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Mary D | My Citibank card in good standing just notified me that they were raising my rate from 9% to 25%!? |
I have never paid late, my fico score is the same (over 700) and I haven't made any late payments on any other accounts. Why would they do this? I can opt out and close my account, but is there anything I can call and say to them that would make a difference? Right now it is an adjustable that currently is at 9% (not sure exactly how its calculated) and they are planning to change it to 18.99 + whatever, currently 24.99!!! Needless to say, I am extremely unhappy with them as 25% is a rate for people with bad credit who have late payments etc. Any advice would be much appreciated. Thanks. |
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Sgt Big Red
 |
Sad to say but this is the current trend. There have been many questions recently regarding the termination of accounts or the raising of the APR.
You could call them and ask to have the APR reduced, or simply pay it off and put it away and take your business elsewhere. Do not close the account at this will reduce your ratio of debt to available credit.
It seems that tax payer money was not enough to bail them out, so now they are going to scr@w us individually.
We may all be better off to pay off our cards and use good old cash and checks (they do not like being paid by checks as it cost them more to process).
Here is a link to find out how the American people can try and fight this abusive practice. Read it, you will find it interesting.
http://www.bcsalliance.com/creditcards_complain.html
Hope this answers your question. |
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LR
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According to the news, this is going to be common thanks to the financial crisis. The banks are needing to make a profit where they can in order to stay in business. |
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BigOrlandoNerd
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Wow, I didn't think that they would do this to someone who pays timely. Clearly they are desperate for money and are finally revealing to all that they are a bunch of thieves.
The past year has been an education for me. I always paid on time. Unfortunately I fell on hard times and paid late on occasion. They raised my rate and I complained but they didn't care. Because of their greed I've decided to file bankruptcy and screw them over as best I can. |
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hollyserb1976
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me too, what the heck? |
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Steve L
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It caused by Credit card credit panic. They have the right because you agreed. Most people ignored the small print that give the issuer the right to change the terms. Most customers said that will never happen to me so I choose to ignore that part of the agreement. You can complain however you will probably fall on deft ears. If you complain long enough they may just cancel your account |
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Ted
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Haven't you been paying attention to the news? Citibank is broke. They need the money.
Besides, a credit card is not a good plan for long term borrowing and never was. To cover a short term emergency, which is how the card should be used, the rate isn't that important, since you don't have a balance outstanding for long.
I only use credit cards where they pay me to use it. I pay my CitiCard by the due date. They credit me with a rebate of 5% on all my Shell gas purchases and 1% of everything else I spend. They get a fee from the merchant for clearing the transaction and split it with me. I love the cash rebates and they must love me because they keep increasing my credit line.
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Steve D
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Have you called them and asked why they are raising your rate? If not, call the 800 number and ask and talk about negotiating the rate back down. Part of it will depend on whether you pay all at once all the time (if you don;t run a balance, you are not that profitable and they maybe trying to get you to cancel). |
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Shane F
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Do you have carry balance other credit cards? If so, they may want to increased your rate when they pulled your credit report to see how many credit cards do you have. Truth is, they dont care if you have great fico score. If you read the fine print then you will understand. That is how it works but I know it sucks. It happens to me once but I paid all of my credit cards back in 2005. The best thing to do pay your credit card in full so you can avoid interest rate. I hope it helps. |
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Doctor Deth
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because they can - all credit card companies can do that at any time for any reason. don;t charge anything or pay in full every month and they can't make any money off of you |
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Time Will Tell
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A calm friendly call and request to reconsider before cancelling the card might be in order. I've had some positive results when I called my CC companies. |
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sglmom
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This is a common problem -- and one in which people who do take a Bank's 'introductory' offer of credit.
There is usually a 'come-on rate' (artificially low) to entice you to run up debt .. and that is part of the marketing of the producdt. After that initial time period EXPIRES - they DO jack up the rates to the max .. and then you are hit with fees and everything else to extend the payment terms as long as possible (Which is why people with $5K Credit Card Debt find out it costs them over $30K to pay it off at the minimum payment terms).
YOU can take 'charge' of your credit this way (and yes, it is tight even for consumers that have GOOD Credit -- and that means the top 25% of Americans) ...
Call Citi (but it is one of those in trouble -- look at the Financial News) .. and ask them about the rate -- and tell them it is UNREASONABLE .. and you are upset about it. Sometimes, they will negotiate or change it.
Pay off the account in full -- and do NOT use the card at all. (Best option -- your credit score will remain high .. balance is under 50% of the limit (after all -- no activity).
Close the account. Pay the balance in full.
Believe me .. as long as they can .. they will continue to offer those 'introductory rates' for Credit Cards .. and then get one after the initial terms expire. UNFORTUNATELY -- it is hidden in the FINE PRINT what is happening .. and most people do NOT read the fine print at all.
This is happening to ALL people -- even RESPONSIBLE Consumers (like you and I). A Sign of the times .. and the fact that all these big Credit Card Companies and Finance Companies are struggling with overloads of bad debt. |
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Netanya
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I have been on the phone for two days.
Call your bank, and if they don't do anything for you, call the Comptroller of the Currency (202) 874-4700 they are the ones that told the banks that they could do this to us. You need to file a complaint.
If you want to email them instead
http://www.occ.treas.gov/mail1.htm
Also call your Senators, Congressmen, and the Attorney General.
We must all be vocal and let them all know that we are not going to be treated unjustly.
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