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?
Not quite what you are describing.. at least in our case. They offered to reduce the balance by 10% of the interest paid per month.
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...
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.
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.
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.
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.