Comments on: Open Letter to Vikram Pandit RE: 29.99% Credit Card Rates http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/ The Balance Transfer Credit Card Resource Mon, 06 Feb 2012 15:29:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1429 Balance Transfers Helper Mon, 15 Nov 2010 17:25:13 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1429 Thanks for the kind words Deborah. I'm sorry you have gotten caught up in the two main credit card issues of the past two years: interest rate increaes and credit limit cuts. Stay focused on paying off your cards and hopefully it won't matter what credit card companies do once you are debt free. Thanks for the kind words Deborah. I’m sorry you have gotten caught up in the two main credit card issues of the past two years: interest rate increaes and credit limit cuts. Stay focused on paying off your cards and hopefully it won’t matter what credit card companies do once you are debt free.

]]> By: Deborah http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1428 Deborah Sat, 13 Nov 2010 03:07:55 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1428 I just came across this website. I see that some of the things that have happened to me over the past year could best be described as robbery. Over the past 25 years, I have paid off four new cars, several student loans and have never missed a credit card payment. (Ever) I have a mortgage and have never missed a payment. (Ever) My FICO score is 720. On every credit card that I have, I pay more than the minimum. I should be completely out of debt in 30 months (sooner if I ever get a raise). So how did the companies thank me ? First, my interest rates went from an average of 8% to over 16% (One card...AT and T Citibank is 22.9% !) Then every other month, Chase reduces my credit every time I pay down my balance. Why would these companies do this ? I am at the point that in 30 months, if I never use another credit card, it will not bother me in the least.Thanks for putting information out about how these companies flex and spin to get around the consumer credit card laws. I just came across this website. I see that some of the things that have happened to me over the past year could best be described as robbery. Over the past 25 years, I have paid off four new cars, several student loans and have never missed a credit card payment. (Ever) I have a mortgage and have never missed a payment. (Ever) My FICO score is 720. On every credit card that I have, I pay more than the minimum. I should be completely out of debt in 30 months (sooner if I ever get a raise). So how did the companies thank me ? First, my interest rates went from an average of 8% to over 16% (One card…AT and T Citibank is 22.9% !) Then every other month, Chase reduces my credit every time I pay down my balance. Why would these companies do this ? I am at the point that in 30 months, if I never use another credit card, it will not bother me in the least.Thanks for putting information out about how these companies flex and spin to get around the consumer credit card laws.

]]> By: Eliza Kendall http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1427 Eliza Kendall Tue, 20 Apr 2010 16:16:27 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1427 I think we should declare a national bankruptcy day- If everyone declared bankruptcy at once they would have to start listening to us.... It is ridiculous that bank are are getting near 0% from the government and passing along interest rates of 29.99% to consumers. We are mad as hell, and should not take it! I think we should declare a national bankruptcy day- If everyone declared bankruptcy at once they would have to start listening to us…. It is ridiculous that bank are are getting near 0% from the government and passing along interest rates of 29.99% to consumers. We are mad as hell, and should not take it!

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1426 Balance Transfers Helper Fri, 26 Mar 2010 16:37:20 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1426 Thanks for the kind words Margie. If you can't pay down you card right away and you have good credit, you should really look into getting a <a href="http://www.smartbalancetransfers.com/0-apr-balance-transfers/" rel="nofollow">balance transfer credit card</a>. If you can't qualify for one, consider contacting a consumer credit agency. Its nearly impossible to get out debt at 29.99% rate. Thanks for the kind words Margie. If you can’t pay down you card right away and you have good credit, you should really look into getting a balance transfer credit card. If you can’t qualify for one, consider contacting a consumer credit agency. Its nearly impossible to get out debt at 29.99% rate.

]]> By: Margie http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1425 Margie Fri, 26 Mar 2010 15:10:49 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1425 Great job Mr. Weber! Hopefully they will take notice- I'm in the same boat of folks who threw away the notice last fall thinking it was 'trash' so Citi jacked up my interest rate to 29.99%!! I've written & called several times & they keep telling me I've got the best rate they can offer! At this rate it's not worth it to me to only have $35 of a $246 payment put on interest. Also, I want to add that my payment for March was 5 MINUTES Late (I paid it onlin) & they charged me $39 late fee!!! How unfair for them to treat customers this way. I will definetely be seeking bankruptcy or something to get out of this. Great job Mr. Weber! Hopefully they will take notice- I’m in the same boat of folks who threw away the notice last fall thinking it was ‘trash’ so Citi jacked up my interest rate to 29.99%!! I’ve written & called several times & they keep telling me I’ve got the best rate they can offer! At this rate it’s not worth it to me to only have $35 of a $246 payment put on interest. Also, I want to add that my payment for March was 5 MINUTES Late (I paid it onlin) & they charged me $39 late fee!!! How unfair for them to treat customers this way. I will definetely be seeking bankruptcy or something to get out of this.

