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CitiBank: "Pay Your Bills & We'll Raise Your Interest"

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Yes We Did Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:20 PM
Original message
CitiBank: "Pay Your Bills & We'll Raise Your Interest"
Edited on Tue Jan-27-09 04:21 PM by Yes We Did
My mother called me today all pissed off. She had gotten off the phone with CitiBank. It seems they decided to raise her interest rate... again. Last time they did this she called up and they lowered it back down.

Note: She has NEVER been late with a payment; never. And she's had them for over 10 years.

So, like I said, she called them to figure out why they raised her interest rate again and to get it lowered again.

This is what they told her:

"Too many of our customers are not paying their bills, so we have to raise the rates on those who are paying to recover our losses."

She canceled her card. She transferred her balance to another card.

Do you believe that shit? We bail them out and they turn around and do this shit to the same people who help keep them in business.

Ridiculous.
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4 t 4 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:22 PM
Response to Original message
1. Citibank
should be on everyones shit list no doubt.
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NightWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:22 PM
Response to Original message
2. ok then, I say stop paying them
include a newspaper clipping about how many billions they received from the govt and explain that it should more than cover your portion.
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Yes We Did Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:24 PM
Response to Reply #2
3. Could you imagine hearing that?
Someone won't pay, so you can pay for them?! I mean... yeah... we're already doing that with the bailout, but to have them tell you that over the phone? I think I would have exploded.
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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:25 PM
Response to Original message
4. American Express is pulling the same crap. My mothers interest rate went from 8.9% to 22%.
She has never missed a payment and fortunately carries only a small balance.

She is going to her credit union for a better deal as soon as the weather warms and she feels like getting out (she is 81).
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Yes We Did Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:29 PM
Response to Reply #4
5. That's okay...
Obama is gonna fix their asses. I can't wait for regulations.
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BootinUp Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:34 PM
Response to Original message
6. Citibank will break up eventually. Poorly managed from all reports. nt
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daninthemoon Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:35 PM
Response to Original message
7. it's pretty damn nuts. kinda makes you want to go bankrupt on their ass.
the stimulus should have gone to paying down personal credit debt. the money would have still gone to the damn banks, but at least we would be partially off the hook. as it is, the country has borrowed money to give to the banks that the people already pay money to. and the banks still want more. and they are getting it.
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Yes We Did Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-28-09 01:25 AM
Response to Reply #7
14. I think I might be doing that.
Unfortunately I don't have them.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:38 PM
Response to Original message
8. Happened to me too.
The only reason I haven't cancelled is that I have almost no money on that card and they've given me a lot of credit for my income, which helps my credit score.
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dkofos Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:41 PM
Response to Original message
9. She did the right thing.
It's time to learn to live without credit cards.
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bergs Donating Member (7 posts) Send PM | Profile | Ignore Tue Jan-27-09 04:41 PM
Response to Original message
10. Pretty common
...and most people don't even bother to do what your mother did...they just keep paying.
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Mike 03 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 04:45 PM
Response to Original message
11. Citicard just raised my credit limit, and I can't understand this at all.
They CUT my mom's but they raised mine from eight thousand to over ten thousand.

I would almost have bet my house that they would cut my limit. This is nuts.
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Common Sense Party Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-28-09 02:03 AM
Response to Reply #11
15. How old is your mom?
They may have lowered hers because they think if she reaches a certain age, she may not live long enough to pay them back.

I know, that sounds morbid and crass, but that is possible. You're younger and they want you to be in debt (paying them interest) for a long time.

Now if she's not that old, I don't know why they would do that.
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JerseygirlCT Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 05:03 PM
Response to Original message
12. Happened to me, too.
I've had that card since '82. Always pay in full.

Suddenly my rate is much, much higher. I'm ignoring it for now, since they won't get a chance to get me with it, as I pay all every month. But it really pisses me off!
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CurtEastPoint Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-27-09 05:09 PM
Response to Original message
13. I got one from Citi also. You can opt out BUT....
when the card expires you owe the balance in full. I'm going to do that. Fuck'em. I shouldn't have carried a balance anyway.
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