I hate Citicards
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I had a pretty good interest rate. Ive always made big payments on time and never have been late. Ive been with them almost five years now and I check today on my balance online and low and behold my interest rate skyrocketed to 19.99%!!!
I called them and their reason was regardless of my good credit or my good history with them, its costing them more money to lend the money so now the consumers have to foot that bill.
I calmly explained how poorly I see this considering all the good factors and he brings the APR down to 7.99% for 9 months.
This is fine because it will be paid off in June but holy hell.
Anybody that has Citibank watch your interest rates.
Call them if they increased it ASAP.
I called them and their reason was regardless of my good credit or my good history with them, its costing them more money to lend the money so now the consumers have to foot that bill.
I calmly explained how poorly I see this considering all the good factors and he brings the APR down to 7.99% for 9 months.
This is fine because it will be paid off in June but holy hell.
Anybody that has Citibank watch your interest rates.
Call them if they increased it ASAP.
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Originally Posted by PraiseTheLowered' post='770613' date='Jan 18 2009, 01:52 AM
I had a pretty good interest rate. Ive always made big payments on time and never have been late. Ive been with them almost five years now and I check today on my balance online and low and behold my interest rate skyrocketed to 19.99%!!!
I called them and their reason was regardless of my good credit or my good history with them, its costing them more money to lend the money so now the consumers have to foot that bill.
I calmly explained how poorly I see this considering all the good factors and he brings the APR down to 7.99% for 9 months.
This is fine because it will be paid off in June but holy hell.
Anybody that has Citibank watch your interest rates.
Call them if they increased it ASAP.
I called them and their reason was regardless of my good credit or my good history with them, its costing them more money to lend the money so now the consumers have to foot that bill.
I calmly explained how poorly I see this considering all the good factors and he brings the APR down to 7.99% for 9 months.
This is fine because it will be paid off in June but holy hell.
Anybody that has Citibank watch your interest rates.
Call them if they increased it ASAP.
Though I pay my monthly balance in full each month, so don't pay interest on credit cards, I called out of principle! That card has been used regularly since 1985! NEVER made a payment late - EVER! ALWAYS paid the full balance when due!
The customer service rep's explanation was that Citi was raising the interest rates on all customers. That response really toasted me!
I politely requested to be transferred to a Customer Retention Manager and advised that BEFORE the call was transferred that a small detail be noted ... "Tell the CRM that a long term customer, who is also a STOCKHOLDER, was calling to discuss this issue!"
I courteously told the manager that I felt, as a STOCKHOLDER, it was about time that CITIGROUP began managing it's business to make money and that instead of raising the interest rate for a customer like me they should spend the energy figuring out why the value of my holdings has declined from $50+/share to less than $4/share in the past two years!
She spent a few minutes reviewing my account history, noted that she hadn't recalled every seeing a FICO score as high as mine EVER ... apologized profusely, and immediately reduced the purchase APR on this card to 3.9%.
Unfortunately for many consumers the new Federal legislation clamping down on these practices will not go into effect for more than a year. Given the dire economic straits we're in, many consumers and companies will be facing serious problems with tightening credit.
Let's hope the change in administration goes GREEN in more ways than the environment!
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Originally Posted by PraiseTheLowered' post='770613' date='Jan 18 2009, 01:52 AM
Anybody that has Citibank watch your interest rates.
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Guys, I think most of us know this will shortly begin affecting everyone, it is only a matter of time. But... with credit cards as your available credit on your cards decrease (maintaining a higher balance), your credit card companies will begin to assess you as a higher risk, hence raising your rates regardless of your payment history. Chase did this to me when we were renovating a house we flipped but I canceled the account. The notification they send you allows you sufficient time to close your account. If you close you are permitted to continue making your same payments until it is paid off.
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They also raised my interest rate but I hardly ever use the card and pay it off within the billing cycle. I'd close it, but I hear your credit score takes a hit. I was told I'm better off using it and paying off the balance.
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Originally Posted by PraiseTheLowered' post='770613' date='Jan 18 2009, 12:52 AM
Anybody that has Citibank watch your interest rates.
Call them if they increased it ASAP.
Call them if they increased it ASAP.
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'Guess they lose $$s on customers like me.
They give me an interest loan for between 25-55 days, I always pay my CCs in full ON the due date (not a day b4 that), and take advantage of their money back schemes (between 1 - 5%, depending on the purchase). All my CCs give me back some money.
I have never followed my interest rate. I have no sympathy for the banks, though, exactly for the reasons given on this thread.
They give me an interest loan for between 25-55 days, I always pay my CCs in full ON the due date (not a day b4 that), and take advantage of their money back schemes (between 1 - 5%, depending on the purchase). All my CCs give me back some money.
I have never followed my interest rate. I have no sympathy for the banks, though, exactly for the reasons given on this thread.
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