CITI Bank terminating Home Depot cards....

[Dionne]

I received a letter last week from CITI. On October 31, 2009....all CITI Home Depot cards will be terminated. I have the commercial rewards card.....they are offering me $50 for each 6000 points I have accumulated over the years.

In the last few months I have noticed large mark downs on high end products.....some as much as 50% off.

I knew HD was in trouble. Store closings. Stock price struggling at $27 from a 5 year high of $43.

Now is the time to purchase that fancy sink faucet you've been considering....!

I've decided to take the money and run....7 days at Carambola Beach Resort, St Croix.

[Lurker]

I received a letter last week from CITI. On October 31, 2009....all CITI Home Depot cards will be terminated. I have the commercial rewards card.....they are offering me $50 for each 6000 points I have accumulated over the years.

In the last few months I have noticed large mark downs on high end products.....some as much as 50% off.

I knew HD was in trouble. Store closings. Stock price struggling at $27 from a 5 year high of $43.

Now is the time to purchase that fancy sink faucet you've been considering....!

I've decided to take the money and run....7 days at Carambola Beach Resort, St Croix.

Actually HD is doing fine (considering the economic conditions). This is a Citi problem. It's funny that you mention HD's stock price. Citi's stock price is down from the 50's to 4.85. If it weren't for billions of taxpayer money Citi would be dead. Actually they're still a giant zombie bank.

[Dionne]

Thanx lurker....appreciate the info CITI.

[Stephanie]

Yeah, I was going to say it was really a Citi Bank problem. I think that the majority of the banks are cutting off their nose to spite their faces. Anyway, HD still takes Visa, Mastercard and Discover!

[Lurker]

Yeah most of the big banks are still having issues to say the least. They continue to hoard cash as their loan portfolios continue to deteriorate. Last Tuesday when the Dow was getting a small haircut rumors were flying around the trading desks of another massive bank default coming. WellsFargo's name was being kicked around.

[vbhoutex]

As Lurker stated the problem is that the banks are holding on to their stimulus cash and not distributing it like we all expected it would be. That isn't just my opinion, that is the opinion of a friend who is a financial advisor and makes good money doing it even now.

[Lurker]

It'll be interesting to see how this China news plays out. China likes to send a "warning" and if you don't respond they act. They have been increasingly frustrated with our policies. They sent strong warnings out last week by putting our banks on notice of their intentions to default on their commodity hedges and by calling in all their gold held in London. They also told Asia to take delivery of all gold futures contracts. It is no secret that our central bank combined with Europe have been leasing gold to help keep prices down. I think the stage is set for some fireworks. Gold and Silver prices will tell the story.

[Stephanie]

As Lurker stated the problem is that the banks are holding on to their stimulus cash and not distributing it like we all expected it would be. That isn't just my opinion, that is the opinion of a friend who is a financial advisor and makes good money doing it even now.

I've heard/read that as well.