Comments on: Citibank Raises Interest Rates A Lot http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/ The Balance Transfer Credit Card Resource Thu, 11 Mar 2010 18:21:01 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: John S http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-7011 John S Tue, 02 Mar 2010 00:12:34 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-7011 Well I might as well add my 2 cents worth. I'm in the same boat with interest rates on my citi cards jumping to 29.9%. What I would like to know is how they are treating their bad customers? I was never late, always paid more than the minimum, never went over my limits. I would consider that a good customer, so again, what did they do to the bad customers? Send a hit man after them? Unbelievable!! Now I know them for the true loan-sharks they are. It ruined my credit score because they reduced the credit limit to the amount I owed so my credit to debit ratio is topped out! This snowballed because other cards were also reducing the limits. And then since they raised the rate, I didn't use the card and knowing I didn't put any new charges on it, continued to pay what I had been paying for a payment (more than the minimum). Of course I didn't realize the minimum went up and paid the same last month. They called me late because I didn't pay the extra $28.00 due to the increased rate and charged me 39.00!! After a perfect payment history for nearly 10 years, it's been ruined! I'll never use a citi card again and will tell my friends and relatives not to. I would like to mention that of all the cards I have, American Express has been the most decent bank. Always friendly and willing to compromise. Their rates increased to after this economic shamble but only to 15%! They will continue to get my business and I will pass that opinion to others. CITI doesn't need to crucify their good customers because they lost money on their bad customers. I can't believe this government bailed them out! They should have let them go down the tubes. They aren't worth saving, they're scum loan sharks and nothing more! Now I know why their stock is only $3.00! Well I might as well add my 2 cents worth. I’m in the same boat with interest rates on my citi cards jumping to 29.9%. What I would like to know is how they are treating their bad customers? I was never late, always paid more than the minimum, never went over my limits. I would consider that a good customer, so again, what did they do to the bad customers? Send a hit man after them? Unbelievable!! Now I know them for the true loan-sharks they are. It ruined my credit score because they reduced the credit limit to the amount I owed so my credit to debit ratio is topped out! This snowballed because other cards were also reducing the limits. And then since they raised the rate, I didn’t use the card and knowing I didn’t put any new charges on it, continued to pay what I had been paying for a payment (more than the minimum). Of course I didn’t realize the minimum went up and paid the same last month. They called me late because I didn’t pay the extra $28.00 due to the increased rate and charged me 39.00!! After a perfect payment history for nearly 10 years, it’s been ruined! I’ll never use a citi card again and will tell my friends and relatives not to. I would like to mention that of all the cards I have, American Express has been the most decent bank. Always friendly and willing to compromise. Their rates increased to after this economic shamble but only to 15%! They will continue to get my business and I will pass that opinion to others. CITI doesn’t need to crucify their good customers because they lost money on their bad customers. I can’t believe this government bailed them out! They should have let them go down the tubes. They aren’t worth saving, they’re scum loan sharks and nothing more! Now I know why their stock is only $3.00!

]]> By: KC http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-7008 KC Mon, 01 Mar 2010 17:01:28 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-7008 Yup, another screwed Citibank customer. First they slash the credit limits. I was at 50% of my credit limit until they slashed my credit limit and suddenly I'm at 90% of my credit limit. They also tried to raise my interest rate a year a half ago for no reason other than "you have high limits on your accounts," I have 2 Citibank accounts. They agreed to lower my interest to lest than 9% after I rasied hell with them over the phone. Now, they've down it again, I made my payment for this month but because of their sudden raise of interest, it didn't cover the minimum payment so my account is suddenly past due. I really hate the fact that there are relieves for banks when they screwed up the entire financial system but no relieve for consumers on their credit reports. The banks are slashing credit limits, raising interest rates and go as far as saying it's the "lowest rate available." And our credit score take a hit because suddenly we have high interest accounts with maxed out credit limits. WHAT A BIG FU TO THE PUBLIC. We bail them out with our tax money, and we get screwed once again. Yup, another screwed Citibank customer. First they slash the credit limits. I was at 50% of my credit limit until they slashed my credit limit and suddenly I’m at 90% of my credit limit. They also tried to raise my interest rate a year a half ago for no reason other than “you have high limits on your accounts,” I have 2 Citibank accounts. They agreed to lower my interest to lest than 9% after I rasied hell with them over the phone. Now, they’ve down it again, I made my payment for this month but because of their sudden raise of interest, it didn’t cover the minimum payment so my account is suddenly past due. I really hate the fact that there are relieves for banks when they screwed up the entire financial system but no relieve for consumers on their credit reports. The banks are slashing credit limits, raising interest rates and go as far as saying it’s the “lowest rate available.” And our credit score take a hit because suddenly we have high interest accounts with maxed out credit limits. WHAT A BIG FU TO THE PUBLIC. We bail them out with our tax money, and we get screwed once again.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6832 Balance Transfers Helper Thu, 04 Feb 2010 23:31:51 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6832 If you did not read your opt out notice and just learned that your interest rate increased to 29.99%, please share you concerns on the open letter to the CEO of Citibank I have posted in hopes that this situation will be resolved fairly. See http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/ to read this letter. It is my hope that Citi will realize it made a mistake and help out the people who have been hurt by this rate increase. The more people who share, the better chance we have of getting the attention of the people who can fix this situation. If you did not read your opt out notice and just learned that your interest rate increased to 29.99%, please share you concerns on the open letter to the CEO of Citibank I have posted in hopes that this situation will be resolved fairly. See http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/ to read this letter.

