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Citi Card..cancel or keep?

Established Member

Re: Citi Card..cancel or keep?

When I first got the card, my rate was 3.99%.  Stupid me kept it.  And used it!  grrrr!!!
Message 11 of 23
Frequent Contributor

Re: Citi Card..cancel or keep?


dee wrote:
When I first got the card, my rate was 3.99%.  Stupid me kept it.  And used it!  grrrr!!!

 

Hi Dee,

 

Was that a intro rate (variable) or a life of loan balance transfer?

 

Again, it wouldmt hurt to give them a call to explain your situation. If you could pay off this balance prior to the rate jack great (that's what they want anyway). 

 

Good luck!

01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Message 12 of 23
Established Member

Re: Citi Card..cancel or keep?


dee wrote:
When I first got the card, my rate was 3.99%.  Stupid me kept it.  And used it!  grrrr!!!

 Pretty sure I had the same terms when I opened my account way back when.  I also have a card with US Bank.  They have been alot easier to deal with than Citi.  Citi has raised my rate arbitrarily many times over the years and I always had to fight with them to get it back down.  US Bank raised my rate a few months ago, but it only went from 9.99 to 11.99.  I can understand that more because of the current environment than 20 points in less than 4 months. They also increased my limit 2K without me asking last month and in the past have adjusted my rate down as long as I paid more than the minimum and didn't have any late payments of course.  Long story short, I won't be doing anymore business with Citi.  Also staying away from Chase and Cap One.  Heard nightmares about them too.  If I get another card once my balances are paid off, it'll be from my Credit Union.

Message Edited by bschmidt on 07-18-2009 07:01 PM
Message Edited by bschmidt on 07-18-2009 07:05 PM
Message 13 of 23
Established Member

Re: Citi Card..cancel or keep?

Oh no, that was not fixed, for sure.  I just never wanted to get another loan and stayed with what I thought then was a good company!!  ha!  what a joke that was!!
Message 14 of 23
Established Member

Re: Citi Card..cancel or keep?

You are going through what I have been going through.  Low rate, and then they kept upping my credit line.   Of course w/school, etc., I took it!  Just shows how stupid we can all be.  I will be opting out tomorrow for sure.  We do have a chase and one other citi in my husband's name, but different number.  It's a Simplicity Citi, whatever that means.  We are just waiting for those rates to hit 30%.  who knows, by next  year they could go to 50% if we keep them all!!  wow, and they could legally do that to all of us!!! 
Message 15 of 23
Established Member

Re: Citi Card..cancel or keep?


dee wrote:
You are going through what I have been going through.  Low rate, and then they kept upping my credit line.   Of course w/school, etc., I took it!  Just shows how stupid we can all be.  I will be opting out tomorrow for sure.  We do have a chase and one other citi in my husband's name, but different number.  It's a Simplicity Citi, whatever that means.  We are just waiting for those rates to hit 30%.  who knows, by next  year they could go to 50% if we keep them all!!  wow, and they could legally do that to all of us!!! 

Yup - it's scary for sure right now.  The CCCs are getting all their rate increases in before the reform bill goes into effect next year and this activity becomes illegal.  It's crazy that they can charge a baseline rate of 30% or more.  Most cards default rate isn't even that high.  Scary to think of what that'll be now.

Message 16 of 23
Established Member

Re: Citi Card..cancel or keep?

Oh that is why..?.Obama tried to help things, but instead it is back firing on all of us NOW!  geezzz 
Message 17 of 23
Established Member

Re: Citi Card..cancel or keep?

Only thing making me happy tonight is that the Rays are winning the baseball game right now!!  ha!!
Message 18 of 23
Established Member

Re: Citi Card..cancel or keep?

The new law prevents them from increasing the rate on existing balances, makes them give 45 days notice instead of 15, and prevents them from raising rates arbitrarily if the bill is paid on time.  They cannot, for example, jack it up to the default rate for being one day late anymore.  Basically, it prevents the type of actions that Citi is doing right now.  I just wonder what the base rates will be once the law takes effect.

 

Like you, I was pretty upset yesterday, but I'm fine with it now.  It's just another reason to put every effort to getting rid of this debt and to never go down this path again.  Again, good luck and enjoy the game Smiley Happy

Message 19 of 23
Established Member

Re: Citi Card..cancel or keep?

Yes, I agree.  I think this will  make ALL of us realize they have us and do not care what happens any more.  They got their billions from us and are now crying about all about it.  I will no longer take out more cards and I will no longer charge.  I will change my life by paying off what I owe and like you, hope I do not go down this road again.  The Rays won, so it was the only good thing that happened today!  Ha!!  Nice chatting.  good luck..
Message 20 of 23