Citi introduces a number of credit card accounts for foreign transactions
By Credit.com Staff
Citi recently said that it would begin replacing a number of old types of credit card accounts with four new ones: ThankYou, ThankYou Preferred, Premier and Prestige, according to a report from the New York Times. In exchange for the eliminated foreign currency conversion fees, the lender will instead take away a number of the perks current cardholders enjoy. In addition, it will also institute higher fees on the new accounts for new customers.
Along with eliminating old travel cards, Citi will also axe its popular Simplicity Rewards card, the report said. While analysts are unsure of exactly why, it's likely because this card is costing the company money.
Many consumers are shying away from rewards cards in recent months because they typically carry annual fees or higher interest rates.