Credit Card Center Advertiser Disclosure†
10-20-2009 01:13 PM - edited 10-20-2009 01:20 PM
Just out of curiousity, what Citi cards does everyone have that has received the notice so far?
Citi Platinum Select MC (i just PIF the promo balance and will SD indefinitely making a small bi monthly purchase at my favorite neighborhood rotisserie chicken joint, 'Dirty Bird') appears as a bit of a desperate move on citi's part-- so i don't want to be thumbing my nose at their plight by running a promo balance, i'd rather just move on.
we shall see if they summarily close or CLD as a follow-up to the RJ, since they appear not to want our business.
just curious did anybody/ everybody else have the offer of reducing balance by a percentage of the amount paid over the min. disclosed in the RJ letter?
10-20-2009 03:01 PM
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...
10-20-2009 04:24 PM
10-20-2009 04:26 PM
11-18-2009 02:29 PM
Since the last post was almost a month ago I was wondering if anyone has found a way around this increase? I got the backdoor number from another thread and was going to give it a call to see if I get someone other then a CSR with no power to do anything but take a payment over the phone.
I just received my letter that I was going to be increased from 14.99 to 18.99 at the end of Dec. Last Mar I went from 10.24 to 14.99, (10.24 to 18.99 in about 9 months). No lates, usually carry a balance of 1000-1500, multiple charges each month, pay more then min.
I have the citi m/c american airlines.
11-18-2009 05:58 PM
11-18-2009 07:17 PM
I decided to call citi's backdoor number and told the woman that I wanted to speak to someone about the APR increase letter I received. I don't have any lates and have been in good standing with them. I feel like going from 10% to 14% to 18% in one year was not reasonable. She was very nice and said she would have to transfer me to her supervisor. The supervisor asked if I wanted to opt out and I said that I would prefer not to since that would close my account and that is not something I was looking to do unless necessary. She said that the only thing she could do was to extend my current APR (14%) for 6 months after the new APR was to take effect (Dec 29th), after the 6 months the 18% would take effect.
I accepted this offer and asked if in the 6 months I would be able to call again to see what they could offer me or cancel at that time and she said yes I could.
Now I just have to remember to call in 6 months.
11-18-2009 08:55 PM
1) Keep calling and try to extend that rate. Best way to appear attractive is to make large payments. Citi grades accounts based of strength of payment with 6% of balance considered excellent. The evaluate your strength of payment over a rolling 6 month period. Just remember a payment that is "more that the minimum may not be enough"!
2) The 5% BT fee rate applies if there is no other rate specified in the offer. If you have an offer with a different rate that rate will be the one that applies if you exercise the offer.
11-24-2009 08:57 AM
I have two citicards (dividend platinum and a green cash rewards) and received the letter on the platinum today. So I am going from 7.8% to 29.99%. On the dividend platinum I have a $21k limit and the cash reward a $15k limit. On the dividend I charge literally everything and pay it in full each month (roughly $800 a month). I have my netflix charge on my cash reward and pay in full each month too ($9).
I'm going to assume that I will get the letter on my cash reward card soon too. It seems they are just basically making everyone take a huge interest rate or close their account and open a new one after the new law is in, so they can adjust the fees accordingly to cover its changes.
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.