Got the dreaded Citi letter yesterday

[marty56]

Dont opt out.  It is never a good idea to close a CC unless there is a monthly or high yearly fee.  If you dont like the terms, just use it every few months and PIF when you do.  These days I would not carry any balance on a Visa/MC card unless it was PIFable in 6 months or less.  If you need to make a major purchase, go store card.  You can still get some good finance deals as long as you PIF within the terms.

[Anonymous]

Yes if your motive is to hurt the company, PIF on a small purchase every other month and they will lose more on account maintenance than they will make off your transactions plus you will have the added benefit of another open tradeline increasing your AAoA.

[Watchmann]

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@iamrayl wrote:

They are going to change my APR from 11.99 to a minimum APR of 18.99.  Always pay on time, never over the limit, what gives?  If I opt out I can keep the current terms until the expiration date on my card (which luckily is 11/11) but then they'll close my account at this time.  I've always thought Citi was good when it comes to customer service, I guess the only way to get them out of their current financial turmoil is by punishing their customers.  I guess I'll opt out and keep using the card until 2011.    Funny thing is they gave me an auto CLI this past Monday.

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You can opt out and be under the old conditions for existing charges, but if you use the card after the new terms go into effect you have accepted them and the new rates will apply.  If you PIF each month it is immaterial, no?  You can try to snipe at Citi, but it won't really do anything.  If it makes you feel better, go ahead.  But Citi isn't going to change things unless there is mass unrest, and that isn't going to happen in this environment.  People are hooked on credit.