Update by user May 27, 2013
Soon after I posted this, Citi contacted me with great concern and
promised to look into it immediately and get back to me. One month
later I have heard nothing from them. So much for their concern.
Unwinding my relationship will take time (one CD matures in a year,
and stocks must be transferred), but Citi has proven their lack of
concern for at least one customer.
Original review posted by user Apr 26, 2013
I am closing my Citigold relationship with Citi, having just learned
Citi removed 56,401 ThankYou points from my account without notifying or telling me.
I check the site regularly. There is a notification of points "Expiring (within 90 days)". It has always been 0. Yet I am told by "Wanda" that, because I closed one (of my seven) credit card accounts (a Premier MasteCard, of which I already had one) and did not use the points within 30 days of closing, they were confiscated and there is nothing I can do.
The Thank You points are more like *** points. There are a depreciating currency (over time, the cash you can receive for them has declined ... it's now down to 1/2 cent per point). There is apparently some very fine print about their expiration (WITHOUT notifying you online), so what Citi giveth, it taketh away.
With the exception of gift cards (restricted currency), Thank You rewards are very expensive. Even deposits to one's account (a simple electronic transfer) are valued at 1/2 cent per point. Chase points are worth one cent. Bank of America points are worth one cent. HSBC points are worth one cent. Capital One points are worth one cent. Discover points are worth one cent. Only Citibank is so niggardly.
Further, my six remaining Citibank credit cards have some of the chinciest point rewards of all (1.2% for gas -- woo hoo! -- whereas my various other cards give 2%, 3%, 3.3%, 5%, and 5.1%). And these other cards reward one with cash back, not 1/2-cent points.
So for the 56,401 points they deducted, without notification, from my account, Citibank will be losing a long-time Gold customer, and gaining a noisy spokesperson against them. (I'm also a stockholder ... don't even ask me about what I think of their management.)
Monetary Loss: $564.