MyBankTracker - Latest Comments in Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

salty — Mon, 14 May 2012 18:20:01 -0000

This is the same bank that was instrumental in causing the great depression. Then they were called National City Bank. Just fyi here read up: http://en.wikipedia.org/wik...
And 80 or so years later they screw us again.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

nancymayes — Thu, 18 Mar 2010 18:57:47 -0000

i have always paid my bill to sears on time. "THEY" raised my interest rate to 29.99 and also charged me a 39.00 dollar fee. when i contacted them as to why, the answer i got was "I PAID MY BILL TO EARLY", they did not put it toward the month i was paying. they said i paid before the cycle.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Geno — Sun, 21 Feb 2010 09:57:01 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Former Citibank customer — Sun, 14 Feb 2010 16:00:59 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

mark — Wed, 27 Jan 2010 23:16:37 -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)

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

mark — Wed, 27 Jan 2010 23:10:21 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Ken — Sat, 23 Jan 2010 17:52:12 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

kenajohn — Fri, 08 Jan 2010 07:04:49 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Citi has no heart — Sat, 28 Nov 2009 00:26:06 -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...

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

mark jacobs — Wed, 25 Nov 2009 02:52:04 -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.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

I hate Citibank! — Mon, 23 Nov 2009 15:27:17 -0000

I am glad to see that other people are standing up to Citi and closing their accounts. I also have been with them for 4 years, never missed not even ONE payment, and always pay in full. I received a letter stating my APR is 20.99%! Ridiculous! I am going to use all my points to buy frivalous things and then close all my accounts. I'd rather take a temporary ding on my credit score then allow them to take advantage of me! But it still pisses me off that I am forced to accept this or ruin my credit. Absurd!

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Tired of CITI — Mon, 09 Nov 2009 18:08:54 -0000

HI,

I just got that nasty thieving letter from Citibank too. No explanations on why or who was selected. Sounds like theivery to me. I suggest we all complain to the politicians who helped bail them out. A theif is a thief!

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

Responsibility1 — Wed, 28 Oct 2009 10:33:13 -0000

You should move your card balances to a credit union credit card. No funny games, just a great rate and no fees.

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

jeepers0123 — Tue, 27 Oct 2009 20:56:51 -0000

They did the same to me in September. I cancelled the card immediately talking to their highly paid rep from India who told me my 25,000 rewards points would not be affected. The rewards points are revoked 30 days after closing an account! I decided not to pay my bill for the first time in 15 years. Funny thing happened, an account specialist called wanting to know what was wrong. LOLOLOLOL

I told him the loan was unsecured....he offered me a 5 year payout at 0% interest. They've already screwed up my credit so let um eat the principle on their million $$$$ golf outing.

If we all refuse to pay they won't get bailed out again. JUST SAY "NO" I'm not paying....goodbye!

Re: Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation

katam — Tue, 27 Oct 2009 16:06:33 -0000

Last nigh, I received a letter stating, that my interest will be raised from 8.24% to 29.9% starting november 30, 2009; I have never missed a payment or gone over my limit.

I called the bank to opt out from this notice, I had no other chance but to cancel my credit card, I know closing a perfect standing account will hurt my credit score.
I am outraged, I found this disgusting!!! How is it possible for the banks, to take so much advantage of people?