Loco
Premium
join:2002-11-09
So Cal | reply to Hesher
Re: [Rant] Citi....ARGH!
Geez.....thats insane ! |
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Hesher
Premium
join:2002-09-26
Sycamore, IL
 ·Comcast
·Comcast Formerly ..
| reply to djrobx
djrobx- Yep, I know I'm not alone. Besides being raving mad when I first posted, the purpose was also that of a heads up since two people that I talked to at Citi said they got the same notice (who knows if they were just blowing smoke though).
I emailed my office (100 people) and four of them said they have had the same thing happen in the last few weeks (with other companies though). |
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hitachi369
Embrace Your Rights
Premium
join:2001-10-03
Grand Rapids, MI
 ·AT&T U-Verse
| reply to David
I work for a bank and even with a lot of the new rules already being in effect we are still raising rates, lowering limits and closing accounts. In my experience most people are so dependent on there cards, even given the option of opting out they cannot accept it.
The year wait didn't do anything really. |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to Dersgniw
said by Dersgniw  :How much you want to be that credit score is going below 800? Somehow i doubt their TRUE FICOs were anywhere near 800.
75% debt to credit ratio would be a bit hit on the score regardless of how it was paid back.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to Hesher
said by Hesher :hsbc once closed an account of mine because I went 3 months with no activity. That was about 3 years ago. they did that to me too. and that started a roll of "no lube services" from all my other cards!
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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HFB1217
The Wizard
Premium,ExMod 2000-01
join:2000-06-26
Camelot
clubs:  
| reply to Hesher
Don't feel alone my Two HSBC accounts have been in perfect payment and usage 7 years. I just received notice that they are going from 13% to 29% plus prime. They are doing this before the new regulations go into effect in Feb 2010.
Am opting put myself the rates are really maddening and greedy!!
Oh almost forgot they also are adding a $5 a month membership FEE.
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****aka The WIZARD *** A Founding member of Seti BBR Team Starfire*** |
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pitroad01
join:2006-07-10
Raleigh, NC
 ·Time Warner VOIP
·RoadRunner Cable
| reply to Technogeez
said by Technogeez :I think credit cards and the "easy money" mentality that goes with them has done more to hurt the country than all the bank failures. It's been building since the mid-'60's, In the early 60's if you didn't have it you didn't spend it. When we had our children I worked two jobs while my wife was pregnant to make payments to the doctor up front. If we wanted a piece of furniture we saved until we could pay for it. No we didn't live in a showcase home full of electronics and other comfort items but we set goals and gradually acquired our own home. Hard work, you betcha, rewarding, you betcha, different times, you betcha. And yes there were problems like today, the Vietnam war; race riots; etc.
You play the cards you are dealt. Today's generation seemed to grow up in an era when it appeared you were guaranteed almost anything you desired, just charge it if the money wasn't available.
I don't blame the people that are having their lives fall apart around them. They were just caught up in a period of time when the economy is going through a necessary adjustment. The depression era generation made it and this generation will to. |
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Mele20
Premium
join:2001-06-05
Hilo, HI
| reply to HFB1217
said by HFB1217 :Oh almost forgot they also are adding a $5 a month membership FEE. Report them to FTC, etc. for that. Chase tried that. They put a $10 a month fee on my Platinum Mastercard (which had no fee before) and upped the minimum payment to 5% from 2%. It was about this time last year that they did this. I figured they did it because they could not raise the interest because all that was on the card was a balance transfer at 3.99 until paid off. So, they decided to make me pay it off faster and by adding a $10 a month fee they got a higher interest rate over all and were able to charge the $10 at the current rate which was 8.99%. They charged that $10 a month fee from Jan through April of this year and then I got a letter from them stating that they were required to remove the fee and credit my account for the amount debited. (I too had never missed a payment and paid always above minimum and paid the card off twice during the 13 years I have had the account).
