I was recently enticed to sign up for Citibank's Credit Protector program on my Citibank credit card. As an incentive, I would receive $50 in Visa gift cards over five months. Today I got the welcome package in the mail, and to get the gift cards I am required to mail them one certificate per month over the next five months. I will receive five $10 gift cards.
What an ridiculous inconvenience just to get $50. Citi's marketing people are incredibly sleazy for coming up with this scheme. They know most people won't bother wasting their time for the redemption. I was suckered into this program. Unfortunately this has become a trend; companies add more and more red tape to make it too difficult and time-consuming to take advantage of a rebate like Citi's. If they wanted to do it honestly, they should automatically send me the gift cards without making me waste my time mailing in monthly certificates.
Today's Citi's stock price closed under $5/share. Last year it was at $55/share. That's a 91% drop in their stock price. If the company continues hiring and employing morons only interested in making a quick buck, then the bank will undoubtedly end up failing, like WaMu.
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