CitiBest VISA Gold Card
So I have a CitiBest Bank account from the german branch of Citibank, which I am actually fairly happy with. The idea is (was) that with 2500 EURs on the bank account or depot you will have a free account, a free depot for stocks, trading below 10 EURs and a free VISA Gold Card with a good insurance package. Some time ago, actually in July, I got a letter from them that they are doing something good to me but as a side effect my VISA Gold Card will no longer be free unless I spend more than 2500 EURs per year. Sure, the charges if I don’t pay back the money I used on the card has been decreased by 3,86% but it’s still 11.85% and if they really believe I will not simply get a credit somewhere else for 6% to pay of the credit card debt if I ever need it (which was never the case up till now) then they are a very big bit mistaken.
It’s not about the 2500 EURs really, which I will likely reach on the card (currently my studies are running over it, which can be a good amount for an MBA), but just the fact that I took this entire account because of the package. And I can have a similar package at other banks with the only downside being that I will have to move over the account and all the different shares, which will be handled by any new bank for me though.
For one I am pissed, but on the other side I know that a company will have to be able to change their mind but they should be truthful to themselves and to their customers. That will be a huge advantage in the future for a company to be able to do that. You will need to be able to say in a letter:
_Dear Customer,
Sadly we will have to make a few adjustments to the way we bill you for your VISA Card with your CitiBest Account. We thought we could make the card free for all and the marketing department obviously loved it. Sadly there are too many people who simply have the card but don’t use it, in which case we make a loss with it.
We thought long and hard what would be best and found that those who use the card mostly had bills in excess of 2500 EURs per year on their card. It’s either 0 or more than 2500 EURs, which is also the break even point where we have the costs of the card covered. Those with 0 spent could therefor do without the card was the assumption. For that we will keep the card free for all who spend more than 2500 EURs and all others can simple send back their cards, which they don’t use anyway. We can gladly have a chat on how we can give you the security of having a VISA which you might want to use in the future at your disposal for less or no cost. It will just not be the VISA Gold Card.
We hope you understand and are looking forward to your feedback, seriously.
Your Citibank VISA Team._
Of course, this is just a thing I have written down without much thought but it gives across the point. Now I will go looking for another bank account ;)