Credit Card Center Advertiser Disclosure†
10-20-2009 05:46 AM
10-20-2009 06:25 AM
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..
10-20-2009 06:53 AM
10-20-2009 07:57 AM
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!
10-20-2009 08:02 AM
10-20-2009 08:06 AM
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.
10-20-2009 11:45 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.