Question
I've been a Citibank cardholder for about 14 years. They've always been one of the only banks that I've done business with that lists the "Transaction Date" and "Posting Date" separately for each charge on the statement. Years ago, it seemed that these dates were both accurate for most charges.
However, these days, I've noticed that the posting date is almost always the same as transaction date, even if the actual date of posting is several days after the transaction date. The only exception to this is when the transaction occurs prior to a statement cutoff date, but doesn't post until after - in this case only is the posting date different than the transaction date. Also, when viewing the online "unbilled activity," sometimes transactions for a later actual date will appear online before a transaction that occurred on an earlier date, only to have the earlier transaction appear a couple of days later, but with a posting date the same as the transaction date. That is, I'm sure that it actually posted later than the transaction date, but the posting date is always backdated unless it's not possible to do so because the statement has already been printed.
I pay this account in full every month, so it's not really an issue for me, but for people that carry a balance, this practice probably results in higher interest payments. Perhaps the wording in the cardholder agreement says that this is permitted, but it sure seems fishy to me.
Answer
Citibank has been pushing the envelope in the name of profit lately. Their AAdvantage World MasterCard is a great example. The grace period for this card is 20-25 days. They start it out at 25, then quietly reduce it to 20 within the first 2-6 months. If you complain, they cheerfully move it back. If you don't, you've just lost 5 days of interest free time. Once moved back to 25, they can reduce it back to 20 at any time. The net is that you have to check the payment due date every month.
What a hassle. If it weren't for my occasional need for AA miles (I only use the AA card for big ticket items), I'd drop the card and the company. There are better banks to deal with out there.
[This message has been edited by skofarrell (edited 01-01-2002).]
Answer
Good thing that I pay my balance off every month as well.
This practice is a killer for the balance carriers...
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Regards,
Al