My wife has a Citi card and she just received her letter in the mail about the rate hike to 29.00%, right now she has a $2500 balance, in the letter it also stated she can opt out after paying her balance off and they will close her account. Since she also has an account with a CU, she's going to get a card from her CU and transfer the balance. I guess the banks are doing everything to get what they can before the new regulations kick in..
My co-worker just got her RJ letter to 29.99% as well yesterday. She has a balance of $1k and a limit of $11k and a FICO score of over 780 (somewhere between 780 and 800, don't recall for sure).
However, this is her only CC so she's not sure what to do now, just mad that it happened to her. I told her to PIF (she can) and keep using the card occasionally and get another one.
I think it's crazy that CITI thinks it can do this to tons of people and someone won't say something...or jump ship en masse to a good bank/CU like USAA (where I'm at).
Good luck to everyone struggling though!
Just got my ratejack letter yesterday as well. My last balance with them was $4 which I paid off today. I don't feel like using this card ever again because what they are doing is unjust. However, it is one of my oldest accounts. Should I purchase a pack of gum once in a while with the card to keep the account active? I can guarantee you that they won't get any charge over $10 from me using this card!!
Just make a minor charge once every three billing cycles and you will be OK as far as the card remaining open.
I received a letter in the mail that my current 9.24% APR will be increased to 29.99% in order to "provide customers with access to credit" which I personally think is a joke. I currently owe 8k on my Citi card and I do not have the money offhand to PIF, but never paid late. Always on time and more than the minimum.
Should I close the account now before I fully accept the changes? I have until November 30. I have a feeling that even if I do accept these changes, they will close my account anyway like what Chase did and will be stuck paying 29.99% interest.
All of you are way behind. I went from 7.9% to 24.99% on my Citi card over a year ago.
But I haven't paid a penny in interest since then.