My bank account manager recommended that I cancel any credit card that I haven’t used in a while. Even though I’ve already cut them up, it’s still a good idea to cancel them with the credit card company, you know, just in case. I took his advice and canceled my CitiBank credit card. I haven’t charged anything on that card for months and it was just taking up space in my wallet so I called in to cancel it.
I’ve canceled a lot of cards before so I’m aware of the proceeds that I’ll be put through in order to get the card canceled. I know that they’ll try to persuade me to stay with them but my mind is set on canceling and that’s what I intend to do.
When you call some companies, their voice automated system will have an option for cancellation but CitiBank didn’t have that option. I know better than to select from one of their five options so I immediately pressed “0” to reach an operator. I spoke with a customer rep who put me on hold for about five minutes before coming back on to transfer me to the correct department. I spoke with a Kevin and he tried to keep me on.
Kevin seemed like a nice guy at first but he was pretty persistent to keep me as a customer. I know that having the card will be good in case I need it for an emergency and the card would be good to have in the longer run but there wasn’t enough of an incentive to keep it. The other cars that I have are cards that are part of a rewards program so I get something back in return. The CitiBank card doesn’t have anything that will help me so I didn’t see the point of hanging on to it.
I initially signed up for the card because of its low introductory interest rates but that time has come and gone and the rate is back up to normal. I call them to see if there were any promotions going on that will keep me as their customers but there wasn’t so I decided to cancel. My conversation with Kevin went a little something like this:
Kevin: I’m sorry to hear that you want to cancel. May I ask why you’re canceling?
Me: I don’t have any further use for the card so to be on the safe side, I’m canceling it.
Kevin: What do you mean when you say “no further use?”
Me: I have a bunch of other credit cards in my wallet and this one rarely gets used. I don’t think I’ve made any transaction on it for a long time.
Kevin: Okay, I see but there must have been a reason why you went with our card in the first place.
Me: Yeah, I signed up during a promotion with a low interest rate. That is no long…
Kevin: But the other cards probably have a high interest rates as well. You signed up during a promotion but what about the other cards?
Me: I get a 3.99% interest rate with RBC and it’s…
Kevin: Yeah but that sounds like a promotional rates as well.
Me: Yes, it is but the card also offers me rewards on top of that.
Kevin: Okay, what if I gave you a 9.9% interest rate for the year with an annual fee of $35?
Me: The annual fee is already a turn off. The other cards don’t charge me anything and I get…
Kevin: But if you take the money that you’ll be saving with the 9.9% interest rates, you can use that money for other things.
Me: Well, how much would I be savings with 9.9%?
Kevin: If you have a balance of $1000, you can save a lot.
Me: But I rarely carry forward a balance. I try to make sure that I pay off the balance so I can make use of the rewards program. So if I make sure that I pay off the balance at the end of the month, the other cards are better because they don’t have an annual fee.
At that point, Kevin proceeded to read me some fine prints to notify me that I’m responsible for any balance that’s remaining on the card and if I decide to reopen the account, I have 90 days to do so. I don’t think I’ll be re-opening the account any time soon.
I was thinking about hanging onto the card but I didn’t quite see the point. The credit card has a limit of $5900 so it would be nice to use somewhere down the road but the other cards limits put together can be as high as that. I think the one thing that persuaded me to cancel even more is the fact that Kevin kept cutting me off. I was trying to explain things to him but he was more focused on trying to get his points across that he forgot to listen to me. If someone is calling in to cancel, I think it’s best to listen to everything they have to say before you put in your two cents.