Buck531 Posted October 20, 2009 Report Share Posted October 20, 2009 Just got a letter from Citi telling me they're jacking my rate to %29.99 for no reason at all. I've made all my payments on time for the past 5 years and they're doing this. Here's part of the letter. To continue to provide our customers with access to credit, we have had to adjust our pricing. The terms of your account will be changing. These changes include an increase to the variable APR for purchases to 29.99% and will take effect on November 30, 2009. As always you have the right to opt out, close your accounta nd pay down your balance under your current terms. WTF. Yes, I did call them. They didn't want to move for shit. Quote Link to comment Share on other sites More sharing options...
2pointslow Posted October 20, 2009 Report Share Posted October 20, 2009 Citi is bad about that! Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted October 20, 2009 Report Share Posted October 20, 2009 i just got the same thing on my CC. went from 8% to 24.xx never missed a payment never been over. call ed they said its the new thign there doing... buck man wernt u the one who had the issue a few months back about them lowering your balances too? yea they did that to me as well bastards. seems as if your a good customer u get hosed Quote Link to comment Share on other sites More sharing options...
Bam Posted October 20, 2009 Report Share Posted October 20, 2009 Sorry to hear Buck, but its unfortunately very common now. I agree, Citicard and Capital One are very bad about this. My Chase credit cards went from 7.24% to 13.24% over the past six months, but luckily I don't keep a balance on them so it doesn't really affect me. If you had a nice low rate before and you are actually carrying a balance on this card, it probably makes sense to close the account in order to keep your low rate. Then open a new credit card in the future. Edit - paul, did you cancel the card to keep the 8%, or let it go to 24%? Was there a balance on the card? Quote Link to comment Share on other sites More sharing options...
KillJoy Posted October 20, 2009 Report Share Posted October 20, 2009 This happened to me about 6+ Months ago w/ my CitiCard. My Rate was 7.99%. I had a decent Balance on it. I got a thing in the mail saying it was gong to 24.99% on (whatever date). It also said, to opt out, call this number. So I did, and they opted me out of it. They said I can use the CC at the current Interest Rate until the expiration date on the Card. The next week, they dropped my interest rate 1% to 6.99%. I have not yet received another intrest rate increase notice. According to the new laws passed, they have to give you a 45 day notice. I just recently closed out my CC with them all-together. KillJoy Quote Link to comment Share on other sites More sharing options...
paktinat Posted October 20, 2009 Report Share Posted October 20, 2009 Member since 04, never missed or late on a payment, they are jacking it up to 29.99 for me too. I'm going to just close it i guess Quote Link to comment Share on other sites More sharing options...
Bam Posted October 20, 2009 Report Share Posted October 20, 2009 Member since 04, never missed or late on a payment, they are jacking it up to 29.99 for me too. I'm going to just close it i guess I wouldn't do that, unless you are carrying a balance and are able to keep a lower rate by closing the card. Otherwise you're hurting your credit score by throwing away years of history. Just my .02 Quote Link to comment Share on other sites More sharing options...
KillJoy Posted October 20, 2009 Report Share Posted October 20, 2009 I agree, if you HAVE a balance, and they are raising your rate, CLOSE THE CARD! If enough folks do this, THEY WILL GET THE POINT! :thumbup: KillJoy Quote Link to comment Share on other sites More sharing options...
Main3s Posted October 20, 2009 Report Share Posted October 20, 2009 Sounds like you need to read the fine print.... http://www.columbusracing.com/forums/showthread.php?t=61817 Credit Cards are designed for you to fail. I got the same letter in the mail the other day. Bye Bye 2nd credit card. Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted October 20, 2009 Report Share Posted October 20, 2009 Just read an article on some webpage about this. Sucks. Quote Link to comment Share on other sites More sharing options...
Farkas Posted October 20, 2009 Report Share Posted October 20, 2009 They recently did this to me as well, and of course I've got the card nearly paid off and closed... fuckers. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted October 20, 2009 Report Share Posted October 20, 2009 I am suprised Rick has not posted about the evils of Credit Cards / Debt yet. Sadly, he is right... to a point. KillJoy Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted October 20, 2009 Report Share Posted October 20, 2009 Edit - paul, did you cancel the card to keep the 8%, or let it go to 24%? Was there a balance on the card? nope the card is still open ive got about 40% balance on the card might just close it if they wont keep it at the 8% that ive got now. like i said never been over the limit never missed a payment. always payed more then the minimum Quote Link to comment Share on other sites More sharing options...
