Comments on: Read Before You Opt Out of a Citi Rate Increase http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/ The Balance Transfer Credit Card Resource Tue, 16 Mar 2010 20:47:28 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Fed up with CitiBank http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6433 Fed up with CitiBank Sat, 21 Nov 2009 22:56:45 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6433 This is the type of legal extortion that people need to do something about. I am not satisfied with letting them win and by opting out and paying them off that's all we are doing. We should all join together and sue CitiBank for the taxpayer money they took during bailouts to keep their CEO's making 7 figured bonuses. Enough is enough. This is the type of legal extortion that people need to do something about. I am not satisfied with letting them win and by opting out and paying them off that’s all we are doing. We should all join together and sue CitiBank for the taxpayer money they took during bailouts to keep their CEO’s making 7 figured bonuses. Enough is enough.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6289 Balance Transfers Helper Wed, 28 Oct 2009 22:03:28 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6289 The only good thing I can say about this situation is that Citi's massive doubling and tripling of rates is leading people to opt out and pay off their balances. With smaller increases, customers are more likely to accept the new terms. But at 29.99%, everyone is opting out or taking advantage of <a href="http://www.smartbalancetransfers.com" rel="nofollow">0% balance transfer credit cards</a>. In the long term, the people who were hit by this rate extortion may end up in a better financial position because of it. The only good thing I can say about this situation is that Citi’s massive doubling and tripling of rates is leading people to opt out and pay off their balances. With smaller increases, customers are more likely to accept the new terms. But at 29.99%, everyone is opting out or taking advantage of 0% balance transfer credit cards. In the long term, the people who were hit by this rate extortion may end up in a better financial position because of it.

]]> By: Still in Shock http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6285 Still in Shock Wed, 28 Oct 2009 18:18:23 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6285 I just recieved the letter that as of Nov 29th my expedia citicard will change from 9.24 to 29.99. That was my favorite credit card because of the low interest and rewards, which I used for all my big purchases. All of my other credit cards have lower limits and higher interest rates. I am opting out and paying off my balance under the 9.24% rate. I feel tricked and citibank has lost another loyal customer. I just recieved the letter that as of Nov 29th my expedia citicard will change from 9.24 to 29.99. That was my favorite credit card because of the low interest and rewards, which I used for all my big purchases. All of my other credit cards have lower limits and higher interest rates. I am opting out and paying off my balance under the 9.24% rate. I feel tricked and citibank has lost another loyal customer.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6265 Balance Transfers Helper Mon, 26 Oct 2009 16:24:56 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6265 Ex Citi user, Many readers have written in feeling the same. However, there are a lot of things that require having a credit card and a lot more that make having a credit card useful, such as paying for hotel rooms. So while ditching plastic altogether may feel good, the hassles it creates and the issues it can cause to credit scores make these monsters a necessary evil. Just get a <a href="http://www.smartbalancetransfers.com/0-apr-balance-transfers.php" rel="nofollow">good credit card for balance transfers</a> so your money doesn't flow into the pockets of a company that has wronged you. Ex Citi user,

Many readers have written in feeling the same. However, there are a lot of things that require having a credit card and a lot more that make having a credit card useful, such as paying for hotel rooms. So while ditching plastic altogether may feel good, the hassles it creates and the issues it can cause to credit scores make these monsters a necessary evil. Just get a good credit card for balance transfers so your money doesn’t flow into the pockets of a company that has wronged you.

]]> By: Ex Citi Card User http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6252 Ex Citi Card User Sun, 25 Oct 2009 02:48:35 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6252 My wife received such notices on both of her [bathroom expletive deleted]bank credit cards and they we called and cancelled them immidiately. I also cancel my AAdavantage American Express Cards. I am ready to go to cash. I do not need this 30% burden on me. My wife received such notices on both of her [bathroom expletive deleted]bank credit cards and they we called and cancelled them immidiately. I also cancel my AAdavantage American Express Cards. I am ready to go to cash. I do not need this 30% burden on me.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6234 Balance Transfers Helper Fri, 23 Oct 2009 18:39:05 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6234 I have received conflicting information on the matter and have heard that more than one letter is circulating. Given the possibility that these opt outs may occur at varying times, I felt the safest thing for me to do was provide the most cautious information. I will look into the matter to provide more clarification, but my first concern is to protect consumers, and Citi's letter's did not provide enough clarity to its customers. I have received conflicting information on the matter and have heard that more than one letter is circulating. Given the possibility that these opt outs may occur at varying times, I felt the safest thing for me to do was provide the most cautious information. I will look into the matter to provide more clarification, but my first concern is to protect consumers, and Citi’s letter’s did not provide enough clarity to its customers.

]]> By: Citi User http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/comment-page-1/#comment-6221 Citi User Thu, 22 Oct 2009 18:01:29 +0000 http://www.smartbalancetransfers.com/blog/?p=553#comment-6221 This info is not what I was told when I called to opt out of the Citi increase. I spoke with a "manager", who said by opting out, I could continue to use the card for purchases at the current, lower rate until the expiration date on my card, which is about 2 1/2 years from now. In your post, you seem to be conflating opting out with closing the account. It is my understanding from the terms on the letter and on the phone that the account will remain open and active until card expiration. This info is not what I was told when I called to opt out of the Citi increase. I spoke with a “manager”, who said by opting out, I could continue to use the card for purchases at the current, lower rate until the expiration date on my card, which is about 2 1/2 years from now. In your post, you seem to be conflating opting out with closing the account. It is my understanding from the terms on the letter and on the phone that the account will remain open and active until card expiration.

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