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Senior Contributor
score_building
Posts: 3,559
Registered: ‎01-10-2008
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Re: Did NOT expect 29.99% ratejack from Citi

those with balances feel the sting but there have been a number of reports of PIF accounts being subjected to various forms AA incl. RJ.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
armywifey85
Posts: 246
Registered: ‎01-25-2008
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Re: Did NOT expect 29.99% ratejack from Citi

[ Edited ]
I think they are trying to tempt ya into using those low intro rates and then RJ ya. I heard from a friend who works at citi finance that soon those pif card holders will see a side to citi also. If the banks not making money and the government is trying to tell them what they can and cannot do its a show of force and that 29.99% is a way to do that. Those pif will probably be cld to the point that having a low limit card costs some points on scoring. They gotta find a way to make big profits to pay off that bailout money and still line those deep pockets of the CEO. I've decided from this point on I'm not buying anything I don't need I will buy thrifty for the holidays those big box stores will be slashing prices after the holidays just wait n see. I don't know about you guys but have you been to the mall ? I pass it on the way home and its like not as busy anymore those stores will be hurting after this holiday and those stores also borrow from the banks its gonna be some fire sales here and there. Oh and those banks will be looking at us like we just fell in a shark pond lol.
Message Edited by armywifey85 on 10-19-2009 06:12 PM
Regular Contributor
armywifey85
Posts: 246
Registered: ‎01-25-2008
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Re: Did NOT expect 29.99% ratejack from Citi

[ Edited ]

I can tell you this when one bank starts to make money doing those RJ's all will follow right behind. Oh and when those card holders that keep a balance at 29.99% will become their best customer and those pif's will be tossed to the side with AA CLD's to shore up more money for those 29.99 balance carriers wait n see. They will give them lower credit lines like orchard and make double the money with the balances they carry with that rate.

Message Edited by armywifey85 on 10-19-2009 06:21 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Did NOT expect 29.99% ratejack from Citi

Interesting and related factual article:

 

     http://finance.yahoo.com/news/Citi-closes-gaslinked-apf-1579141505.html?x=0

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Did NOT expect 29.99% ratejack from Citi

0.2999 (=29.99%) x $0 balance = $0 in interest payments to the CCC.

Don't let yourself be owned by lenders. Do whatever it takes to unload your CC debt. Keep using your cards for their benefits (rewards programs, consumer protections, simplicity of payment) if you are disciplined enough to stay on top of them, but don't ever owe anything that you can't pay off within a month. Put your energy into paying off your cards, and then building up your savings.

Banks have discovered that we are the great cash cows. This sort of thing is the credit version of date rape. Don't let yourself be vulnerable to this sort of crap.

I really do hope that there is a special place in hell for lenders who are doing this. This is so morally wrong.
* 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
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Did NOT expect 29.99% ratejack from Citi


haulingthescoreup wrote:
0.2999 (=29.99%) x $0 balance = $0 in interest payments to the CCC.

Don't let yourself be owned by lenders. Do whatever it takes to unload your CC debt. Keep using your cards for their benefits (rewards programs, consumer protections, simplicity of payment) if you are disciplined enough to stay on top of them, but don't ever owe anything that you can't pay off within a month. Put your energy into paying off your cards, and then building up your savings.

Banks have discovered that we are the great cash cows. This sort of thing is the credit version of date rape. Don't let yourself be vulnerable to this sort of crap.

I really do hope that there is a special place in hell for lenders who are doing this. This is so morally wrong.

Regarding this entire post: Absolutely, positively +1!

Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008
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Re: Did NOT expect 29.99% ratejack from Citi

Depending on your credit history, opt out and close, if at all possible. You don't want to pay this type of rate on a balance of 8k. I would also call and call everyday. You have nothing to lose.

 

My personal strategy for these rate hikes is to carry a $0 balance on all accounts. I've started this and I will only use credit very sparingly from now on. I really think the worst is yet to come with these banks. By far, this isn't over.

 

Borrow from family, work more hours but do whatever it takes not to pay these exorbitant fees to these legalized loansharks.

Equifax Fico 785 as of 01/18/2012
Regular Contributor
thatdoodjohn
Posts: 153
Registered: ‎07-01-2008
0

Re: Did NOT expect 29.99% ratejack from Citi

I rejected their RJ. Definitely do not need their shady business.
New Contributor
mark925
Posts: 50
Registered: ‎12-13-2008
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Re: Did NOT expect 29.99% ratejack from Citi

[ Edited ]

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!


Between here and one or two other sites I've noticed one thing about many of those that are being affected now is that they are people who tend to PIF or carry a very, very, very small balance on the card.

 

Your situation sounds about like mine.  My APR is untouched (12.24%) and they've been sending me 0% and 1.99% BT offers like crazy (I accepted one and paid it off almost right away) and just had another CLI (the 3rd so far this year) with them a couple of weeks ago taking me to $9,200.  I am carrying a balance but am also paying 5x the minimum every single month consistently.   I wonder if payment patterns might have something to do with it as well?    They might view someone who pays the minimum for a couple of months then a bit more for one month then back to the mimimum more of a risk compared to someone who's consistent in what they're paying or the percentage they're paying in related to the balance owed?

 

EDIT:  One other thought is they might be doing soft pulls and maybe taking action based off of what they find on credit reports?  I noticed they did a soft pull on me on 9/7.

 

Whatever it is, I sure hope I don't get a notice.  I've survived this long.....

Message Edited by mark925 on 10-20-2009 01:03 AM
Established Member
Bharath
Posts: 17
Registered: ‎10-12-2009
0

Re: Did NOT expect 29.99% ratejack from Citi

what does these lines mean??

 

the current cardholder has to cover the cost..?? What cost u mean to say?


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