Citi.... ryhmes with....

[fund razor]

Chitty.

Effective 12/3/08 (Got my notice 12/4) Citi and all of it's affiliated cards (ie: AT&T) have decided to arbitrarily raise all aprs on all customers regardless of history, account relationship or fico.

I have a Citi card with a 2.9 promo rate balance.
I have an AT&T with a 3.9 promo rate balance.

I have had the Citi card since 1988.

Even the best creditworthy customers now have 19.99% purchase rates and 21.99% advance rates.

I am opting out of both, paying my balances at current agreement terms, and notifying the credit reporting agencies that I fired these two creditors at my own discretion. I don't need them and I don't pay 20% freaking interest.

If a lot of us cancel our cards over this crazy bs they may get the message.

At 3 or 4 percent... I will use credit as a tool.
At 20% I will not finance anything. No thanks.

Besides, in my case... eliminating 25k in available revolving accounts from my file will improve my already excellent fico.

Adios greedy bastages. Adios.

 

[Davidmnc]

Bastards

 

[ChiefApache]

Thank goodness we don't have any Citi cards any longer....I've always disliked dealing with them......they just suck, as you well know now.

 

[Audiofn]

I had Discover do the same thing to me. Raised my rates up to 24%. I had never missed a payment to them. When I called them up to ask them to lower the rate they said SORRY. They did the same thing to my wife when she was 3 days late with a payment because she was in the hospital. So I paid off the balance as fast as I could and as soon as the balance went to zero they called me up to offer me a low rate. I was so pissed at them that I cancelled the card and will never use them again. My wife will not cancell her card because she enjoys messing with them when they call her up and ask her why she no longer uses her card. LOL

These azz hats are doing everything that they can to cover their losses on all the bad debt that they put out. So now they are going to stick it to the good customers. Nice bus. plan.

 

[Wrinkleface]

Chitty.

Effective 12/3/08 (Got my notice 12/4) Citi and all of it's affiliated cards (ie: AT&T) have decided to arbitrarily raise all aprs on all customers regardless of history, account relationship or fico.

I have a Citi card with a 2.9 promo rate balance.
I have an AT&T with a 3.9 promo rate balance.

I have had the Citi card since 1988.

Even the best creditworthy customers now have 19.99% purchase rates and 21.99% advance rates.

I am opting out of both, paying my balances at current agreement terms, and notifying the credit reporting agencies that I fired these two creditors at my own discretion. I don't need them and I don't pay 20% freaking interest.

If a lot of us cancel our cards over this crazy bs they may get the message.

At 3 or 4 percent... I will use credit as a tool.
At 20% I will not finance anything. No thanks.

Besides, in my case... eliminating 25k in available revolving accounts from my file will improve my already excellent fico.

Adios greedy bastages. Adios.

Hey Bubba, we will have 2 discuss that tomorrow night!!!!!:boxing_smiley:

 

[Chris]

I've been with the same bank for 30+ years. They've always given me the personal treatment and treated me like a friend, not a customer. They just got bought out. My fear is that the relationship will become just a number on a ledger.

 

[MarylandMark]

Big front page story in the USA Today back in Nov about it here. Banks trying to boost revenue with that and crazy late/bounced check/over limit fees.

Average family owes over $10K in credit card debt, US is almost $1T in credit card debt and banks will write off almost $100B in bad credit card debt by then end of 09 (I think that will rise).

People using cards as a financial tool/convenience/cash back/keep track of expenses/etc is good; financing daily living like fuel and food means you are living above your means.

My take is most can't afford to pay off the debt and have no choice but pay the higher rates. After a while they will miss a few payments, credit will be wrecked as a result, never going to get ahead so say screw it and just quit paying. Banks really won that one when they have to write off the debt huh? Esp after the Gov't uses our taxes to buy that debt or company.

Besides, in my case... eliminating 25k in available revolving accounts from my file will improve my already excellent fico.

I'm sure you know this but that doesn't happen all the time. Example= If you have 1 card with a $10K limit and have $5K charged you are at 50%. If you have 2 cards with $10K limits and have $2500 on each of them you are only at 25%. Still $5K in debt but it is figured in different. You can lose a few points having too much available credit but not as many as you could lose by being at a higher percentage of credit used. Banks look at that like if they loan you $X, you could still go out and charge $X and be in over your head (not that it mattered the last few years).

 

[Mark]

I've been with the same bank for 30+ years. They've always given me the personal treatment and treated me like a friend, not a customer. They just got bought out. My fear is that the relationship will become just a number on a ledger.

You can count on it!

 

[cigdaze]

I was going to say Titty.

But yes, that's a chitty move by CITI. I've had their card since I was 18. It was my first card. I usually only use it when vacationing or making online purchases for its protection, but I may tell 'em to phuck off if this is what it's coming to.

 

[Von Bongo]

The bad news may not be over yet. There is talk that overall credit limits may be lowered by 50% in the next 2-3 years.