Citi makes me laugh

[Rockinacoustic]

The APR finally kicked in at 12.24% after my 6 month grace period. Paid it off asap.

 

[Acanthus]

I had a WaMu card (JP Morgan Chase purchased WaMu). JPMC started my rate at 29.99% and added some charges on a card that was $0 balance, compounded interest on said charge for 8 months without even telling me it existed. Then sent me to collections.

I wouldn't feel too bad if they all hung themselves.

 

[alkemyst]

How much is this fee? It may be because I've only been able to pay off my card every month for about a year now. Previously it had a balance that kept going in the wrong direction.

Get the right card for you then.

Hate to break it to you but CC companies would much rather you not pay off the entire balance each month.

 

[Ausm]

This. I have a credit score average of 820 from all three major credit bureaus, too.

My Credit score is 800 and they raised my rates from 6.5% to 18%

 

[LTC8K6]

My Credit score is 800 and they raised my rates from 6.5% to 18%

Lower your credit score...

 

[lupi]

My only citi card is the one from sears. About the only time I use it is when buying a big appliance or similar item from sears under one of their % off and no interest for a year sales. Also got a letter from them a couple months ago and they were jacking my interest rate up to near 30%, but since I never carry an interest bearing balance on them I just laughed.

 

[krunchykrome]

I got a letter yesterday stating that one of our Citi card's interest rate is jumping to 18.99%. I'm going to call later tonight and close the account.

We have high 780+ credit scores with no credit debt (paid in full every month). This is a slap in the face.

 

[rh71]

so that's what this unopened letter from citibank is?

 

[amdskip]

Got one here too, too bad I don't care what the interest rate is because I treat it like cash and pay it off every month.

 

[IceBergSLiM]

call them and tell them you don't want them to. See what they say.

 

[alkemyst]

most that have 800 credit scores have no credit history so it's not surprising.

 

[aolj]

They did the same to me. Mine went from 18.99 to 23.99.

 

[mugs]

most that have 800 credit scores have no credit history so it's not surprising.

WTF? No. You can't have an 800 credit score with little or no credit history, assuming you're referring to a FICO score.

 

[FoBoT]

I just got a statement in the mail that said that they were going to raise my APR to 20.99%. WTF.

I pay my card off every month, so it won't affect me at all. However, this is the worst "thanks for being a loyal customer" letter I've ever seen!

they want you to close the account, they are trying to reduce open credit lines

 

[D1gger]

I have an MBNA Mastercard that I use for business expenses only. I pay it off completely at the end of each month and never carry a balance. The average monthely expenditures are $750 -- $1,000.

Over the years MBNA kept increasing my credit limit until it was absurdly high (>$44,000) and the most I ever had on it was about two years ago $6,000 when I bought a new TV and sound system (again paid off at the end of the month).

I just noticed this past statement that they had reduced my credit limit by about 50%. I don't care, as I never get close to the limit, but I guess it is another example of credit card companies picking on people who are not a risk to cover for the people who are a risk.

 

[jonks]

same letter, 22.99% for me, but only balance is from an old transfer so no effect.

 

[CRXican]

Same card, same letter. 19.99% I don't carry a balance but if I don't get a job soon I might have too. Time to get my ass in gear.

 

[alkemyst]

Same card, same letter. 19.99% I don't carry a balance but if I don't get a job soon I might have too. Time to get my ass in gear.

This is the 'why'.

Once you start running a balance without a job, what's the plan if you never find one?

 

[Pollock]

most that have 800 credit scores have no credit history so it's not surprising.

uhhhh wrong

I stopped using my Citi card because my Schwab one is superior - 2% cashback, no foreign exchange fees, pretty good customer service based in the US. Don't know what my APR is on either one, don't care. Pay it off every month, reap the rewards.

 

[CRXican]

This is the 'why'.

Once you start running a balance without a job, what's the plan if you never find one?

Because I'm still living at home my only debt is a car/insurance/registration. If I ditch that car I wouldn't really be spending much of anything.

I have money saved if absolutely necessary.

 

[Brainonska511]

I just got a statement in the mail that said that they were going to raise my APR to 20.99%. WTF.

I pay my card off every month, so it won't affect me at all. However, this is the worst "thanks for being a loyal customer" letter I've ever seen!

My favorite one was when I had the Citi Dividend card - "we're making your rewards better by lowering the 5% stuff to 2% and adding 2% back for cable/utilities"

 

[alkemyst]

like I said....what if you don't find a job?

It's not that hard to see the reasons why this is happening. With more and more layoffs many are also figuring a job will just show up. They go through savings, then into credit and finally have no means to pay it back.

By maximizing interest rates they are getting as much back quickly.

It's really only those getting affected that have a ton of unused credit or those using it for 'trinket' purchases.

The way credit originally worked was the rich could tag a $10k+ (probably $40k+ in today's money) now and pay it off in a couple months. The plan wasn't to allow Joe Baller to throw a pair of $200 Nike Airs on a card to do lay away.

 

[alkemyst]

uhhhh wrong

I stopped using my Citi card because my Schwab one is superior - 2% cashback, no foreign exchange fees, pretty good customer service based in the US. Don't know what my APR is on either one, don't care. Pay it off every month, reap the rewards.

What did your reply have to do with my comment on most with 800 credit scores have no real credit history?

You are proven yourself pretty financially irresponsible to not know your APR and even worse leaving out the requirements of getting that card.

 

[SSSnail]

Not to single out any banks, they're all doing it.

If you close a credit line, you lose some more credit scores, thus lowering your credit worthiness, and more rates increase, it's a vicious cycle. Those that slapped the tables and acted on your emotion, you'll soon find yourself without any credit cards at all.

 

[spidey07]

they want you to close the account, they are trying to reduce open credit lines

We have a winner right her. BINGO.