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Regular Contributor
Posts: 246
Registered: ‎01-25-2008
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Re: Did NOT expect 29.99% ratejack from Citi

Well I guess now we can say Citi is getting subprime eh. I wonder did they do a merger with Orchard Bank ? It's like finding out ya gonna be fired from your job. What do you do ? I hope credit unions don't start this.
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Did NOT expect 29.99% ratejack from Citi

OP, have you looked around for a credit union that offers a CC with a BT offer? That's one possibility. Alternatively, a CU that will let you take out a personal loan for this amount.

Really, though, 30% interest, that's incomprehensible. I don't think the shake-down artists that run protection rackets charge that.

They're just gouging at this point.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 536
Registered: ‎08-26-2008
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Re: Did NOT expect 29.99% ratejack from Citi

[ Edited ]

marinevietvet wrote:

I know that creditwherecreditisdue has posted several times about asking for a retention specialist and bypassing the regular CSR's when trying to reverse an AA. You might try that. It couldn't hurt.




FWIW, here is one person's experience that was posted today on another site regarding this latest round of ratejackings:

I got the notice today Went from 8.1 to 29.99 apr. The csr stated that they are not even allowed to transfer anyone to retention. It's a "take it or leave it" sort of deal. I felt really bad for her though. She said she has been getting a lot of angry calls since Saturday over this
Message Edited by MojaveMoon on 10-19-2009 03:52 PM
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Did NOT expect 29.99% ratejack from Citi

This is pretty bizarre. Barney Frank is going to pitch a fit!
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Posts: 4,923
Registered: ‎04-19-2009
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Re: Did NOT expect 29.99% ratejack from Citi

I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.

 

I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.

 

I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Did NOT expect 29.99% ratejack from Citi


creditwherecreditisdue wrote:

I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.

 

I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.

 

I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!


I'm thinking its partly due to high balances on many  other cards.  Couple that with paying the minimum only.  Those are the cardholders who I suspect card limits getting slashed  and APR spiking.   The banks simply feel they are overextended, and are considered a high risk for having too much debt.  

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Did NOT expect 29.99% ratejack from Citi


DI wrote:

The banks simply feel they are overextended, and are considered a high risk for having too much debt.  


It's not a feeling - it is a reality. CL exposure must be reduced and not on a whim. It is an accounting/regulatory real necessity. This is such a harsh way to go about doing it though. This is the way creeps behave.

Senior Contributor
Posts: 3,725
Registered: ‎01-10-2008
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Re: Did NOT expect 29.99% ratejack from Citi

my RJ (10.24>>>29.99) letter was waiting for me in the mail today Smiley Sad it was bound to happen (and could again) but this is my first significant reportedly  non negtioable AA.

 

the version of the letter that i received included an offer to reduce balances by 10 per cent of amts. paid over the min. or something like that (i've misplaced it already) to help defray cost of this increase. ha!  

 

i am carrying a balance (<20% of CL) on promo currently but more frequently i pif than carry since i got the card in '07. highest balance 35-40% of CL.

06/13: TU 779 (Barclays) EQ 771 (DCU) EX 765 (PSECU)
Valued Contributor
Posts: 2,385
Registered: ‎09-10-2007
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Re: Did NOT expect 29.99% ratejack from Citi

Who is overexposed - me or the bank?  I might get 15K income one month and nothing the next (try losing 3 home sales in a month to be redone the next month or have closings delayed by a week or two or even two months)  - my cards go up and they get paid off when I get paid.  I budget 3 months out (and have all the mins and 'living expenses' covered at any one time) and when I get paid everyone get big chunks of money (thousands at a time not a hundred or so)

 

Whether I can AFFORD to pay them (i.e my income) is what should detertime if I or anyone is overextended not a random we think we can nail you and definately not default rates for people who haven't messed up in any way.  I would not be upset by 2 or even 5 points but to more than double my rate is totally assine especially when I have never missed a payment!

 

It is predatory - it is bad business (why piss off people who have other resources and can tell you pound sand?) - and it will come back to bite them especially with the attitude right now over the bail-out.  There will be a lot of people doing a lot of talking (as we are here)

 

I was in favor of the bailout because I expected the banks to do the 'right thing' and loosen up the credit market - well they didn't and Main Street is not happy. This will be a PR nightmare and cost them more than they will ever gain in interest.

Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Did NOT expect 29.99% ratejack from Citi


DI wrote:


creditwherecreditisdue wrote:

I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.

 

I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.

 

I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!


I'm thinking its partly due to high balances on many  other cards.  Couple that with paying the minimum only.  Those are the cardholders who I suspect card limits getting slashed  and APR spiking.   The banks simply feel they are overextended, and are considered a high risk for having too much debt.  



I honestly feel that this is too kind. I don't think that the banks are worried about risk. I think that when they see consumers who carry balances, they're looking at nice plump sheep, innocently cropping grass, without a shepherd in sight to protect them. There's a lot of wolf saliva flying around these days.

They know that X amount of those that they hit will NOT be able to pay off their balances immediately, and that they will be able to make some free money off of these folks.

For anyone who carries balances and hasn't gotten their letters yet, from any lender, start scrambling to get some cash ready. The letters are coming your way. Smiley Sad

Do whatever it takes to get out of the control of your lenders. You're not free until you can pay off your revolving debts within 30 days.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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