintaining 24% or whatever they want.
Mark from MA
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Exactly. I use the cash back card for all household charges, gas, guns, ammo,etc.
I dont pay a dime in interest. Yet they pay me about 600 a year or more in cash back. They send me paper statements that cost them money to send. When I suspect a fraudulent charge they have to investigate, mitigate, and/or send me new cards. Which I usually ask for mailed next day. I do that just to make them pay more....not generally cause I need them next day.
If someone can explain to me how they are making money off me ill be glad to close the account.
Until then, I will spend that $600 on a gun, ammo, NRA and GOAL membership, and donations to Comm2A every year with the money they are sending back to me, and if that isn't shoving it up their a$$, I dont know what is.
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In your case (mine as well), they would only be making money off of the merchants. They seem to charge 2-4% (5% for American Express) of your purchase price to put a transaction through, depending on who you ask. So, they're likely still making something, but 2% cash back will put a dent in that especially for merchants that are being charged 2% (assuming they exist... I don't really know).
Grendizer138
NES Member
As you know, merchant fees are typically 3%.
fencer
NES Member
You guys are correct that it is not costing you anything to use the card. Unfortunately, it is probably not costing them anything either. All of those "rewards" cards spank the merchant at a higher rate than traditional cards. And the worst is any phone or online transaction. The cheapest way for the merchant is if the card is present, and swiped in the store. What we pay for credit card processing per year is absolutely staggering, but is also part of the cost of doing business. It is also why businesses like FS offer cash or check discounts.
EJFudd
NES Member
The responses (above, most of them) tell me that CitiBank is going to get zero real/net pushback from gunowners. I can't believe that people actually think Citi-Bank makes nothing... or it cost them money... when you charge something with a cashback reward card. I found that painful to read.
That said, it is hard to avoid dealing with a monster banking operation like Citi-Bank if you use credit cards. They are into everything... many different "branded" cards. And what they don't control today they could very well control tomorrow. That's what happened to me. I suggest that you don't cut off your nose to spite your face (i.e., hurt your credit rating). Keep your Citi-Bank-serviced charge cards... but don't use them.
That said, it is hard to avoid dealing with a monster banking operation like Citi-Bank if you use credit cards. They are into everything... many different "branded" cards. And what they don't control today they could very well control tomorrow. That's what happened to me. I suggest that you don't cut off your nose to spite your face (i.e., hurt your credit rating). Keep your Citi-Bank-serviced charge cards... but don't use them.
namedpipes
NES Member
I'll accept that the card companies have revenue sources beyond interest and merchant fees. Using the card to buy a piece of penny candy every month and getting the paper statements though, would HAVE to generate less than their costs to service the account and the activity should keep the account open.
Roadglide
NES Member
Its not that people think citi isn't making money. Their just not making it off of people like me.....no fees or interest come out of my pocket. And I agree its of no consequence to citi what so ever, but they send me rewards checks for hundreds of dollars each year in return. Seems like a good deal to me. Now having said that I agree that citi wouldn't skip a beat if all of us walked away from them tomorrow. But we need to start thinking more like the libs. They are hitting us from all directions. They understand every little bit helps. So go ahead and cut ties with citi any way you see fit and move on to the next front in this battle. Every little bit helps.
I don't know what kind of CC processing you're into but the place where I work uses a verity of payment processors on behalf of the clients we collect money for. They all charge a flate rate/percentage per transaction regardless of the card used. These include PayPal, Authorize.Net, Wells Fargo, etc...
fencer
NES Member
Gee, if that is the case. I would be interested to know who the company is. I have been at this for a long time, and never heard of any company like that and done considerable research on the subject, because my annual costs for taking credit cards is well in excess of 6 figures, that comes right off the bottom line.
Regular Visa and Master Card, with the card present, charge the lowest rates. Amex and Discover are a higher rate, and all of them charge more when the card is not physically present, or the card is a rewards card. That is why so many places do not accept Amex or Discover. They also take longer to pay the merchant, which may not seem like a big deal, but it is to them, because what they can do with that money for a few days can be astronomical.
Charge backs on a credit card are brutal, and why I always try to pay for returned merchandise in cash if possible. It is at least a 5% fee to refund your money. This is why so many places charge a restocking fee of 10-15% for returns. The initial sale costs about 3%, then the return another 5%.
Mark from MA
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Yes. I know they are making some money. Not off me but off my transaction. Every gun owner could cut ties with their company and they would still make plenty of money. They are a bank they make money various ways, not just credit cards
To date ive recieved 3600 of cash back from them and put every dime of it back to the gun community either buying something, memberships, etc.
Now if I had a non anti gun bank card (if you can even find one) that gave me nothing back and still charged 3 percent to the merchant, how is that better?
Whutmeworry
NES Member
The only problem with Citibank is that they're also the official government travel card, so people like myself who're employed by the government are pretty much forced to use the card for official travel. About the best thing to do in this case is file your travel voucher as quickly as possible after the trip so Citi doesn't benefit from any late fees or finance charges.
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