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Member
Bigned
Posts: 19
Registered: ‎12-21-2007

Another Citi WTF!!!!!!!

I am just MAD.  Apparently Citi sent me a change in terms in October, which I can't believe I did not see because following this board has me checking every correspondence from CC companies.  APR from 13.24% to 29.99%?  Have had the card for three years without a single late payment.  High balance from BT a couple other cards pretty recently and $2000 in auto repairs.  My highest CL at $7000, with a balance of $6500.  I found the change when checking my new statement.  To make a long story short, I called and was told I missed the cutoff date so there is nothing they could do even if I closed the card.  I asked to speak to the retention dept and was told I did not qualify?????  Apparently rate jacking someone more than double their current APR does not qualify.  I asked to speak to a manager after the CSR closed my account to see if I qualified to speak to a retention person.  She restored my original rate as a COURTESY, but the account must stay closed or go to 30%.  I have been rate jacked by a couple other customers, but this is just criminal.  I can see a couple points with the way the economy and the laws have been changing, but 16.75%?  It is high time I find a credit union and just say F- off to all of these filthy banks.

Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

Re: Another Citi WTF!!!!!!!

I'm sorry this happened to you. You say you've followed the forums, so you know this is happening to a lot of people.

 

In the end, you are fortunate they took your interest rate back down. If you can, work on getting your utilization down. That's what causes a lof of these adverse actions.

Mega Contributor
Creditaddict
Posts: 18,807
Registered: ‎10-23-2007

Re: Another Citi WTF!!!!!!!

This has been greatly covered over the last couple months.  Sorry to hear but you are far from alone.
Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
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Over 30 Cards in between :smileytongue:
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Another Citi WTF!!!!!!!

I'm sorry this happened to you as well, and although I know that it doesn't give you much comfort, you did a good job getting them to rollback the APR.

 

 

Wishing you Happier Holidays (and a slightly-belated Happy 2 Year Anniversary) Bigned!

 

 

 

 

Member
Bigned
Posts: 19
Registered: ‎12-21-2007

Re: Another Citi WTF!!!!!!!

Thank you all for the kind words.  I guess I am the most shocked by the sheer amount of the increase.  I could understand anything up to say 19.99%, but to take it all the way up to 29.99%, which is higher than the default that the card had.  If I had been late on a payment, it would have gone up to 26.99%, so how do they justify 29.99%?  On a side note, will this affect my credit score?  I am starting to really take control on work on my balances in attempt to join the 700 club.  I have a snowball plan in place for 2010, but this card was going to be the last one because the balance is the highest and the apr one of the lowest.  Should I stick to the plan or get out from under this as soon as possible so I don't give Citi one more penny than absolutely necessary?
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Another Citi WTF!!!!!!!

Stick to your plan, Bigned.  You're paying them the same interest that you had intended on when you formulated your snowball plan.  Right now, your credit score should not be affected, because the account closed with a balance...which means both the balance and the card's credit limit will still be figured into your overall utilization.  But, once you pay that card to zero, the CL won't figure into your utilization anymore, and balances on other cards will show as a much higher utilization than they do now.

 

My vote is to stick with your original plan.  Don't let your emotions take over the gray matter between the ears (like I sometimes do!), play your own game, not theirs.

 

Good luck, Bigned...I know you can do it!

Regular Contributor
IrishPM
Posts: 165
Registered: ‎04-17-2008

Re: Another Citi WTF!!!!!!!

Something similar also happened to me....they sent me a notice in October as well telling me that my 13.99% apr is going to be 23.99% for no other reason other what they gave as an excuse in the accompanying letter about the rate increase..... they need to make up for the loss in revenue from defaults and the credit market in general.....So, they're hitting up all of their good paying customers right before the holidays when there just might be a chance that you're going to carry a a balance and they can get the higher rate out of you.....My solution? I pay off the card early and often, in full. I never carry a balance so I could care less if they charged me 75% apr....What I'm most pissed off is how blatant they are about rate jacking customers that have been loyal to them for decades all in the name of 'leveling the playing field' and paying for the moochers that decided to default on their credit card obligations.

 

I don't fault the people that legitimately had hard times...I'm angry about the person who deliberately overspent and left everyone else to pay for their irresponsibility. Pathetic.

Regular Contributor
emartin82
Posts: 140
Registered: ‎12-29-2008

Re: Another Citi WTF!!!!!!!

Sorry to hear about your ratejacking. Unfortunately, of all the "too big to fail" banks, Citigroup has really struggled to claw its way out of the abyss and they are happy to take it out on their customers. It's great that you successfully fought to get your APR rolled back. Lesson learned is that in the future, build up cash savings instead of credit cards so that you don't find yourself in this kind of situation.  These bankers are swine, the scum of the Earth and they will F** with you without feeling the least bit of sympathy.
Regular Contributor
My2cents
Posts: 231
Registered: ‎02-16-2008

Re: Another Citi WTF!!!!!!!

Sorry to hear that Bigned.  I'm so glad that I didnt get a card from those Citi slicker/loan sharks.

Their new slogan "Join Citi, where your nickel and dimes equal billions to pay your back your TARP fund."

 

Ole my2cents.

 

700 Club Member
Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008

Re: Another Citi WTF!!!!!!!

[ Edited ]

Bigned wrote: 
......  so how do they justify 29.99%? 

This has all been extensively discussed previously, but the reason they can justify the high rates is they are only responding to what WE, the taxpayers, have requested.  We have asked that laws be passed to stop other activities that we have deemed to be offensive, so the companies are protecting their franchises by raising the rates to a high level as the standard rate before all the new laws come into effect.  This allows them wiggle room as things sort out.  As others are quick to point out, don't take it personally.  It has nothing to do with your track record with the company.  The best plan is to pay off your balances and get on a PIF program going forward.  When you PIF a sky high interest rate is immaterial.

 
Message Edited by Watchmann on 12-22-2009 03:37 PM

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