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Advice: To opt out or not?

Established Member

Re: Advice: To opt out or not?

I also don't think Citi will give you another card and then let you pay off another citi...just what I think tho.  I will call and ask more questions.  I will call many times, as sometimes you get different answers.   This is a time I would like someone from another country to answer the phone and not understand what I am saying and simply reduce our rate!!! 

 

(post edited to remove name of country; please do not reference specific nationalities, countries, cultures, etc., when discussing outsourced customer service call centers. - Scamp, Mod)

Message Edited by Scamp on 07-18-2009 06:29 PM
Message 11 of 44
New Contributor

Re: Advice: To opt out or not?


As explained by a CITI CSR, you are not getting more credit, just transferring to a different card (hopefully with a lower rate).  Question to OP:  Which CITI card do you currently have?


 

I have two Citi cards.  The Citi "Dividend" Mastercard, and a Citi "Premier Pass" Mastercard.

 

Currently they gave me the 29.99% notice for the Dividend Mastercard.  I only wonder if the Premier Pass will be soon to follow.

 

Message 12 of 44
Established Member

Re: Advice: To opt out or not?

I totally agree.  When you apply for more credit, no matter who with, you will spend the money if it's a LOW rate, like they always are at first.  Once you have almost max'd them out, they will up the rate.  I though what Obama did would change the CC companies, but it looks like it backfired on all of us. 
Message 13 of 44
Established Contributor

Re: Advice: To opt out or not?


bogfrog wrote:

As explained by a CITI CSR, you are not getting more credit, just transferring to a different card (hopefully with a lower rate).  Question to OP:  Which CITI card do you currently have?


 

I have two Citi cards.  The Citi "Dividend" Mastercard, and a Citi "Premier Pass" Mastercard.

 

Currently they gave me the 29.99% notice for the Dividend Mastercard.  I only wonder if the Premier Pass will be soon to follow.

 


Try calling them and see if you can combine the two cards on to the Premier Pass Mastercard (CL and Balances alike).  I have no idea if those are two cards that can be combined but there is certainly no harm in asking as I know they are able to combine some cards Smiley Very Happy

Message 14 of 44
Established Member

Re: Advice: To opt out or not?

I just called citi 3 times and got 3 different [edited] people.  One said they could not help, the other two said to write a letter to them????  Not sure if I should waste my time, but instead I will go online and send them an email to see what I can do..Personally they 'got' us!!  And BIG time!! 

 

Message Edited by Scamp on 07-18-2009 06:47 PM
Message 15 of 44
New Contributor

Re: Advice: To opt out or not?



Try calling them and see if you can combine the two cards on to the Premier Pass Mastercard (CL and Balances alike).  I have no idea if those are two cards that can be combined but there is certainly no harm in asking as I know they are able to combine some cards Smiley Very Happy


 

The problem with transferring or combining cards is that I have a very good rate on over $7k of the card (about half).  That half of the card is only 3.99%, and that is permanent.  So even with the 30% APR on the other half, my effective would be 17.15% total.  My other Citi card is 19.99% so it would be better just to stick with the 30% (resulting in the effective 17% rate) than to switch the balance over.

 

I'm just wondering how badly closing the account would effect my FICO.  I have no problem opting out and closing the account.   I don't need the card.  I just don't want to lose 20 points on my FICO scores!  If it's more like 2 or 3 points, I'd definitely just opt out and close the account.

 

Any idea how much doing so effect your FICO score?

Message 16 of 44
New Contributor

Re: Advice: To opt out or not?

One more thing...  Closing an account like this would seem like a wise move for any consumer.  Why should this effect your FICO scores?  Do you think scores might not be effected as much for a closed account as they used to?  The credit agencies must know the crap the CC companies are trying to pull right now.  Shouldn't they take that into consideration when they see accounts closed due to opting out?

 

I just don't see the point in being punished for a wise move.  It seems almost insane to consider credit scores when deciding whether to opt out of something like this, but that's exactly what I'm doing!

 

Screw it.  I think I'll opt out, and I don't care if it costs me 20 FICO points.  Citi can suck it.

 

Message 17 of 44
Established Member

Re: Advice: To opt out or not?

I agree 100%.  I mean we are now at the point that we have tried SO hard to keep our scores good if not great to pay those jerks on time, etc.  Now they are doing this to all of us.  If Experian and Equifax cares that much about scores, they will start seeing everyone not caring any more.  Maybe we can put those companies out of business too! 
Message 18 of 44
Moderator Emeritus

Re: Advice: To opt out or not?


bogfrog wrote:


Try calling them and see if you can combine the two cards on to the Premier Pass Mastercard (CL and Balances alike).  I have no idea if those are two cards that can be combined but there is certainly no harm in asking as I know they are able to combine some cards Smiley Very Happy


 

The problem with transferring or combining cards is that I have a very good rate on over $7k of the card (about half).  That half of the card is only 3.99%, and that is permanent.  So even with the 30% APR on the other half, my effective would be 17.15% total.  My other Citi card is 19.99% so it would be better just to stick with the 30% (resulting in the effective 17% rate) than to switch the balance over.

 

I'm just wondering how badly closing the account would effect my FICO.  I have no problem opting out and closing the account.   I don't need the card.  I just don't want to lose 20 points on my FICO scores!  If it's more like 2 or 3 points, I'd definitely just opt out and close the account.

 

Any idea how much doing so effect your FICO score?


Really? You think that rate is permanent and can't be changed? I hope you are right but I thought all my "fixed" rates were permanent........ until all of them were raised. Shows what I know. Smiley Surprised

 

 

7/09
TU-742
EQ-779

 

Time can heal all wounds and a low FICO. 

Message 19 of 44
Established Member

Re: Advice: To opt out or not?

From what I am hearing and now seeing, nothing is fixed.  They can change rates on any card now to any rate.  No matter what.
Message 20 of 44