It is my hope that Citi will realize it made a mistake and help out the people who have been hurt by this rate increase. The more people who share, the better chance we have of getting the attention of the people who can fix this situation.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6823 Balance Transfers Helper Thu, 04 Feb 2010 16:52:56 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6823 With the massive amount of comments, I wanted to make sure this suggestion didn't get lost in the mix. Here are some ideas worth trying I posted in response to a similar complaint. <strong>As to your particular situation, I believe you likely received an opt out notice from Citi in the fall that could have easily been mistook for junk mail. The opt out notice would have allowed you to close your account and keep your same interest rate. Unfortunately, the opt out date has passed, which is why your rate is 29.99%. A few people have written in and said they succeeded in getting their rate reduced by doing the following: calling Citi (and being as nice as possible), requesting a US rep (still being as nice as possible) and then a supervisor. Explain that you never got the notice and plead for them to help. They might work for a heartless corporation, but these people have hearts. A little honey can go a long way. If the first rep can't help you, try again a few times. Keep being as nice as possible, explaining your situation and pointing out that they are the only ones who can help you. This has worked before and it could work for you. If you are unable to get a break from Citi, you should look into a 0% balance transfer credit card immediately. At 29.99%, you'll be spending $300 or so a year for every $1000 you owe, and getting out of the hole will take five or ten years and cost you a fortune. If you have a good credit score, you'll like be able to transfer at least some of your balance to a lower rate card. (You can compare <a href="http://www.smartbalancetransfers.com/0-apr-balance-transfers/" rel="nofollow">0% balance transfers</a> here.) I really wish you the best and do let me know if you have success dealing with customer service. There are a lot of people who have been put in the same situation and if you have success, perhaps others will be able to benefit.</strong> With the massive amount of comments, I wanted to make sure this suggestion didn’t get lost in the mix. Here are some ideas worth trying I posted in response to a similar complaint.

As to your particular situation, I believe you likely received an opt out notice from Citi in the fall that could have easily been mistook for junk mail. The opt out notice would have allowed you to close your account and keep your same interest rate. Unfortunately, the opt out date has passed, which is why your rate is 29.99%.

A few people have written in and said they succeeded in getting their rate reduced by doing the following: calling Citi (and being as nice as possible), requesting a US rep (still being as nice as possible) and then a supervisor. Explain that you never got the notice and plead for them to help. They might work for a heartless corporation, but these people have hearts. A little honey can go a long way.

If the first rep can’t help you, try again a few times. Keep being as nice as possible, explaining your situation and pointing out that they are the only ones who can help you. This has worked before and it could work for you.

If you are unable to get a break from Citi, you should look into a 0% balance transfer credit card immediately. At 29.99%, you’ll be spending $300 or so a year for every $1000 you owe, and getting out of the hole will take five or ten years and cost you a fortune. If you have a good credit score, you’ll like be able to transfer at least some of your balance to a lower rate card. (You can compare 0% balance transfers here.)

I really wish you the best and do let me know if you have success dealing with customer service. There are a lot of people who have been put in the same situation and if you have success, perhaps others will be able to benefit.

