Comments on: Citibank Interest Rate Increases Stoke Anger http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/ The Balance Transfer Credit Card Resource Tue, 07 Sep 2010 15:14:52 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6829 Balance Transfers Helper Thu, 04 Feb 2010 23:29:13 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6829 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/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6815 Balance Transfers Helper Wed, 03 Feb 2010 17:28:50 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6815 I am really sorry to hear of both your personal problems and the financial issues created by no fault of your own. You make many valid points and the sad thing is, no one is here to bail us out. To bail out real, honest individuals who have bad luck. 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. Jeff I am really sorry to hear of both your personal problems and the financial issues created by no fault of your own. You make many valid points and the sad thing is, no one is here to bail us out. To bail out real, honest individuals who have bad luck.

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.

Jeff

]]> By: T. parks http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6814 T. parks Wed, 03 Feb 2010 16:42:38 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6814 Citibank SUCKS big time. I've had a card w/them for years and was NEVER LATE or even near the limit.Unfortunately,because of injuries, I had to put some of my medical bills and prescriptions on my card. My rate has been 7.9% since I opened the account about eight years ago.Last May it increased to 14.99%.When I called,they told me ,"It's not you,it's everyone because of the economy."It then increased to 29.99% this month(Feb2010).I'm currently on disability(my income dropped about 65% overnight).I had surgery a month ago to amputate two fingers on one hand and one on the other hand.I know I probably won't ever get back to the salary I had.This is pushing me so close to bankruptcy,I'm not sure what to do. I misunderstood the rate increase and thought my account would be closed and the balance due (I'm on a lot of pain meds)if I opted out.I have worked all my life and paid my debts on time.I guess it doesn't mean a damn thing to try and be a good citizen and be responsible and do the right thing.I can't stomach the thought of filing bankruptcy,but I may have no choice. When we(the public) make a mistake ,NO ONE bails us out.If you're a huge corporation,the Government runs to your rescue with untold BILLIONS$$$$ of our TAX dollars.BTW- When I lived in Manhattan years ago,I worked For Lehman Bros and then Citicorp.What hasppens when this situation causes many to file bankruptcy?? Citibank SUCKS big time. I’ve had a card w/them for years and was NEVER LATE or even near the limit.Unfortunately,because of injuries, I had to put some of my medical bills and prescriptions on my card. My rate has been 7.9% since I opened the account about eight years ago.Last May it increased to 14.99%.When I called,they told me ,”It’s not you,it’s everyone because of the economy.”It then increased to 29.99% this month(Feb2010).I’m currently on disability(my income dropped about 65% overnight).I had surgery a month ago to amputate two fingers on one hand and one on the other hand.I know I probably won’t ever get back to the salary I had.This is pushing me so close to bankruptcy,I’m not sure what to do. I misunderstood the rate increase and thought my account would be closed and the balance due (I’m on a lot of pain meds)if I opted out.I have worked all my life and paid my debts on time.I guess it doesn’t mean a damn thing to try and be a good citizen and be responsible and do the right thing.I can’t stomach the thought of filing bankruptcy,but I may have no choice. When we(the public) make a mistake ,NO ONE bails us out.If you’re a huge corporation,the Government runs to your rescue with untold BILLIONS$$$$ of our TAX dollars.BTW- When I lived in Manhattan years ago,I worked For Lehman Bros and then Citicorp.What hasppens when this situation causes many to file bankruptcy??

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6735 Balance Transfers Helper Wed, 27 Jan 2010 16:45:07 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6735 I agree to a certain extent, though I blame the new credit card laws for motivating banks to charge those obscene rates. It will help people in the future, but clearly it has hurt you and millions of others whose interest rates were increased before the rules took effect. I agree to a certain extent, though I blame the new credit card laws for motivating banks to charge those obscene rates. It will help people in the future, but clearly it has hurt you and millions of others whose interest rates were increased before the rules took effect.

]]> By: John http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6733 John Wed, 27 Jan 2010 03:14:47 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6733 Thank GOD for Obama's new credit card regulation laws that will not allow Citi bank and others like them to increase my interest rate to an even 30% from my present 29.98% Thank GOD for Obama’s new credit card regulation laws that will not allow Citi bank and others like them to increase my interest rate to an even 30% from my present 29.98%

]]> By: Lauren http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6600 Lauren Wed, 30 Dec 2009 17:40:28 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6600 This is absolutly a travesty! I did not receive the notice in time to opt out and now I am told I am stuck with the 29.99%...ABSOLUTELY RIDICULOUS! This is absolutly a travesty! I did not receive the notice in time to opt out and now I am told I am stuck with the 29.99%…ABSOLUTELY RIDICULOUS!

]]> By: joanmarie http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6599 joanmarie Tue, 29 Dec 2009 18:39:00 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6599 Having received a notice of increase - Called to speak with a CSR and was told there was nothing that could be done - except to opt out - Since I have had the card since the early 70's - I chose not to opt out - but promptly called another company which offered 0% for 9 months - Transferred a portion of the balance - so to heck with citicard - I won't close the account but be assured they have lost me and can place me in the column with their recently published 3rd qtr losses. What were they thinking this would build customer loyalty ????????? Oh yeah- Citibank is part of the reason for the financial debaucle we are facing today Having received a notice of increase – Called to speak with a CSR and was told there was nothing that could be done – except to opt out – Since I have had the card since the early 70′s – I chose not to opt out – but promptly called another company which offered 0% for 9 months – Transferred a portion of the balance – so to heck with citicard – I won’t close the account but be assured they have lost me and can place me in the column with their recently published 3rd qtr losses. What were they thinking this would build customer loyalty ????????? Oh yeah- Citibank is part of the reason for the financial debaucle we are facing today

]]> By: joanmarie http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6598 joanmarie Tue, 29 Dec 2009 18:37:36 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6598 Having received a motice of increase - Called to speak with a CSR and was told there was nothing that could be done - except to opt out - Since I have had the card since the early 70's - I chose not to opt out - but promptly called another company which offered 0% for 9 months - Transferred a portion of the balance - so to heck with iticard - I won't close the account but be assured they have lost me and can place me in the column with their recently published 3rd qtr losses. What were they thinking this would build customer loyalty ????????? Oh yeah- Citibank is part of the reason for the financial debaucle we are facing today Having received a motice of increase – Called to speak with a CSR and was told there was nothing that could be done – except to opt out – Since I have had the card since the early 70′s – I chose not to opt out – but promptly called another company which offered 0% for 9 months – Transferred a portion of the balance – so to heck with iticard – I won’t close the account but be assured they have lost me and can place me in the column with their recently published 3rd qtr losses. What were they thinking this would build customer loyalty ????????? Oh yeah- Citibank is part of the reason for the financial debaucle we are facing today

]]> By: Jill http://www.smartbalancetransfers.com/blog/2009/11/citibank-interest-rate-increases-stoke-anger/comment-page-1/#comment-6507 Jill Wed, 09 Dec 2009 02:43:02 +0000 http://www.smartbalancetransfers.com/blog/?p=625#comment-6507 Ridiculous! I will never be a Citibank customer again after this increase! Ridiculous! I will never be a Citibank customer again after this increase!

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