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WHOA 29.99%!!!!

Established Member

WHOA 29.99%!!!!

I just received a letter for a change in terms. In less than 2 months my Citi card rate has gone from a promotional 6.99% to 18.99% and now they will raise it to Prime + 24%! There reasoning was the cost of doing business. Is this credit card companies way of fighting back credit card reform?
Message 1 of 15
14 REPLIES
Senior Contributor

Re: WHOA 29.99%!!!!

The short answer is yes. Hike them now while they can.
Here we go again...
Message 2 of 15
Senior Contributor

Re: WHOA 29.99%!!!!


p350z wrote:
I just received a letter for a change in terms. In less than 2 months my Citi card rate has gone from a promotional 6.99% to 18.99% and now they will raise it to Prime + 24%! There reasoning was the cost of doing business. Is this credit card companies way of fighting back credit card reform?

 

What exactly is the state of this account and your other accounts? Are you carrying balances?

Message 3 of 15
New Contributor

Re: WHOA 29.99%!!!!

Same thing with my daughter, she surfed to alliant. But the funny thing is, she logged in to her citi account last night to see if the blanace transfer went though yet, and saw the luv button for the first time, so she clicked it and they increased her limit by another $500. And it said, not a hard pull, so she was happy
Message 4 of 15
Senior Contributor

Re: WHOA 29.99%!!!!


Smrtshppr43 wrote:
Same thing with my daughter, she surfed to alliant. But the funny thing is, she logged in to her citi account last night to see if the blanace transfer went though yet, and saw the luv button for the first time, so she clicked it and they increased her limit by another $500. And it said, not a hard pull, so she was happy

If you get a form to fill in it will be a hard INQ. If you do not get a form it will not be. I recenly got a $1,250 CLI this way.

Message 5 of 15
Established Member

Re: WHOA 29.99%!!!!


creditwherecreditisdue wrote:

 

What exactly is the state of this account and your other accounts? Are you carrying balances?


This account is current and has always been current just like all my credit cards. My balance is about $1000 on a limit of $1600.....It used to be over a $5,000 limit but they've been hacking away at that too.
I do however have a tax lien on my record. I'm sure that doesn't help in keeping my rates low even though I'm a good client as far as paying all my other bills on time.

 

Message 6 of 15
Senior Contributor

Re: WHOA 29.99%!!!!


p350z wrote:
 

creditwherecreditisdue wrote:

 

What exactly is the state of this account and your other accounts? Are you carrying balances?


This account is current and has always been current just like all my credit cards. My balance is about $1000 on a limit of $1600.....It used to be over a $5,000 limit but they've been hacking away at that too.
I do however have a tax lien on my record. I'm sure that doesn't help in keeping my rates low even though I'm a good client as far as paying all my other bills on time.

 


"Current" is not good enough these days. High UTIL + PR reporting (in your case) is a recipe for AA.

Message 7 of 15
New Contributor

Re: WHOA 29.99%!!!!

She didn't fill out any info. She just clicked the button that asked if she wanted an increase and it said approved. It also said no credit report was pulled for this decision.
Message 8 of 15
Senior Contributor

Re: WHOA 29.99%!!!!

My previous post was information for the benefit of others who may not be aware of how the system at Citi works.
Message 9 of 15
New Contributor

Re: WHOA 29.99%!!!!

Oh, my bad. Sorry bout that.
Message 10 of 15