3:44 pm October 20, 2009, by Henry Unger
Has your credit card been canceled without warning or for no apparent reason?
The Associated Press is reporting that consumers across the country have been reporting such problems, specifically with bank MasterCards that are co-branded with oil companies.
Citibank confirmed the practice, AP reports. Citi said in a statement it “decided to close a limited number of oil partner co-branded MasterCard accounts.” That includes Shell, Citgo, ExxonMobil and Phillips 66-Conoco cards.
No law, AP said, prevents banks from closing down credit accounts without warning. Credit card issuers all maintain the right, typically listed in the fine print on credit card agreements.
Have you experienced this? Should the law be changed?
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