In April this year, Citigroup announced the winding up of its banking business from 13 countries including India. The group has taken this decision under a special strategy regarding its global business. The company is now looking for buyers to sell its business in India. This also includes the company’s credit card unit. In such a situation, if you also have a Citibank credit card, then you will definitely be worried about its future. Today we are going to tell you about how this decision of Citibank will affect your credit card.
Experts say that Citibank customers showed haste to surrender their credit cards.
Citigroup’s Indian credit card business should wait till new buyers are found. In such a situation, you can consider closing your credit if you already have a credit card from the bank that bought Citibank’s credit card business. Very few people like to have two or two credit cards at once. However, if you have another credit card, the same should be used for further spending.
Will the value of your credit card decrease?
This has happened in the past also when the new buyer has reduced the value of the old reward points. For example, last year State Bank of India and other banks together invested in Yes Bank. He reduced the value of reward points of Yes Bank credit card holders from 25 paise to 15 paise. Apart from this, lounge access and other benefits on Yes Bank credit card were also reduced. In such a situation, there is a possibility that after getting a new buyer, the value of reward points received on Citibank credit card may be reduced.
What to do with a complaint or dispute regarding outstanding Citibank credit card?
If you have any dispute or complaint with Citibank regarding outstanding amount or late payment, then you should settle it as soon as possible. You should ensure that your credit history is completely clean. Once Citibank exits its Indian business, it may become difficult to resolve your complaint. It will also take more time. This can also affect your credit report.
Will Citibank Bank leave India affect your credit score?
No, Citibank’s exit from India business will not affect your credit report. If you take a credit card from another bank or transfer your credit card to the acquiring bank, your credit report will also go with you.
On what basis should you decide whether you should continue with the Citibank Credit Card or discontinue it?
Citi credit card reward points do not expire. But the acquiring bank can fix the expiry date of your card. It depends on your credit card type. Know about the acquiring bank, know about the performance of their credit card segment and then decide whether you should stick with this credit card or discontinue it.
Could your credit limit be low?
Citibank has two premium credit cards, on which the highest credit limit is available. These cards are Citi Prestige and Citi Premiermiles. The acquiring bank can reduce the credit limit by 10-20 per cent after evaluating the credit performance of the customers for 6 months to 1 year. If you have not made any default and have paid the dues in time, then your limit can also be revised. But if you have a bad credit report, there is also a possibility that your credit limit may be reduced.
