QUESTION re: "Opt Out" of "Change in [CC] Terms"

[Anonymous]

Most cardholders probably have received a "Notice of Change in Terms / Right to Opt Out" letter from their credit card banks.  My question involves the language stated in letter(s), e.g. from Citibank.

Nov. 12, 2009: letters from both my Citi cards, notifying "new terms" (i.e. higher int. rates) and option to "opt out."   Citi's Nov. '09 letter states:  "The variable APR for purchases [and existing balance] is being increased." [to = "Prime plus 15.74%" !!] "If you opt out...you may use your card under the current terms until end of your current membership year or the expiration date on your card [July 2011 on new card], whichever is later."  

"The changes will be effective December 29, 2009." *

Dec. 8, 2009 -I opted out on higher rate card [Diamond Pref.Rewards MasterCard], which I hadn't been using, just paying down.   [12/13/09 - rec'd. confirming letter from Citi] 

As of Nov. 23, 2009, statement, my interest rate ["current terms"?] remained very low.

*As of Dec. 23, 2009, statement reflected int. rate of 14.99%    [which I am disputing w/ Citi]

 Has anyone disputed in a similar experience??   Any suggestions/ideas appreciated! 

[BungalowMo]

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@Anonymous wrote:

Most cardholders probably have received a "Notice of Change in Terms / Right to Opt Out" letter from their credit card banks.  My question involves the language stated in letter(s), e.g. from Citibank.

Nov. 12, 2009: letters from both my Citi cards, notifying "new terms" (i.e. higher int. rates) and option to "opt out."   Citi's Nov. '09 letter states:  "The variable APR for purchases [and existing balance] is being increased." [to = "Prime plus 15.74%" !!] "If you opt out...you may use your card under the current terms until end of your current membership year or the expiration date on your card [July 2011 on new card], whichever is later."  

"The changes will be effective December 29, 2009." *

Dec. 8, 2009 -I opted out on higher rate card [Diamond Pref.Rewards MasterCard], which I hadn't been using, just paying down.   [12/13/09 - rec'd. confirming letter from Citi] 

As of Nov. 23, 2009, statement, my interest rate ["current terms"?] remained very low.

*As of Dec. 23, 2009, statement reflected int. rate of 14.99%    [which I am disputing w/ Citi]

 Has anyone disputed in a similar experience??   Any suggestions/ideas appreciated! 

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So...they raised your apr on the card you chose to opt-out on??  This apr was applied to your current balance???  That's not right!

Not unless....have you used the card since you chose to opt out??  That may have cancelled the opt out & kept card active with higher rate.

[Anonymous]

NO, I haven't used this CC account for a long while, just keep making min+ payments. 

However, I probably made a mistake when they sent a new card in December, by calling to "activate."  I thought I had to activate the new card to keep the acct. open, while not using (having opted out earlier) and continuing to make payments under old terms.   

Now, am I stuck with the new terms (incr. int. rate) on the "activated" new card? 

I can't believe these banks (esp. Citi) are getting away with these tricks, but I'm fighting this one.  Any suggestions welcome!!

Thanks.