]]> By: Sylvia Lang http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6822 Sylvia Lang Thu, 04 Feb 2010 16:37:26 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6822 Well, I'm in deep..and have to blame myself for allowing my balance to get so high. HOWEVER, I never imagined after all this time (as a good customer) this would happen (29.99). I was always able to pay extra each month, I don't know what I'll do now. It makes is tough to stay afloat. Also, customer service is nothing short of PATHETIC! Shame on you, citibank! You will burn. Well, I’m in deep..and have to blame myself for allowing my balance to get so high. HOWEVER, I never imagined after all this time (as a good customer) this would happen (29.99). I was always able to pay extra each month, I don’t know what I’ll do now. It makes is tough to stay afloat.
Also, customer service is nothing short of PATHETIC!
Shame on you, citibank! You will burn.

]]> By: PISSED OFF IN PIPE CREEK TEXAS http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6821 PISSED OFF IN PIPE CREEK TEXAS Thu, 04 Feb 2010 00:35:20 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6821 I was really mad till I read all the comments on this board. Now I am astonished that so many good hard working people have gotten s-----d by this company and they are getting away with it. Like all the rest, never late or missed. Always made more than the minimum payment and look what it gets you. I was really mad till I read all the comments on this board. Now I am astonished that so many good hard working people have gotten s—–d by this company and they are getting away with it. Like all the rest, never late or missed. Always made more than the minimum payment and look what it gets you.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6818 Balance Transfers Helper Wed, 03 Feb 2010 18:18:24 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6818 Keith, I would take a few more shots at customer service. Ask for a US rep, then a supervisor, and be really nice. Tell them you missed the notice and see if they will help. Some visitors have told me this has worked. The key is getting the customer service rep on your side. They're getting yelled at all day, so if you're really polite, they may want to help. A second option, which you should weigh before a 401k withdrawal, is getting a new card that offers a <a href="http://www.smartbalancetransfers.com/" rel="nofollow">0% rate on balance transfers</a> and a reasonable rate after. While I don't know the particulars of your situation, this is an option you should look at or discuss with a financial advisor or accountant. Hope this helps and truly sorry to hear you got caught in the 29.99% storm. Keith,

I would take a few more shots at customer service. Ask for a US rep, then a supervisor, and be really nice. Tell them you missed the notice and see if they will help. Some visitors have told me this has worked. The key is getting the customer service rep on your side. They’re getting yelled at all day, so if you’re really polite, they may want to help.

A second option, which you should weigh before a 401k withdrawal, is getting a new card that offers a 0% rate on balance transfers and a reasonable rate after. While I don’t know the particulars of your situation, this is an option you should look at or discuss with a financial advisor or accountant.

Hope this helps and truly sorry to hear you got caught in the 29.99% storm.

]]> By: Keith Hasson http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6817 Keith Hasson Wed, 03 Feb 2010 18:05:02 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6817 I found out last night that my interest rate had been JACKED UP from 14% to 29.99%. I was on AUTOPAY and never was late or missed a payment. I called them and I was told a letter went out and I "accepted it". I was FURIOUS! I told them I would NEVER accept a double rate hike. I was told that I was a loyal customer and I was right, no late payments. I was then transferred to an account manager who after introductions, hung up on me and never returned the call. I am FURIOUS that people who actually PAY thier bills are being treated this way! At first, I thought "Well, maybe I'll just become a deadbeat and not pay mine either" but after further thought, I'm taking a low interest rate loan from my 401K to pay these sharks off and will NEVER do business with them again. Thanks CITIBANK - You are a prime example why the working middle class is suffering to pay you bailout. I found out last night that my interest rate had been JACKED UP from 14% to 29.99%. I was on AUTOPAY and never was late or missed a payment. I called them and I was told a letter went out and I “accepted it”. I was FURIOUS! I told them I would NEVER accept a double rate hike. I was told that I was a loyal customer and I was right, no late payments. I was then transferred to an account manager who after introductions, hung up on me and never returned the call. I am FURIOUS that people who actually PAY thier bills are being treated this way! At first, I thought “Well, maybe I’ll just become a deadbeat and not pay mine either” but after further thought, I’m taking a low interest rate loan from my 401K to pay these sharks off and will NEVER do business with them again.

