CITI Product Change

[Anonymous]

I called CITI to PC my CashReturns card into the Hilton HHonors Visa Sig and was told by the CSR that it was approved and I would receive the HHonors card around the end of March?!?  This seems pretty excessive to me but...

Anyone else have a similar story when PCing one of their CITI cards?  2 months before the new card arrives? 

[vish1]

I have never PC a card but 2 months sound crazy.

I will try to call citi again to see if other rep tells a different story

[smc733]

This is the real deal.  It's taking 2 months for my Forward to switch to ThankYou Preferred, though I'm trying to get them to change it to Plat Select Dividend.

[tray]

  I was going to do a product change with citi myself and I was told because of the Credit Card Act it takes 45 days for any product change to occur.  Also any cl above $5,000 citi will definitely send you the World Mastercard--no cl reporting.  I personally want to change to the citi dividend select but will have to take a loss because I do not want the World Mastercard.

[Anonymous]

Thanks for the info Tray, makes sense now that you mention the Credit Card Act - although 45 days is crazy...  oh well...

[MarineVietVet]

---

@tray wrote:

  I was going to do a product change with citi myself and I was told because of the Credit Card Act it takes 45 days for any product change to occur.  Also any cl above $5,000 citi will definitely send you the World Mastercard--no cl reporting.  I personally want to change to the citi dividend select but will have to take a loss because I do not want the World Mastercard.

---

I will admit that it would be easy to miss one particular detail of any bill but I have been through the Credit Card Act 2009 several times and I can find no reference at all to the term "product change" so I'm not sure what you mean by this. If someone can find the section that talks about this please post it.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[smc733]

They do it to give you time to see if you like the terms of the new card or not, which is in the CARD act.

[MarineVietVet]

---

@smc733 wrote:

They do it to give you time to see if you like the terms of the new card or not, which is in the CARD act.

---

Can you point out the specific section please? I'm not saying you are wrong I'm just want to read it.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[smc733]

I honestly don't know a specific section, the CARD act doesn't say that, but it does prevent companies from raising rates and changing terms on paying customers without consent.

[MarineVietVet]

---

@smc733 wrote:

I honestly don't know a specific section, the CARD act doesn't say that, but it does prevent companies from raising rates and changing terms on paying customers without consent.

---

I agree with this.  The new requirement says: Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules, credit card companies only needed to give 15  days notice prior to making certain term changes.

It also says: You can “opt-out” if you don’t like the terms your credit card companies send you. Your card may be closed, but you will have multiple options for paying off your balance, including having up to 5 years to pay the card off – under the terms you had before opting out.

I found this information here: http://ficoforums.myfico.com/fico/attachments/fico/creditcardact/1/1/Credit%20CARD%20Act%20and%20new....

But IMO this has nothing to do with a product change and that's what was confusing me.    Nothing in the new law talks about a 45 day wait for a product change as far as I can tell.

However I've been wrong before and could be about this.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".