Anybody got a Citibank Card?

[FriscoProx]

I have excellent credit (780ish 3 score average). Citibank just sent me a letter saying my new rate, if I continue to do business with them, is 29.99%. I think they are doing this to everyone. Not a big deal for me because I can just pay of the balance but this is gonna crush a lot of folks on the edge and wreak havoc on the holiday shopping season.

 

[skibreeze]

I have one and pay it off every month, I like the cash back I get with it. I don't think that I got a rate hike, but it doesn't matter to me either way.

Just saw this, pretty jacked up!

http://blogs.moneycentral.msn.com/topstocks/archive/2009/10/20/citibank-yanks-mastercards.aspx

 

[Yamahamod]

Yup,

I had that happen to me two weeks ago. I owe a balance of 4800 for business materials that will be paid back buy December.

I told them I don't think Im going to pay you anymore because of the 30% interest and I really don't care if you pass this along to collections or not.
I JUST DON'T CARE, if you are going to be charging me over a 127 dollars in interest every month. Thats Fraud!

I stood up to my word and didnt pay my last payment and they started calling me 3 or 4 times a day everyday for 4 days until I answered it.

They tried to push the 30% thing again and to get me to pay my bill.
I told them the same thing to go get fawked.

Bam!

Sir, Can you Hold on for a Second? sure,

Ok Sir, We can give you a 6.8 percent interest rate for here on out if you agree to close your account today so I said thats more like it.

Problem solved. Just have to stand up to those a**clowns.



PS. In no way is this advice for anyone who is in the same situation. Every situation and outcome is diffrent.

 

[shonuff]

Yep, same thing with me.

And they started charging me a finiance charge even though I pay off my balance every month. It's only like a buck fity or so but WTF...bastards!!!

 

[woodzy]

Ok Sir, We can give you a 6.8 percent interest rate for here on out if you agree to close your account today so I said thats more like it.

Problem solved. Just have to stand up to those a**clowns.



PS. In no way is this advice for anyone who is in the same situation. Every situation and outcome is diffrent.

They didn't do anything special for you. When your rate gets hiked, the only way to get it down is to close your account. When you close it, the rate automatically goes down to a more "normal" rate.

 

[POLZIN]

Yup,

I had that happen to me two weeks ago. I owe a balance of 4800 for business materials that will be paid back buy December.

I told them I don't think Im going to pay you anymore because of the 30% interest and I really don't care if you pass this along to collections or not.
I JUST DON'T CARE, if you are going to be charging me over a 127 dollars in interest every month. Thats Fraud!

I stood up to my word and didnt pay my last payment and they started calling me 3 or 4 times a day everyday for 4 days until I answered it.

They tried to push the 30% thing again and to get me to pay my bill.
I told them the same thing to go get fawked.

Bam!

Sir, Can you Hold on for a Second? sure,

Ok Sir, We can give you a 6.8 percent interest rate for here on out if you agree to close your account today so I said thats more like it.

Problem solved. Just have to stand up to those a**clowns.



PS. In no way is this advice for anyone who is in the same situation. Every situation and outcome is diffrent.

They didn't do anything special for you. When your rate gets hiked, the only way to get it down is to close your account. When you close it, the rate automatically goes down to a more "normal" rate.

Pretty sure your credit takes a hit when you close your account ! I did the same thing.

 

[Beels]

I had a line of credit with Canadian Tire Financial Services for a number of years. Used it once when I was in a pinch, then paid it off. Got a letter 2 weeks ago that they were closing my account. No explanation why. Nothing owing on it.

 

[woodzy]

Pretty sure your credit takes a hit when you close your account ! I did the same thing.

Yes, you are correct. You lose that credit history you had built from using that card. But I would much rather take a small hit than pay 28% interest on a 5 or 10 thousand dollar debt.

 

[woodzy]

Don't know if anybody else has gotten the letter, but I got one the other day about all the new terms on a CC I've had for years. Typical letter you tear up and toss out by the way. Just happened to read that one and the small print at the end said I had to sign the letter and send it back agreeing to the new terms or my account would be closed.

 

[wickman]

I got that letter a few months ago. If you kept the account the rate went up to 29.9%. If you closed the account they had to leave the rate at what it was. If you didn't call them and opt out, the rate automatically went up.

 

[milehighassassin]

You have the option to tell them you do not agree to the terms. They essentially close your account, but you keep your old APR and can pay it off at that rate. Once the account is fully paid off it will be closed. It does look worse on your credit because it will say account closed by creditor, but at least you are not paying 29.99%

 

[Ex-Member]

Chase did that with me a while ago. Same deal, real good credit, etc.

Had a low APR on it for quite some time, 7.x%ish. Carried some balance on it just because it was so low. Then it went up to 28.x%, paid it off the next month.

Now they keep sending me perk packages wanting my money back.

Also, moving this to FP.

 

[suitcase]

I have excellent credit (780ish 3 score average). Citibank just sent me a letter saying my new rate, if I continue to do business with them, is 29.99%. I think they are doing this to everyone. Not a big deal for me because I can just pay of the balance but this is gonna crush a lot of folks on the edge and wreak havoc on the holiday shopping season.

I have three major cards and they all have done this to me. I'm with you don't realy bother me I carry no balance over each mouth. They are going to make people pay for there bad choices on loans when they where throwing money around like it grew on trees.

just my two penny's

 

[stum1967]

29.9% ?, isn't that called "A Loan Shark"?

 

[RMK7SledHead]

my roommate is beyond a millionaire, many times over (trust fund kid). He got the letter the other day, called them and closed his account. Needless to say, they were backpeddling for quite some time trying to get his business back. He just got a new card with USAA for under 6%.

 

[Anti-Hero]

I got a corporate citi card, so i guess i don't what they raise it too. Hell i don't even know if it get paid on time don't rightly care?

 

[dragonblue]

Pretty sure your credit takes a hit when you close your account ! I did the same thing.

Think the effect depends on how long you've had the card. If you got it fairly recently (in relation to other credit accounts), no biggie. Better to close it than to pay 30%!

 

[kerk43]

Thank Our Government...

...for all of these changes. I know it seems rediculous but with all of the changes with the CARD Act that was passed and signed by obummer, the Credit Card Co are making changes to make up for some of the some of the lost revenue. It is also coming out that some are going to start charging an annual fee again. This all sucks for the Good Guys how maintian there credit. This is just another FAILED peice of Legislation IMO.

 

[Good to Go]

...for all of these changes. I know it seems rediculous but with all of the changes with the CARD Act that was passed and signed by obummer, the Credit Card Co are making changes to make up for some of the some of the lost revenue. It is also coming out that some are going to start charging an annual fee again. This all sucks for the Good Guys how maintian there credit. This is just another FAILED peice of Legislation IMO.

Ding Ding Ding...!! Winner.. The card companies are reacting to forced legislation. They're going to make money, one way or the other.

We got one of those letters too. I paid the bill last night, and wrote them a letter pretty much stating that the record better show that the account was "closed by consumer". Basically, close it before they do. Even if I don't use the credit (carrying charges) on that card, I wouldn't have one that high in my wallet.

I love my Amex....