Thanks CITIBANK – You are a prime example why the working middle class is suffering to pay you bailout.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6651 Balance Transfers Helper Thu, 07 Jan 2010 16:54:51 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6651 Lacey, I have only two words: BALANCE TRANSFER! You can get a 0% rate for a year, than a much lower interest rate afterwards, probably 12% or so. You can compare <a href="http://www.smartbalancetransfers.com/" rel="nofollow">balance transfer offers</a> in the main section of Smart Balance Transfers. Feel free to contact me directly if you have any questions. Lacey,

I have only two words: BALANCE TRANSFER! You can get a 0% rate for a year, than a much lower interest rate afterwards, probably 12% or so. You can compare balance transfer offers in the main section of Smart Balance Transfers. Feel free to contact me directly if you have any questions.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6649 Balance Transfers Helper Thu, 07 Jan 2010 16:50:34 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6649 Charles, It's pretty absurd to think about how dysfunctional Citi is. They have one department sending out <a href="http://www.smartbalancetransfers.com/" rel="nofollow">balance transfer</a> deals, another raising interest rates and a customer service department that knows nothing. At least you were able to do a balance transfer. It looks like that will be a good move in the long run anyway, so in a way, Citi did help you save money. Its unfortunate that others with lesser credit scores aren't able to secure deals as you did. Charles,

It’s pretty absurd to think about how dysfunctional Citi is. They have one department sending out balance transfer deals, another raising interest rates and a customer service department that knows nothing. At least you were able to do a balance transfer. It looks like that will be a good move in the long run anyway, so in a way, Citi did help you save money. Its unfortunate that others with lesser credit scores aren’t able to secure deals as you did.

]]> By: Charles http://www.smartbalancetransfers.com/blog/2009/07/citibank-raises-interest-rates/comment-page-5/#comment-6646 Charles Thu, 07 Jan 2010 02:02:48 +0000 http://www.smartbalancetransfers.com/blog/?p=481#comment-6646 I owed Citibank about $15,000+ last year when they upped my interest rate from 7.99 to 14.99. I called them and they reduced my interest rate to 7.99 for one year if I agreed not to transfer my balance to another bank. Ten months later they upped my rate to 14.99 and sent me a letter that my new rate would be 18.99 in January; and believe it or not I missed a payment once last year because of a lost check. Now I owe them <$13,000 and they have raised my limit to 30,000+. I opened another account with a local bank and transferred most of what I owe from Citibank to their card at 0% for six months and then 9.99%. Now I owe Citibank a small amount which I will be paying off monthly. They will probably close my account and I will take a hit on my credit score but I'm OK with that; it won't last forever. BTW: I get checks from Citibank at least twice a week trying to get me to transfer what I owe on other cards to Citibank; WHAT KIND OF A FOOL DO THEY THINK I AM??????? They also wrote me a letter and said that they would lower my interest rate by 10% if I charged at least $500 a month on my credit card. That's CRAZY .... Do they think that I am that stupid????? At some point I will have to pay that off and during that time I will charged 18.99% interest. PLEASE PLEASE PLEASE don't let them convince you to do that. Do they sit in a board room and try to think of new ways to squeeze the shit out of us????? I have been a Citibank customer for over 30 years and now I'm over them!!!!! I owed Citibank about $15,000+ last year when they upped my interest rate from 7.99 to 14.99. I called them and they reduced my interest rate to 7.99 for one year if I agreed not to transfer my balance to another bank. Ten months later they upped my rate to 14.99 and sent me a letter that my new rate would be 18.99 in January; and believe it or not I missed a payment once last year because of a lost check. Now I owe them <$13,000 and they have raised my limit to 30,000+. I opened another account with a local bank and transferred most of what I owe from Citibank to their card at 0% for six months and then 9.99%. Now I owe Citibank a small amount which I will be paying off monthly. They will probably close my account and I will take a hit on my credit score but I'm OK with that; it won't last forever. BTW: I get checks from Citibank at least twice a week trying to get me to transfer what I owe on other cards to Citibank; WHAT KIND OF A FOOL DO THEY THINK I AM??????? They also wrote me a letter and said that they would lower my interest rate by 10% if I charged at least $500 a month on my credit card. That's CRAZY …. Do they think that I am that stupid????? At some point I will have to pay that off and during that time I will charged 18.99% interest. PLEASE PLEASE PLEASE don't let them convince you to do that. Do they sit in a board room and try to think of new ways to squeeze the shit out of us????? I have been a Citibank customer for over 30 years and now I'm over them!!!!!

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