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Established Member
joiedevivre
Posts: 14
Registered: ‎01-13-2009
0

Re: Citi is Rate Jacking Me

Hello,

 

The same thing happened to me with my two Citi Cards amd I have never been late.  The weird thing is that they gave me a credit increase without my asking for one ($9,100) and that was supposed to be for my great credit history with them.   One will now be at 19.99% and I cannot opt out since that is my oldest credit card. (2002)  The other one I decided to tell them I would opt out since that one does not expire until 2011 and I could always call them back and decide to accept the terms (12.99%)  My fico score is over 680 the last time I checked and I have 9% utilization.  Any advice?

Super Contributor
MidnightVoice
Posts: 8,157
Registered: ‎03-25-2007
0

Re: Citi is Rate Jacking Me

As long as you pif, the rate is no problem.  Buy a cup of coffee every few months, allow your score to improve and the credit crunch to go away  :smileyhappy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Member
TowerHill
Posts: 22
Registered: ‎01-06-2009

Re: Citi is Rate Jacking Me

Don't opt out if these trade lines are helping your overall credit portfolio.  Like you mentioned, you don't need citi closing your oldest account. 

My advice is to call them again and ask when the new "Terms of Service" go into effect.  The very day that they go into effect call them back (using one of the "backdoor numbers" that are on this message board).  Ask for your account(s) to be evaluated for a lower APR.  They will do this.

If you simply ask for them to reverse the Terms of Service changes.... they will most likely deny you.  There are other changes in the new terms other than this rate jack that they want everyone to have..... like different default rates and cash advance rates etc.   I chose my battle with this one and got my APR reduced and had to accept the other changes.  I dont cash advance or pay late, so it's of no consequence.  Good luck

Valued Member
BhamGurlyGurl
Posts: 62
Registered: ‎03-26-2008
0

Re: Citi is Rate Jacking Me

I have enjoyed an extremely handsome rate with Citi for much longer than I should have, I have to admit (7.74%). I do not want to close the account, rejecting the rate jack, but I am not sure I can afford not to. I didn't get a raise or a bonus, which doesn't surprise me...a sign o' the times for us all. I love my Citi and would love to keep it and may call to discuss with them. I should have dumped the crummy WAMU when they rate jacked me!!!! That's the one I could do without.:smileymad:
TU 705; EQ 693; EX 713 (01/09/09)
TU 704; EQ 692; EX 719 (07/10/08)
TU 651; EQ 678; EX 673 (03/30/08)
~Desperately seeking less CC debt~
Frequent Contributor
Cheech
Posts: 282
Registered: ‎03-26-2008

Re: Citi is Rate Jacking Me


joiedevivre wrote:

Hello,

 

The same thing happened to me with my two Citi Cards amd I have never been late.  The weird thing is that they gave me a credit increase without my asking for one ($9,100) and that was supposed to be for my great credit history with them.   One will now be at 19.99% and I cannot opt out since that is my oldest credit card. (2002)  The other one I decided to tell them I would opt out since that one does not expire until 2011 and I could always call them back and decide to accept the terms (12.99%)  My fico score is over 680 the last time I checked and I have 9% utilization.  Any advice?


Did you call and complain about the rate increase? I did and they not only reversed the increase, they lowered my rate by 1.25%. I'm now at 6.74, with the recent prime rate reduction.  Evidently, many people have had similar experiences.

 

I do believe that the average credit card customer simply doesn't know enough about the system. For example, my dad was irritated when he saw a notation on his bill, highlighted in pink, that said he had "48,000 points." He thought they were trying to pull a fast one. He was amazed to learn, upon calling customer service, that these were GOOD points, and worth nearly $500 in gift cards to various vendors.

 

As another example, my husband just got a check for $8.75 in his most recent HSBC card statement. The back of the check indicated that, once endorsed, he would be enrolled in a program that pays 2% cash back, up to a maximum of $100 per year, for purchases. The program, however, costs $59.99 semi-annually. So, you can pay $120 a year to TRY to get back $100.  Sadly, I think that far too many people just sign this type of thing without reading or doing a little math.

 

I think credit card companies bank on that happening, and I think this rate increasing is another example. If just 50% of the people who get the notice do nothing, then the company makes a ton of money. So, it's not that big of a deal to reverse the increase for the few who have the gumption and knowledge to call and complain.

 

Bottom line:  CALL CITI!  :smileywink:

Established Member
joiedevivre
Posts: 14
Registered: ‎01-13-2009
0

Re: Citi is Rate Jacking Me

Hello,

 

Thanks to all for your great suggestions and also the back door Citi number.  I called last night and had what was going to be an increase to 12.99% changed to 6.49% on a card that will expire on 1/31/11.  I can always call back prior to the expiration date and accept the "New terms" and the card will not be cancelled.  

Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
0

Re: Citi is Rate Jacking Me


joiedevivre wrote:

Hello,

 

Thanks to all for your great suggestions and also the back door Citi number.  I called last night and had what was going to be an increase to 12.99% changed to 6.49% on a card that will expire on 1/31/11.  I can always call back prior to the expiration date and accept the "New terms" and the card will not be cancelled.  


you don't necessarily have to call to accept.  my understanding is that it is auto accept if no response from card holder in specified time period.  you have to call only to reject the terms if you do not want to accept them.  in any case, congrats!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
MattH
Posts: 3,240
Registered: ‎04-03-2008
0

Re: Citi is Rate Jacking Me

 

My wife's CITI and my AMEX recently saw rate increases.  My chase hasn't yet done so, the purchase APR is still 5.24%.  The APR on my CITI has always been somewhat higher, currently 19.990% which I will never pay of course.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Citi is Rate Jacking Me

Matt definitely call the backdoor number for citi and ask for a review to lower your apr. Many people have done this and received great success.

 

Let us know what happen

Member
DisplacedTexan
Posts: 19
Registered: ‎04-16-2008
0

Re: Citi is Rate Jacking Me

I just used the backdoor number and they dropped my rate from 14.99% to 5.9%. I was at 4.9% before the rj, but I'm not complaining.

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