Citibank: Good Customer Service from a Credit Card Giant
Written: Sep 22 '05
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Pros: Lots of services and incentives; Good customer service
Cons: No rewards on this card; High interest rate if one payment is late
The Bottom Line: This is a good bank to do business with. Interest and fees are low (as long as you're not late with a payment) and the service is friendly and helpful.
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| Bryan_Carey's Full Review: Citibank |
Credit cards are issued by all the major banks in the United States and by the majority of smaller banks, too. This type of service is very profitable, so it’s no wonder that banks are so anxious to gain approval for the issuance of credit cards. One of the first credit cards I ever had the pleasure of using is also the subject of this review. It is Citibank, a credit card issued by one of the world’s largest banks.
Features of This Credit Card:
Citibank offers Visa or MasterCard accounts. Like most large banks, Citibank offers many different types of credit cards. Some carry rewards, others do not. This particular Citibank Card doesn’t carry any rewards. It attempts instead to reward its customers via lower rates and fees.
Customer Service:
If you want to find out more about Citibank Credit Cards, you can visit the company web site, Citibank.com. If you want to speak directly to a rep, the phone number to call for credit card info is 800-950-5114.
This toll- free hotline, like most Citibank customer service lines, is available twenty- four hours per day, seven days per week. No matter what day of the year it is (holidays included) or what time, the offices are always open to serve customers.
Final Thoughts:
Citibank is one of the foremost names in banking and credit card issuance. Part of the massive Citigroup holding company, this business is one of the largest of its kind, with a financial service to match the needs of most any person on the planet.
I have had several experiences with the Citibank credit card service- one with a reward card and a couple others with the regular Citibank value credit card. I obtained my first Citibank credit card back in 1989 and I used it for about two years before canceling it for another offer. My next value card experience came in the mid 1990’s when I was convinced to accept another Citibank credit card thanks to an appealing incentive offer.
Citibank is one of the few credit cards that I can find mostly positive things to say about. Most everyone has credit card horror stories to share (mine are with MBNA) and most everyone is outspoken about the bank who issues these credit card lemons. With Citibank, my experiences have been mostly good. Getting through to customer service has always been a breeze and I can think of only a few times where I disputed some late charges or other fees with this company. I was pleasantly surprised one time, back in 1996 I believe, when I called and spoke with Citibank about a late fee I felt was unjustified. Instead of the usual “that’s the policy you agreed to, so deal with it!”, the rep actually waived the fee. This is one of the few times in my credit card using past where a bank has admitted error on their part and overturned a company- initiated charge or fee.
Besides the fact that this bank is so large and therefore so diverse in its product selection, another thing I like about Citibank is its constant array of incentive offers to get customers to sign up for its credit cards. This is the main reason I have used Citibank in the past. I could always count on Citibank to offer some nice “sweeteners” to convince me to accept its offer. Usually, these offers included zero interest, no annual fee, low interest balance transfers, or a combination of the above. The balance transfer offer alone was all it took to convince me to switch credit cards in the past. Even with an annual fee, the interest savings (Only 3 or 4 percent annually for the first year as opposed to 21 percent on my old credit card) on a $5000 balance made it worth it. This is a big bank with big bucks, so it can afford to offer incentives like these.
Citibank does have a few cons in its corner and they deserve to be pointed out before making a decision. First of all, this is a very large banking operation and because of this, some customers will get the feeling they are not that important- that they are just another face in a crowd of millions. I think the service is still good, but I know that some customers will prefer the more personalized service you get with a smaller bank. Another con is the lack of any reward. You aren’t going to earn cash back, frequent flyer miles, or anything else with this credit card. This is a basic value card that offers low interest in place of rewards.
The other negatives about this credit card are the same ones you get with most credit cards nowadays: Hidden fees and high interest rates if payments are late. If you are late with a payment, you can expect to see your interest rate skyrocket to just over 30 percent annually as a penalty to you, the cardholder, for not mailing in your payment on time. Also, there are late fees to pay and these are based on your balance. If you have a low outstanding balance, your late fee can be as little as $15. If your outstanding balance is higher, it can be as much as $39. And, if you exceed your credit limit, you can expect to pay a fee of $35. These fees are high, but Citibank at least administers them in a more ethical way than other banks. Like I said before, this is one of the few banks I have ever spoken with on the phone about a disputed late fee that actually removed it from my account. With other banks, there is no chance to get fees like this removed. Whether it’s ethical or not, most banks will refuse to waive any extra fees on credit card debt.
I no longer use Citibank credit cards, but this may change in the near future with some of the great incentive offers I have received in the mail. I am holding in my hand, right now, an offer for a card that carries zero interest on new purchases for 12 months; 2.9 percent interest on balance transfers for twelve months; and no annual fee. The interest rate after the incentive period will be 16 percent, which isn’t bad compared to other credit cards. This could be enough to convince me to give Citibank yet another chance.
Citibank is a huge issuer of credit cards and a leader in the financial services industry. I have used this credit card before but switched to other cards because of incentives offered, only to switch back later on when Citibank offered incentives of its own. Without these other incentives from competitors, there is a good chance I would have held on to my Citibank MasterCard. The customer service is very good and its one of the few banks that hasn’t given me any type of harassment when dealing with its people on the phone. It’s a bank I recommend using for your credit card needs.
Recommended:
Yes
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