Comments on: Citibank Interest Rate Increase Solutions

By: Kelly Flanagan

Kelly Flanagan — Sat, 27 Feb 2010 15:07:33 +0000

I did not receive a letter from CitiBank and my interst rate was raised to 29.99%. I called them 5 times to get my rate lowered – to no avail. They do not care. I have excellent credit and NEVER made a late payment. Paid my $3,500.00 balance off with my tax refund, opened an American Express Blue Card and closed the account. I will never do business with them again and neither will my family!

By: Nick Miranda

Nick Miranda — Wed, 24 Feb 2010 00:48:46 +0000

I NEVER received the letter, AND my interest went from 12.99% to 29.99%. After I noticed the unusually high monthly payment I called CB and asked why such a high payment. The month prior my payment jumped from approx $300 to $575+ but my office manager paid it thinking I had made inordinately high purchases for that month. She never thought a thing abut it, I did not notice it….until the next month.

I called CB Customer Service, they said they had sent me an “Opt Out” letter (I get all my delivered directly to my home). I replied that I never received it and why did they not also email me the letter since they email me everything else, and I mostly pay my monthly bill online. The lady said “that is just the way we work”. I have never been late with a payment and have a 735+ credit score.

She said it was too bad I did not receive the letter but I was out of luck.

By: Balance Transfers Helper

Balance Transfers Helper — Thu, 04 Feb 2010 23:31:05 +0000

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: Smart Balance Transfers

Smart Balance Transfers — Tue, 12 Jan 2010 20:41:23 +0000

Thanks for taking a moment to give thanks. I really appreciate it. I'm going to repost this advice more prominently so others can take advantage.

By: Dave

Dave — Tue, 12 Jan 2010 09:46:40 +0000

Just wanted to say thanks. We never received the opt out letter and were shocked and horrified to see that our interest rate had jumped 20 points. Following your advice helped us out. We were past the deadline, but by asking for a U.S. rep and then her supervisor, we were able to get the opt out deal. Thanks!

By: Steve

Steve — Sun, 13 Dec 2009 21:56:36 +0000

Greedy, blood-sucking leeches!! I have been a citi card member since 1994. I carry a high balance due to some misfortunate happenings in my life. I am planning on opting out and have already opened and was approved for a new card. These terms are “loan shark” rates. This had to happen all because of the new credit card laws being enforced in 2010. I am disappointed in Citibank service anyway so I’ll take this “opting out” as somewhat of a blessing in disguise.

By: Balance Transfers Helper

Balance Transfers Helper — Wed, 09 Dec 2009 14:50:08 +0000

Whatchathink,

Citi definitely has better deals for new customers than their old ones. As for you situation, if you have enough available credit and closing this account won’t change that too much, you may be better off waiting to get a new card until you need it. Right now, you’ve got a good deal with 6.49%. (And, wait for it, nice How I Met Your Mother refeerence. Maybe Citi is Goliath National Bank.

By: whatchathink

whatchathink — Wed, 09 Dec 2009 06:06:25 +0000

I have a $10K card @ 6.49% that was carrying a $9600 balance as I paid off other debts.

Got the letter: it’s going to 29.99% Decmeber 20th. An interesting twist on mine: it states that if you keep the account open and make on-time minimum payments, they will refund you 10% of the interest on your statement, effectively making the interest 19.99% (still a huge leap from the low one I had).

I wasn’t really using the card anyway (except for as a high-interest shelter), and it would only reduce my total credit by a few hundred bucks to opt-out (not much of a credit score hit there), so if I understand y’all correctly:

I should opt out, and continue making payments on the balance at 6.49. Or is it better to try to open one of those 0% deals (I’m around 720-750), first?

The irony is the best 0% promo found was from…
wait for it…

Citi.

Ha.

By: Al Viggiani

Al Viggiani — Sun, 06 Dec 2009 18:46:57 +0000

Hey Citi Bank who gives tou the authority to charge 30% interest? Are there some sort of banking rules? Who would make such a rule? You have forced many people into a corner. Maybe we can talk.

By: K.Ali

K.Ali — Tue, 01 Dec 2009 03:14:08 +0000

I got my letter last week. I was floored. I paid my bills on time, never went over the limit. A faithful customer of 16 years. I wrote to the Attorney General and the White House. I am going to write to the President of Citibank and my representative. I opted out. I hope so many people leave them that they go under. They deserve it. They are a disgrace.

By: Jesse Peterson

Jesse Peterson — Mon, 30 Nov 2009 21:04:07 +0000

First letter I got was an up to 14.99% went ahead and took that one. Now I am getting one for 18.99%. Card holder since 1995 almost 15 years. Never been late NEVER! I am opting out. And telling everyone that has one!

Jesse Peterson
Oklahoma