Bam Posted October 20, 2009 Report Share Posted October 20, 2009 nope the card is still open ive got about 40% balance on the card might just close it if they wont keep it at the 8% that ive got now. like i said never been over the limit never missed a payment. always payed more then the minimum Yeah, it sucks. My gf had something similar done. She had around a $4500 balance on her Citi Card, at 1.99% because of a balance transfer. She was paying it down pretty good because the rate was only good for 15 months, then like a month or 2 ago when she had the balance down to like $8 or $900, citi dropped the limit from $5000 to $1000, but kept her 1.99% rate because it doesn't expire until next month. But we were like DAMN, wtf do we do if need to buy something and don't have the cash, or if her car breaks, etc, she has like $150 in available credit now, compared to over $4000 last month. Citi just said they are limiting their exposure and that lowering limits helps consumers too, basically some mumbo jumbo bullshit. So needless to say yeah, she's almost got that card paid off, but now what are they gonna do when it does get paid off? Close it? She has good credit, no late payments/collections/etc, so what gives? Quote Link to comment Share on other sites More sharing options...
excell Posted October 20, 2009 Report Share Posted October 20, 2009 We don't keep balances, but our primary cards are through credit unions. We keep our "legacy" bank cards (Citi, Target, etc.) active just for credit purposes, but rarely use them. Credit unions, though they can do the same unjust tricks as banks, usually don't. If you have the credit to open a new account, check out http://www.penfed.org - their cash rewards card is one of the best you can get. The rewards come right off the balance every month, no points, vouchers, rebates or other tricks. So far since we joined in March we've saved over $500. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted October 20, 2009 Author Report Share Posted October 20, 2009 A lot of my debt is from 2+ years ago. It's not like I keep using it. I do, but not very often. No matter what I do I just can't seem to pay it down. They keep jacking the interest rate up. I wouldn't be in this position if my wife made half as much as I make. But I guess that's the price I pay . Quote Link to comment Share on other sites More sharing options...
BloodRed Posted October 20, 2009 Report Share Posted October 20, 2009 Check the Ohio laws. Pretty much every state has limit to the max amount of interest anyone can charge. If it is higher than your rate, complain to the credit card company siting the law and if that doesn't work, contact the Attorney General. Quote Link to comment Share on other sites More sharing options...
SHIEF Posted October 20, 2009 Report Share Posted October 20, 2009 You guys know this is because of the credit card bill that was recently passed right? Quote Link to comment Share on other sites More sharing options...
Buck531 Posted October 20, 2009 Author Report Share Posted October 20, 2009 You guys know this is because of the credit card bill that was recently passed right? I thought something like that just went through, but I couldn't remember anything about it. Got any details? Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted October 20, 2009 Report Share Posted October 20, 2009 34% is legal in Ohio. Same shit happened to me (kinda). My rate was 23%, i spent like 10k on it, they wouldnt lower my rate even though I had a 725 credit score. I would have settled for like 10-12%, but they wouldnt move. I payed it off in cash, so now they are getting 0% interest. Quote Link to comment Share on other sites More sharing options...
SHIEF Posted October 20, 2009 Report Share Posted October 20, 2009 I thought something like that just went through, but I couldn't remember anything about it. Got any details? Not off hand. Takes goes into place in Feb. but govt heard companies were gonna do this so they are trying to make it official in Dec. CC companies said they'd lose money so they are jacking rates til this goes through in Feb or Dec. Quote Link to comment Share on other sites More sharing options...
LJ Posted October 20, 2009 Report Share Posted October 20, 2009 Credit Card companies are also going to start charging a fee for people who don't carry a balance. Quote Link to comment Share on other sites More sharing options...
Bam Posted October 20, 2009 Report Share Posted October 20, 2009 Credit Card companies are also going to start charging a fee for people who don't carry a balance. huh? that's legal? I have like 10 credit cards, only really use one and never leave a balance on any. Quote Link to comment Share on other sites More sharing options...
LJ Posted October 20, 2009 Report Share Posted October 20, 2009 http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?csp=usat.me Quote Link to comment Share on other sites More sharing options...
Bam Posted October 20, 2009 Report Share Posted October 20, 2009 http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm?csp=usat.me thanks for the link, it appears only BofA is starting to do that, which I luckily do not have any CC's with. And the fee that Citicard is looking to introduce won't affect me as I charge more than $2400/year on my cards. The first fee I've ever received on my credit cards happened just two months ago, and boy was I pissed. Chase changed the policy on my rewards card from no annual fee to a $30 annual fee. I could either pay the fee, or take a lower rewards card. I chose to pay the fee because the benefits outweigh the cost, but it still burned a little knowing that I was paying a fee. Fucking credit card companies. Quote Link to comment Share on other sites More sharing options...
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