citibank highway robbery
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| Sat, 01-10-2009 - 2:30pm |
Hi all! I just looked at my Citibank minimum due and about had a heart attack. It jumped almost $100 a month!!!! We have a very big balance on that one (24K) which came about when we moved some other balances. At the time it was a 0 or 1 percent introductory rate. After that ended it went to 9 percent -- not great but doable. This month it is 16.9 percent. We never ever use to card and have just been paying it down, always more than the minimum.
Do I have any recourse? I don't have that kind of room on other cards to move the balance. I saw in some previous posts about an opt-out option but don't know what that is and if I'm too late since rate has already been raised. Would they close the account? If they do would that hurt my credit score.
I am just so incredibly po'd. It would be one thing if we missed a payment or something but this is ridiculous. Don't even get me started on the bank bail-out to help consumers and ease credit availability which the banks just pocketed without helping anyone. Time to start the revolution.
Jenny

I got a notice of a change in terms on both of my Citibank cards over a month ago. The notice said that I could opt out and continue using the card and paying off the balances at the lower rate, but the card would be cancelled at the expiration date on the card or the end of the year. I opted out because keeping the lower rate was more important to me that protecting my credit rating. I don't know if it's too late, but I would recommend calling them to ask, it can't hurt.
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
I would call and act as though I hadn't read anything here.
Teresa
http://www.affordingpickles.blogspot.com