In last week's Newsweek, Allan Sloan had an article that I'm sure fueled the fire of some already disgruntled Citi credit card customers.

Here's the deal. Citibank decided to do away with their AT&T Cash Rewards credit card. Cardholders were informed they'd have to switch or just have their accounts closed. Problem is, this cash back card would only pay out when you reached the $50 level in rewards. When Citibank decided to discontinue the card, they kept the reward dollars of anyone that hadn't accrued $50.

Yes, the $50 threshold was in the card's terms & conditions--but these people didn't choose to end the relationship before reaching the $50, Citi did. In this case, doesn't it just make sense that Citi would pay out whatever people were owed, at the very least apply it as a credit to a new account if these customers would choose another Citi card as a replacement?

Not to Citibank. They're keeping the cash, no apologies.

Always remember that a credit card's terms & conditons are not a consumer's bill of rights. They are a contractual agreement that gives the issuer a lot of leeway to monkey with rewards, rates and fees. You can reap rewards by taking advantage of the system, but don't be surprised when they use their contract to stiff you.