Comments on: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

By: Geno

Geno — Sun, 21 Feb 2010 14:57:01 +0000

When citibank, raise my rates from 7.9 to 13.99 on 12/28/10, i moved my balance to my credit union account for a fixed 10.49 for purchases & cash advances, with no fees of any kind.

By: Former Citibank customer

Former Citibank customer — Sun, 14 Feb 2010 21:00:59 +0000

They have now instituted a $60 annual fee to go with their a lot of their cards.

See Slickdeals and Fatwallet for added details.

By: Smith_and_Wesson

Smith_and_Wesson — Tue, 02 Feb 2010 06:25:10 +0000

Well I have been unemployed. I contacted them last year for help, the placed me on a 0% APR for twelve months which could be extended if my situation failed to improve. It did not. After previous APR of 14.96% and then twelve statements of 0%, it went to 29.99% with NO WRITTEN NOTIFICATION and as a result of all credit in use, the interest generated an overlimit fee of $39. I have submitted a complaint to the Better Business Bureau of New York regarding the interest rate hike with no notification as well as their refusal to honor the agreement to extend the 0% APR if I was still unemployed (as I am).

I have verbally informed them that NO PAYMENT will be made on this account until such times the $318 they claim I owe is lowered to something an UNEMPLOYED person can afford to pay.

I will later this month place it in writing "Account written-off by debtor, account has been given status of non-payable and no further payments will be made on this account. This account and business relationship is considered terminated. Do not contact me again regarding this matter, this includes by electronic means such as e-mail or phone AND written forms such as by letter. Anything received by mail will be refused and returned, postage-due if after checking the account online, no reduction has been found in the current interest rate charged and amount due. After seven and a half years, this account will roll off my credit record, or sooner if you take any legal actions as I will file BANKRUPTCY. I have previously warned you. Do not contact me again."

I recommend everyone do as I describe above, write them off as non-payable, return future letters or items received in the mail by sticking a label across the address area which reads "REFUSED - RETURN TO SENDER", which the USPS will charge them for the return postage upon delivery back to them. If they or anyone working for them chooses to call by phone, my whistle is ready to kill the hearing of anyone calling, as I have told them "do not contact me again", which means I can do what I like if they try to contact me by phone. Of course if they try to serve a summons, I have a choice of ignoring delivery or filing Bankruptcy, either way it will cost them.

These assholes will pay.

By: mark

mark — Thu, 28 Jan 2010 04:16:37 +0000

..Or better yet, I just won't use them again!
I'm working on getting myself 'back to even', and then 'debt free'. (with the help of my friends J.Cramer and D.Ramsey)

By: mark

mark — Thu, 28 Jan 2010 04:10:21 +0000

Don't close the account and hurt your credit, just transfer it out to another low interest promo. Sure, I think the credit score fairy frowns on this, but I doubt it's as bad as closing the whole account, especially if it's an old account. If it's new, then not as big of a deal. But the main point is that you don't want to lose a big chunk of 'available credit'.
I've been a perfect customer since 04, and they just raised me from 14% to 19%. Now, I have $3k regular purchases on top of a recent $5k 0% promo. As of now, my payments go to the 0% first, and the old $3k keeps earning interest. But new laws may reverse this. If they do, I'm going to transfer out the old $3k, and leave the 0% balance there until it expires. Of course, all the while, I'm not using this card again, until they get their act together, and give me a rate below 10%, like I used to have.

By: Ken

Ken — Sat, 23 Jan 2010 22:52:12 +0000

You all may be in luck. A class action suit has been filed against Citibank for this very thing. Maybe justice will be done.

By: kenajohn

kenajohn — Fri, 08 Jan 2010 12:04:49 +0000

In November, Citicard notified me that my APR would be raised to 29.99% on any remaining balance after 11-30-2009. I was given the opportunity to “Opt Out”, meaning that my APR would remain the same, but I would be unable to use the card and my account would be closed. I closed both my accounts
(Citicard and AT&T Universal Card) to avoid the higher interest rate. I reviewed my December bill and found that my APR was raised to 29.99%. I contacted customer service, and they said that they had no record of my choosing to “Opt Out”.

I believe this is just another attempt at a big business bailed out by the government to gouge customers that have no voice or avenues to pursue to make them keep to the contract they offered. I hope someone will hold them accountable and make them refund all the customers they have defrauded.

By: BBVA Compass Annouces New Credit CARD Act Friendly ClearPoints Card | My Bank Tracker Bank News

Tue, 22 Dec 2009 16:54:15 +0000

[...] Annouces New Credit CARD Act Friendly ClearPoints Card Many credit cardholders have seen huge increases in rates and fees as lenders try to get as much out of consumers as they can before legislation kicks in [...]

By: Citi has no heart

Citi has no heart — Sat, 28 Nov 2009 05:26:06 +0000

Received my letter today to raise to 18.99% Ken Stork and William Rhodes Do Not have a heart. In these tough enconomic times how can any company stoop so low…

By: mark jacobs

mark jacobs — Wed, 25 Nov 2009 07:52:04 +0000

I had a Citibank diamond card with a $40,000 limit. Never missed payment. Never late. I float around $5k-$7k on it. It's for business and I don't mind since the interest is tax deductible. Got a letter last month that my credit line was reduced to $5k. Today got a letter that my APR went from 10% to 29.99% starging Jan 1 '10. No help on the phone.