I have investigated / called many CC companies this a.m.. When Citi gave me two options....pay high rate and keep card, or cancel card and keep lower rate, I decided to call and talk to them today. I got nowhere. Those were my only options. I then called my other CC companies to see about transferring my citi debt to other lower rates with other CC companies, but they charge a fee to do all that so there is another expense/fee they want out of us. I decided to call Citi and cancel card. They said my 11.2% rate will stay if rates do not go up! They say I will get a letter confirming I opted out. I then called customer service again and gave them the CC # I just cancelled and the lady told me it was cancelled already and could not see anything on my account, so it was done. I will now get this card paid off ASAP and never get a card w/Citi and hopefully no other companies. Now I just hope my other CC's do not go up to 29%. We all have to cancel our cards and stop them from stealing our $!!!
Good luck. In the future it might be better to call during the week during business hours and speak to a credit analyst.
If it doesn't have a fee I am not closing it. Period!
Fortunately I can move any possible RJ'ed balance quickly or just pay it off. Avoiding exposure to an RJ is the name of the game these days. The best way of doing that is to keep your UTIL way down!
Discover RJ from 9.24V to 12.99V
I would not consider this an RJ. It is a rate adjustment, but nothing severe.
Cap 1 from 6.9F to 15.9V this yr.
This is an RJ. Seems very in line with the reports that have been made regarding Cap1 cards.
There will be a whole lot of this kind of thing going on between now and the start of enforcement of the new CC regulations. That date is 01JUL2010 unless some type of legislation is passed that imposes an earlier date. The CCC's with the riskier portfolios, like Cap1, will probably be imposing the greater rate hikes. This is going to be a time of great turmoil - if the APR changes are not obviously tied to specific usage patterns and you do not have an exposed balance it is probably best to let it go and keep the TL intact. After the storm passes and competition starts again those APR's will come back down as easily as they went up if you remain worthy.