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Title: Another Strange Day: CitiBank Increased my Rate from 4.99% to 18.99% Today
Source: Here at 4um
URL Source: [None]
Published: Nov 9, 2009
Author: buckeroo
Post Date: 2009-11-09 20:15:34 by buckeroo
Keywords: None
Views: 4004
Comments: 74

I received a letter today from CitiBank about the credit card I have with them. It is a Diamond Rewards Preferred Card (the black stealthy looking one) that has a credit ceiling beyond $25K.

They have changed their rates on my account from 4.99% to 18.99%. I called their HOTLINE and they say I am an excellent customer with an excellent account with excellent credit and there is nothing they can do about it. That within the current business climate, they MUST remain competitive by extending credit to all customers.

Two months ago American Express did the same. And three months ago, Discover Card simply canceled my cards for lack of usage.

I have come to the realization that other than business purposes there is no reason for credit cards. Yet, sometimes I can not use my bank debit card at local restaurants and businesses without fees or outright decline.

I am afraid, that credit consumerism in America is all but over, even for the most responsible of us.

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Begin Trace Mode for Comment # 11.

#2. To: All (#0)

Kraft secures $9.2 billion of Cadbury financing: filing Mon Nov 9, 2009 1:05pm EST

PHILADELPHIA (Reuters) - Kraft Foods Inc said on Monday it secured a $9.2 billion senior unsecured term loan to help finance its $16.4 billion hostile takeover bid for Britain's Cadbury Plc.

Kraft would use the proceeds of the loan to finance the proposed acquisition and refinance certain Cadbury debt, according to a filing with the U.S. Securities and Exchange Commission.

Citigroup Global Markets Inc, Deutsche Bank Securities Inc and HSBC Securities (USA) Inc served as joint bookrunners, while Citibank and Deutsche Bank AG Cayman Islands Branch served as co-administrative agents, according to the filing.

The banks participating in the new credit facility are: Citibank, Deutsche Bank AG - Cayman Islands Branch, Deutsche Bank AG - London Branch, HSBC Bank USA, Barclays Bank Plc, Banco Bilbao Vizcaya Argentaria, BNP Paribas, Credit Suisse AG -- Cayman Islands Branch, Royal Bank of Scotland Plc and Societe Generale.

(Reporting by Jessica Hall; Editing by Steve Orlofsky)

buckeroo  posted on  2009-11-09   20:21:23 ET  Reply   Untrace   Trace   Private Reply  

So Kraft is taking over Cadbury. Interesting.

farmfriend  posted on  2009-11-09   20:25:57 ET  Reply   Untrace   Trace   Private Reply  

So Kraft is taking over Cadbury. Interesting.

What has happened is the open ended TARP funds have permitted the banking conglomerates to stomp the earlier agreements with their small customers while investing further into HUGE industries.

And some want to talk about responsible. By removing credit or increasing rates, the federal government has buoyed HUGE business concerns while simultaneously stomped the private investor and entrepreneurs.

buckeroo  posted on  2009-11-09   20:43:37 ET  Reply   Untrace   Trace   Private Reply  

Yes that was the purpose behind your posts. The company I work for has a contract with Kraft. Course I'm switching departments and won't be working with Kraft stuff any more.

farmfriend  posted on  2009-11-09   20:47:02 ET  Reply   Untrace   Trace   Private Reply  

#17. To: farmfriend (#11)

Yes that was the purpose behind your posts.

You are amazing in both thought and discovery. You seem to know what I do even though I act innocently while conveying a serious message.

buckeroo  posted on  2009-11-09 20:59:57 ET  Reply   Untrace   Trace   Private Reply  

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