Are you using a CITI bank credit card to make online purchases? If you are, you should know that your CITI card login details are being recorded by computer systems in the global field of credit card payments processing. Your CITI bank is monitoring and collecting the information about how you make purchases with your credit card. You are essentially being watched 24 hours a day.
The CITI bank is also compiling and storing this information for their own use. What they do with the information they collect is not disclosed to you. However, there have been occasions where they have shared this information with third parties. In some cases, the CITI bank uses the information they collect to determine what kind of offers they will offer you when it comes to making credit card purchases.
These details are then used by the banks and institutions that issue credit cards to you to calculate the interest rates applicable to your account. They are also used to determine the amount of credit you can access. In a way, you are being monitored by CITI bank in a similar way to how your bank monitors your account details for the purpose of managing your funds. What you don't realize is that the CITI bank is legally required by law to disclose any information relating to your account to you.
Your CITI bank account will show any information regarding your debit and credit card usage. Your CITI bank records this information as they see fit. For instance, if you have charged a certain amount on your credit card, the CITI bank will take note of that fact and apply appropriate charges to your account. Similarly, if you have used your credit card to pay for goods purchased, the CITI bank may deduct those expenses from your card account. This is why you are charged interest on purchases you make with your credit card – because the CITI bank calculated the cost of the purchase using your card's balance and applied it to your applicable chargeback and interest rate components.
When you login to CITI bank, you are divulging these details to your financial institution (CITI). That way, the financial institution can determine the actual cost of using your card, which in turn, could be used to offset the costs they incur by monitoring your account details. The result is a net gain for all parties involved (you, the financial institution, and your card issuer). In other words, the CITI bank benefits from your purchases because they get to collect interest on them and the card issuer benefits because it reduces the costs they incur by monitoring your spending.
Once you log in to your CITI bank account, the next thing you should do is to review the available credit cards you have on file. You should note the card's details, including the CITI bank ID. Now, you should click on the “charge” or “edit” link . . . . . . next to the card. From there, you can change the details of the card to your needs. This process is simple but it's a very important step towards managing your spending.