Citicards interest rate reduction.

[saberz]

In case any of you still have your Citibank credit card and had been slapped with the 15% interest rate hike from close to a year ago(letters were going out etc) if you call Customer Service, and request to speak to a manager in the US you will have a better shot.

I just called today(last attempt was a few months ago) and after the guy gave me the same script response that he can't do anything, I asked for a manager. Been a card holder for over 10 years with no late payment etc, paid off my balances in full several times and I got transferred to Nicole. Got the rate reduced from 15.9% to 12%(better than nothing) and I will be calling back again in a few months to reduce it further.

Nothing upset me more than seeing my interest rate jump from 7% to 15.9% when Citi sent those letters out. I didn't want to close the card out because it has my highest limit out of the others(the others all have zero balances). So just letting you all know there is a chance to at least get something out of it.

 

[PandaBear]

This is the same with almost every bank, Chase being the worst IMO. I missed a payment because I was busy taking care of my wife's work injury and forgot, and they raise all of my credit cards' interest from 0 to 29%. Needless to say I call them and cancel them right off.

If you have a balance that can't be paid off, well, that's how they make money (legal loan shark).

 

[JHZR2]

I closed my account when they tried that with me.

The credit crutch in case on emergency is truly a crutch to ensure spending real money up to the amount that folks have in all their accounts...

 

[Bill in Utah]

Originally Posted By: JHZR2
I closed my account when they tried that with me.

The credit crutch in case on emergency is truly a crutch to ensure spending real money up to the amount that folks have in all their accounts...


Same here. Capital One and Discover Card (along with a small $9k credit card with a 5.9% at my Credit union) are the only ones I have now. Since they all have zero balances if they try any jacking around I'll cancel them in a second.

Bank of (non)-America tried that on me with s 7.9% to 12.9 about a year ago since I don't carry a balance. I called them and they said they would leave the interest rate the same since I've been with them for decades but starting this year there was going to be a $79 fee for the card.

I no longer have that card and told them where to put it. Businesses no longer want our business since they can get it from other places.

Bill

 

[saberz]

I kept the card because of the balance on it and closing it would negatively affect the debt/credit ratio. No other card I had would be good to transfer that amount.

The problem with Capitol One cards is, that they report your credit wrong. If you have a limit of 4500 and you have a balance of $300. The credit report will show as 300/300(using 300 out of a 300 limit).

This I picked up on years ago when I pulled my credit report, and it was going around the net. So it will affect you negatively(or at least did).

I have Chase cards but they are never used because of the insanely high interest rate hikes from the economy. I keep em open just to get the benefit of having high credit. The Citicard is the only card with a balance which is slowly but surely being paid down.

 

[dwendt44]

Closing credit cards can affect your credit rating.
If there is no annual fee, keep them and use once or twice a
year for a small purchage to keep them 'active'.
If not used for a couple of years, they are labeled 'inactive' and don't help your credit rating.
IF it does go dormant, then cancle it.

 

[JHZR2]

They can for about a year. However I still attest to the Dave Ramsey approach to some point - why care about something designed to stick you in a lifestyle of debt and high spending?

 

[saberz]

I keep them because I don't have a house. My credit is excellent(mid 700's) but need to have them and a balanced debt/credit ratio until home ownership.

Trust me I hate credit cards and want them closed but need to equalize what I can. I've closed many and only have 3 total(2 unused, 1 used). I was recently married in October but our housing plans fell through(NJ housing market, anything sub 200k in the areas we need were horrible). We are in an apartment and locked in till Feb, so until then I'm keeping them open.

 

[CROWNVIC4LIFE]

Originally Posted By: Anies
In case any of you still have your Citibank credit card and had been slapped with the 15% interest rate hike from close to a year ago(letters were going out etc) if you call Customer Service, and request to speak to a manager in the US you will have a better shot.


I spoke to manager on Friday and got no where...I could barely understand what she was saying...Not sure where the call went to but I think India...I will call again tomarrow.

Thanks for the heads up.

 

[ryansride2017]

Originally Posted By: JHZR2
They can for about a year. However I still attest to the Dave Ramsey approach to some point - why care about something designed to stick you in a lifestyle of debt and high spending?



I am currently working on and hope to soon have my credit score to 0. Simply can't wait.

 

[rjundi]

My Chase Subaru card went from 9% to 18%.

Too bad for them as I pay the card off every month for 5 years and earn $500/year in Subaru dollars. They are losing some serious money with my account.

 

[daves87rs]

Well, Citibank won't touch mine.

On the other hand, I grabbed another one of their cards ( I have one now, card I've had the longest), and get 0 percent until next Dec.

The only reason I took it was to transfer another card I'm trying to pay down faster. (I hate interest)


The sooner I have no credit card debit, the better.

 

[GROUCHO MARX]

It's tough if you can't pay off the entire balance (been there), but one thing a credit card does if give you a big hammer when you want to return an unwanted purchase.

One reason to have one.

 

[daves87rs]

Originally Posted By: GROUCHO MARX
It's tough if you can't pay off the entire balance (been there), but one thing a credit card does if give you a big hammer when you want to return an unwanted purchase.

One reason to have one.



Very true...

 

[tmorris1]

Originally Posted By: rjundi
My Chase Subaru card went from 9% to 18%.

Too bad for them as I pay the card off every month for 5 years and earn $500/year in Subaru dollars. They are losing some serious money with my account.

They are not losing money, they get a transaction fee from the store for every transaction made.

 

[tmorris1]

The rates all went up last year when the president started lambasting the banks for charging overdraft and late fees for people that weren't paying their bills. They are now limited on what they can charge for fees, so the rest of us that are paying our bills get stuck making up the difference. I have several cards and haven't carried a balance for more years. I use the cards for the cashback rewards and convenience. I am betting you won't see the rewards within a few years either. Banks are charging for checking accounts and everything now.