@score_building wrote:apparently citi sent out 100s of thousands of these notices just recently and quite a few (including me) have already reported success requesting that citi vacate the rj. why not try your luck and ask citi to reverse the rj and preserve the account before considering the opt out option.
I don't recall ever getting a notice of this. If I did, I ignored it
I'm not REALLY going to cancel, I'm just going to threaten!
@Anonymous wrote:Citi jacked me too! I never look at my APRs because I always PIF, except for a Chase card at 3.99%"for life" (we'll see how long that ends up being)
Good luck, because that's the same card they tried to jack for me! My rate was "guaranteed for life" (which, if you read the fine print, really means "until the card expires.")
I kept the so-called "guarantee" that was printed on my statement from months and months ago because I had a feeling I might just need it one day. I read it, verbatim, to the CR who still insisted that unilaterally raising my interest rate in direct opposition to the verbiage on my "agreement" with them didn't REALLY constitute them breaking the agreement.
In the end, I got a 1.25% reduction (instead of an increase) in my APR, but I was very disappointed in Citi to see them specifically go back on a commitment they made in writing, and then defend the action. I may not know much, but I know contracts, dammit! 
Spent 30 years reading, writing and interpreting them.
Did Chase jack your "for life" rate or was this on a Citi card? The Chase offer was on a balance transfer for me on an existing account. I have a feeling based on other things I've read, that I'll be able to get at least two years out of it. By then, my balance should be a lot lower, and hopefully, I'll have more options available if they do jack my rate.
@Anonymous wrote:
@Anonymous wrote:Citi jacked me too! I never look at my APRs because I always PIF, except for a Chase card at 3.99%"for life" (we'll see how long that ends up being)
Good luck, because that's the same card they tried to jack for me! My rate was "guaranteed for life" (which, if you read the fine print, really means "until the card expires.")
I kept the so-called "guarantee" that was printed on my statement from months and months ago because I had a feeling I might just need it one day. I read it, verbatim, to the CR who still insisted that unilaterally raising my interest rate in direct opposition to the verbiage on my "agreement" with them didn't REALLY constitute them breaking the agreement.
In the end, I got a 1.25% reduction (instead of an increase) in my APR, but I was very disappointed in Citi to see them specifically go back on a commitment they made in writing, and then defend the action. I may not know much, but I know contracts, dammit!
I called Citi this morning. First the lady told me I could opt out. I said I didn't want to, was there a way my rate could be lowered without opting out? After a pause, she said I could get a promo rate of 7.99% for 9 months, so I took it. Once it goes back up, I'll just call in again, if it's absurdly high. So now my rate is 1.75% lower than two months ago.
Mike14 wrote:
After a pause, she said I could get a "promo rate" of 7.99% for 9 months, so I took it.
Once it goes back up, I'll just call in again,
Again there is an example of a promo offer being used to raise the permanent interest rates and still keep the customer in the game..
Under the old system, when deposit interest rates fell we could get our credit card interest rates lowered for the asking.
In the future when interest rates for installment loans fall, we probably won't be able to get our CC rates lowered. We will instead get promo offers.
It seems that they are raising the official on going rate as high as possible with out forcing the consumer to "opt put". Even if the consumer opts out, I'll bet some consumers will get an offer to reactivate a card in the future at a higher interest rate after paying off the outstanding balance. If the company doesn't want to acquire higher balance risks with a particular consumer I believe there will be no other offer except to "Opt Out".
If the CC company is willing to let a less risky consumer keep the card open in order to raise the balance it can offer a special promo rate for a limited term. That could eventually help the consumer go deeper into debt that will be priced at the higher interest rate.
I don't think you will be able to count on new promos the next time. I think that we are in for one big game of musical chairs. One never knows when the lower "regular" interest rates or "promo" rates (just for the asking) will be refused in the future.
We are definitely seeing the new risk based interest rate pricing structure being implemented.
The best way for people to protect themselves is to use the temporary lower interest rate, reprieves to make sacrificial efforts to pay down balances and reduce overall debt.
I do not trust a "reform" by a bunch of politicians to allow us to stay in debt without pain. The noose is tightening.
Those of us with high FICOs, and don't carry balances will not be immune from higher on going interest rates. The banks will not allow us to keep 6% interest rates and $50,000 credit limits when the new laws go into effect.
If a current PIFer suddenly maxes out a $50k card at 6% that would create problems for the banks if they could no longer reprice risk by increasing the interest rates.
I believe that the PIFers will eventually get interest rates raised. Of course that will keep the 0% offers still coming into my mail box. That will be fine with me. $20-30,000 at 0% interest for 12 months. If not paid in full by the end of the promo period it can be a 29% interest rate for all I care.
Of course the banks will also probably pull the old retroactive interest game that the big box store credit cards use. If the promo rate is not paid off at the end of 12 months the entire original balance could possibly get backcharged at the "official" rate of 29%.
I think we should consider very carefully how the new laws will actually affect our individual credit situations and make our plans accordingly.
I don't want to beat a dead horse by constantly bringing up the subject. I am afraid that if there is a dead horse, it is consumer credit as it was once upon a time.
.
