Thanks to all

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Thanks to all
6
Sun, 01-11-2009 - 10:48pm

I posted a day or two ago after finding out that citibank raised my interest from 9 percent to 16 percent. I just want to thank all those who gave me advise and told me about opt out. Without this board I would not have known about that!

I called them and insisted on speaking with a supervisor. I told them the interest hike was unacceptable and seemed punitive when we have done nothing wrong. She said 16 percent was now their standard rate for all customers (!) I kind of doubt that. Nonetheless they said we could opt out and revert to our 9 percent interest rate but the account would be closed when it expired which is more than a year from now. They said it would not affect our FICO because it will appear that account was closed on our request. Obviously in a year we will not have paid off the huge balance but we never use that account and it is not one of our oldest. I don't care. The supervisor also credited our account with reduction of interest which lowered our minimum by nearly $100.

What a relief! Anyway, thanks guys.

Jenny

iVillage Member
Registered: 09-07-2003
In reply to: colomom99
Mon, 01-12-2009 - 12:10am

Good for you for calling and not being a victim.

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 10-16-2007
In reply to: colomom99
Mon, 01-12-2009 - 9:44am

How did you find out that they increased your interest rate? I have a citicard and I know my account is being transferred to Bank of America in March, but I haven't seen anything about increasing my rate. I will be sooo mad. I also have a 9% rate as of right now. It was actually 13% when I first got the card, then it went to 10% now it's at

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Avatar for colomom99
iVillage Member
Registered: 03-28-2003
In reply to: colomom99
Mon, 01-12-2009 - 11:04am

To Emily: I found out when I was compiling a list of bills to be paid and balances. I do that once a month. When I noticed my minimum payment went up almost $100 I was stunned. They don't make it easy to find your interest rate online but if you dowload the whole statement it will show. That's when I saw that lovely 16.9 percent. I remember reading on this board some complaints about Citibank so I went back and found a post about opt-out. Again, the companies don't let your know about it. That's where this board was so helpful! I knew exactly what to ask the supervisor, including what impact this would have on our credit score. The account is actually opened in my husband's name so he had to get on the phone and say he wanted to opt out. They were actually quite agreeable to everything but again you had to know what to ask.

This is not to say I trust them completely. I will keep watching to make sure the interest rate is indeed reduced. She told me what my new lower minimum payment was and I made it clear that I would be monitoring the account and not be happy if I paid that and they in turn said I had not paid what the statement says I owe. We shall see. My hope is that when the account expires (whenever that is -- they wouldn't tell me and I don't have the card anymore) my balances will be reduced enough I can transfer it to someone else. Interesting that no one is getting those balance transfer offers anymore -- or at least we aren't.

iVillage Member
Registered: 10-16-2007
In reply to: colomom99
Mon, 01-12-2009 - 11:22am
I used to get balance transfer offers all the time, now I don't get any!!! I have a citicards cc and the other day I figured I would fill out application out for a 0% interest balance transfer and they denied my request. I always pay them on time and have a great standing with them. I can't wait to pay all of these evil people off.
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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: colomom99
Mon, 01-12-2009 - 4:01pm

Many, many moons ago when I first started dating DH, he went through a period of unemployment, and he was unable to pay some of his creditors.

All my best,
Danni

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
In reply to: colomom99
Tue, 01-13-2009 - 5:07pm

Congrats on standing your ground!

I've sent you a couple of emails since you resent. If you did not get them, please let me know!

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Sarah