A former co-owner of the Brooklyn Nets who spent thousands and thousands on his Citibank bank card claims the financial institution “unceremoniously dumped” him — and his 29 million “Thank You Points” price $300,000.
Arthur Rabin, a co-founder of Put on Me Attire who offered his curiosity within the Brooklyn basketball workforce just a few years in the past, claims he plunked down $200,000 to $300,000 on his Citi Status card every month since he opened the account in 2015, totaling thousands and thousands till the cardboard was shut down this 12 months.
The large spender, as soon as an enormous cash backer of Hillary Clinton’s presidential run who in 2022 together with his son Jason offered a set of Hamptons estates for a whopping $118 million, earned the factors in Citibanks’ rewards program, which lets prospects redeem them for journey, present playing cards, money again and different advantages.
“Citibank’s partnerships with 17 airlines and hotels make its ThankYou® points some of the most valuable around, compared to other similar flexible reward programs offered by other banks,” he mentioned in a Manhattan Supreme Court docket lawsuit filed this week towards the financial institution.
However bother started a couple of 12 months in the past, when Rabin began flagging unauthorized expenses on his bank card, which had a $2 million restrict.
By August, Citibank shut down the cardboard, claiming there have been too many issues.
“We’re unable to reinstate your account due to the number of times it was closed within the last several months due to a lost/stolen card or unusual activity,” Citibank mentioned in a letter.
So as to add insult to damage, Rabin claims the financial institution continues to invoice him for the remaining steadiness, together with about $151,000 expenses he’s repeatedly flagged, and received’t give him the worth of the Thank You Factors.
“In a classic case of blaming the victim, Citibank has now rejected a number of these disputes, even though the amount at issue is a drop in the bucket compared to the amounts that Mr. Rabin has spent on the card on an annual basis since 2015,” he mentioned in courtroom papers.
Citibank declined touch upon the litigation.
