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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: 2299
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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#23. To: buckeroo (#0)

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Eric Stratton  posted on  2009-11-09   21:15:02 ET  Reply   Untrace   Trace   Private Reply  

#33. To: Eric Stratton (#23)

If you have an existing card, I'm pretty sure that you can reject those changes. They usually send out a "change" notice and in it is almost always (never say never/always) instructions for refusing the changes.

Not sure what happens if you refuse, i.e., do they cancel the card, etc., but I'm thinking that as long as you're credit is good, they wouldn't do that.

You are correct. The existing methods are solid agreements. But the change is the whole point of the thread. I sense issues not about any agreements. It is all about the bankruptcy of America.

buckeroo  posted on  2009-11-09 21:47:41 ET  Reply   Untrace   Trace   Private Reply  

If you have an existing card, I'm pretty sure that you can reject those changes. They usually send out a "change" notice and in it is almost always (never say never/always) instructions for refusing the changes.

Not sure what happens if you refuse, i.e., do they cancel the card, etc., but I'm thinking that as long as you're credit is good, they wouldn't do that.

From an article here:

freedom4um.com/cgi-bin/readart.cgi?ArtNum=110077

"...For instance, portions of the new law enacted in August require banks to give customers 45-day notice of any changes in an agreement. Consumers can opt out of an impending increase, keeping their card at the lower interest rate, but only until the card expires. After that, they must apply for a new card. They can also avoid the interest hike by closing the account and arranging to pay off the balance at the lower interest rate..."

scrapper2  posted on  2009-11-09 22:05:49 ET  Reply   Untrace   Trace   Private Reply  

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