Comments on: Citibank Continues Interest Rate Increases

By: Balance Transfers Helper

Balance Transfers Helper — Thu, 04 Feb 2010 23:30:20 +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 — Mon, 11 Jan 2010 21:08:49 +0000

Glen,

Its good to hear you have the credit score to get out. To think that Citi now wants 10x as much interest from you as before is absurd. Definitely time to take your business elsewhere.

By: GlenR

GlenR — Sun, 10 Jan 2010 23:09:09 +0000

Unbelievable! I was at 2.99% with Citibank and just got my statement to find my APR at 29.99%. I called and they said they sent out a letter in Aug of 2008 for the opt out. I must have missed that….2008 Wow and they don't care. Well neither do I I am gone so fast it will make there head spin. With a credit score of 790 I don't think I will ha ve trouble getting something a little more reasonable. Citi I hope you go under!

By: Karen

Karen — Tue, 01 Dec 2009 19:18:31 +0000

I have an ATT card owned by citi… they recently informed me that my interest rate was being raised to 15.99% (up from 10%)… when I called I was told “that the interest rate increase is for the maintenance of the account and had nothing to do with my good credit history”… I have had this card for over 20 years and really enjoyed doing business with them… I cannot risk my credit rating by opting out… I did talk them down to 12.99% for 6 months… interestingly enough when my husband rec’d his rate increase letter they were raising it to 16.99% (guess it costs more to maintain his account). In any event, will payoff and leave the account alone. Bye Bye Citibank

By: K

Fri, 20 Nov 2009 14:30:54 +0000

I just got a notice from Citibank and was surprised at how easy they were taking it on me compared to the 29.99% rates mentioned. They raised my rate from 13.99% to 16.99%. They also stated that my card now has a program that will refund me 10% of the interest charges for paying on time (or something like that). I also continue to get 0% balance transfer offers (with offers to raise my credit limit) from them and AT&T Universal regularly.

I do have good credit but it is by no means the best out there. I always pay on time though. I do a lot of balance transfers on Citi and AT&T but I always pay them off before the promo period is over. I don’t know that I’ve charged anything (other than BT) on either of these cards in years. I have no idea why they are playing so “nice” with me.

By: Balance Transfers Helper

Balance Transfers Helper — Thu, 19 Nov 2009 15:39:46 +0000

Dave, I would get on the phone and request a clear statement in writing. You definitely don't want to risk your 1.99% rate, unless it is due to expire soon, in which case you might want to consider doing a 0% balance transfer anyhow.

By: Dave

Dave — Wed, 18 Nov 2009 18:58:20 +0000

I just received the notice of change in terms for my ATT Citibank card. The notice of change does not specify whether the increase in APR applys to futures transactions only, or whether it also applies to my existing balance. In addition, it does not specify whether it applies to existing promotional rates. I currently have approx $10,000 at a 1.99% lifetime rate. At least with JPmorgan Chase’s notice of change in terms it clarifed that the increase in APR would apply to both new transactions and existing balances, and that it would not apply to any existing promotional rates. Is there anyone out there who did not opt out, had a promotional rate, and then learned that their promotional rate was increase?