]]> By: John http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1424 John Tue, 02 Mar 2010 01:58:30 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1424 Mr. Weber - Coming to terms with a credit card company president is like coming to terms with a terrorist. Kind words will not get results. Considering the way they are treating good people, they need to be put out of business with lawsuits and customers dropping them. Mr. Weber – Coming to terms with a credit card company president is like coming to terms with a terrorist. Kind words will not get results. Considering the way they are treating good people, they need to be put out of business with lawsuits and customers dropping them.

]]> By: John http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1423 John Tue, 02 Mar 2010 01:55:35 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1423 Nehad - That's why the credit scoring system needs to be changed. I had a number of cards that lowered my available credit so it looked like I was nearly maxed out on all my cards. That will kill anybody's score. Nehad – That’s why the credit scoring system needs to be changed. I had a number of cards that lowered my available credit so it looked like I was nearly maxed out on all my cards. That will kill anybody’s score.

]]> By: John http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1422 John Tue, 02 Mar 2010 01:46:56 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1422 What I don't see mentioned anywhere is why the government did not make the changes they instituted regarding these thieves, retroactive. They told the banks they were making new rules and, of course, the banks undermined the changes and the government by raising rates and ripping us off before the changes took effect. What I don’t see mentioned anywhere is why the government did not make the changes they instituted regarding these thieves, retroactive. They told the banks they were making new rules and, of course, the banks undermined the changes and the government by raising rates and ripping us off before the changes took effect.

]]> By: Rob Parker http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1421 Rob Parker Thu, 25 Feb 2010 07:06:48 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1421 Looks like a class-action was requested in a suit filed in Rhode Island. I'm having trouble finding the details. http://newsblog.projo.com/2009/11/citibank-faces-lawsuit-over-cr.html Looks like a class-action was requested in a suit filed in Rhode Island. I’m having trouble finding the details. http://newsblog.projo.com/2009/11/citibank-faces-lawsuit-over-cr.html

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1420 Balance Transfers Helper Fri, 19 Feb 2010 15:19:37 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1420 Nihad, The new laws won't stop credit limit decreases, and if accounts are flagged as high risk, many banks will likely continue to reduce available credit once balances are paid down. You may want to look into a new credit card to transfer your balance to before the credit limit decrease has a more negative impact on your credit score. You can learn more about <a href="http://www.smartbalancetransfers.com/" rel="nofollow">balance transfers</a> by using the left navigation on Smart Balance Transfers Nihad,

The new laws won’t stop credit limit decreases, and if accounts are flagged as high risk, many banks will likely continue to reduce available credit once balances are paid down. You may want to look into a new credit card to transfer your balance to before the credit limit decrease has a more negative impact on your credit score. You can learn more about balance transfers by using the left navigation on Smart Balance Transfers

]]> By: Nihad http://www.smartbalancetransfers.com/blog/2010/02/letter-vikram-pandit-credit-card-rates-719/comment-page-1/#comment-1419 Nihad Fri, 19 Feb 2010 13:13:15 +0000 http://www.smartbalancetransfers.com/blog/?p=780#comment-1419 I called yesterday at 8am to see if I could get my interest lowered since I've paid down 20% of that card and lowered my overall debt by 35% and increased my credit score. They said no. Ok fine. This morning I received an automated call from Citibank saying that after reviewing my account they are lowering my credit line to 40 dollars more than what's currently used on the card. The whole reason I didn't opt out when they raised my rate absurdly was NOT to kill my credit score. So instead they lower the limit as I pay it off? Will this still be possible after 2/22? I called yesterday at 8am to see if I could get my interest lowered since I’ve paid down 20% of that card and lowered my overall debt by 35% and increased my credit score. They said no. Ok fine. This morning I received an automated call from Citibank saying that after reviewing my account they are lowering my credit line to 40 dollars more than what’s currently used on the card. The whole reason I didn’t opt out when they raised my rate absurdly was NOT to kill my credit score. So instead they lower the limit as I pay it off? Will this still be possible after 2/22?

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