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson |
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Anonymous_
Anonymous
Premium
join:2004-06-21
127.0.0.1
clubs:
·RoadRunner Cable
·Time Warner Cable
·Time Warner VOIP
1 edit | reply to Hesher
said by Hesher :Myself and my wife have credit scores over 800, have never missed a payment or been late for anything. I just got a notice raising my credit card rate from 6.99% fixed to 29.99% variable. you make my rate look pretty good 
my APR with wells fargo
IS only 19.99% with 25days grace period |
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quetwo
That VoIP Guy
Premium
join:2004-09-04
East Lansing, MI
| reply to Hesher
I'd emplore you NOT to go down the route of a bankrupcy. The rules have changed in the past 5 years, and you won't come out ahead. Remember the things you listed as collatoral when you applied for those cards? Yeah, they can take ownership of those and sieze them to pay back their portions. Despite being unsecured credit, they still have access to your life. I had a friend who had his cars siezed (they didn't touch his house), during his bankrupcy. And since his credit score went down so far, his cell phone, cable and internet providers canceled their contracts with him.
We've all been experiencing the "screw-you" mentality of the credit card companies. The two cards I didn't use but once a year got canceled (reducing my overall credit), and the one card I usually had a balance on got the interest rate moved to 23%, plus they sent me letters each month saying they were reducing my limit by just about the amout I'm paying off. One month they reduced it by $1,000, when I only paid $750 that month (the minimum was $250-ish), and then they hit me with an overage fee!
They are crooks, and they know it. And they know that if they need more money, they can just go to the bank, erm, us. |
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dcurrey
Premium
join:2004-06-29
·ViaTalk
1 edit | reply to Hesher
I think this rate hike is a direct retaliation form the credit card companies because of the new rules set on them. I have seen a couple of my card just to upper 20% interest range. I think my wife's Sears card even went so far as to impose a $40 yearly fee. (Think it was from Citi) It be gone. Make sure your read those updated terms and conditions when they come in.
Since I don't carry a balance the new rates don't effect me. I will not however pay a yearly fee. I like them to pay me.
I think they need to get the new interest rates and rules in before Feb. 22, 2010 after that raising rates on past balance becomes harder for them. |
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sancraig
join:2003-11-05
Saint Louis, MO | reply to Hesher
You can always opt out of the new intrest rate. They will close ur account once the card expires but they will bound to original intrest rate until paid off. |
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dcurrey
Premium
join:2004-06-29
1 edit | They cancel the card the second you opt out. You still make the payments just as before under the old terms until its paid off. |
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sancraig
join:2003-11-05
Saint Louis, MO
| They didnt cancel mine when it went to 29.99% from 9.99%. But they may have changed things after congress passed that bill......ymmv.
Yes you still gotta pay under the old agreement but are not bound by the new agreement that the OP is ranting about. |
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dcurrey
Premium
join:2004-06-29
·ViaTalk
| Yea the card is pretty much canceled at opt out. Didn't catch the 5 year to pay off balance part.
Opting out means the consumer can no longer make purchases with the card. Instead, the old, lower interest ratewill be applied while the cardholder repays the balance. There are three methods for repaying balances on accounts that have been closed by consumers choosing to reject changes. Issuers can either:
* Collect the balance over at least five years.
* Charge a minimum payment amount that is up to twice the percentage charged before the change in terms.
* Use the same repayment plan used on the account at the time the consumer rejects the change in terms.
Credit card issuers cannot demand payment in full if consumers choose to opt out of changes to their accounts. |
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ff1324
Everybody Goes Home
Premium
join:2002-08-24
On Four Day
| reply to Hesher
This is just another example of why people should stay away from the conglomerate nationwide banking institutions. I have been using a local credit union for ten years now. My card rate has never been over 9%, my car loans have been through them, I have interest checking earning 5%, and can pay the credit card bill with a phone call, online, or by stopping by the bank.
The one time there was a discrepancy, I stopped at my local branch (they have about 14), and the branch manager had the whole thing cleared up in about 10 minutes. No waiting on the phone, no indifference from the bottom level of bureaucracy...just quick, reliable service.
Check your area for a good credit union. Many of the used to have stringent rules about joining, but most have relaxed those in the interest of gaining new customers.
Mine even has a "signature loan" program. If you credit score is high enough (which yours would be), you can get up to $10K in an unsecured loan just by signing your name and the terms are reasonable (like 8% right now).
--
Remember the 2008 firefighters and police LODD's in St. Louis:
PO Ballman, Sgt. Biggs, FF Hummert, Sgt. King, FF Riggins... all murdered...RIP brothers. |
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Selenia
join:2006-09-22
Pittsfield, MA
 ·Verizon Online DSL
·RoadRunner Cable
| reply to Hesher
Citi pulled that on me when I had to carry a balance. They are a scam that takes advantage of those in debt. The new terms included kindly that carrying a balance is agreeing to these terms. They only jacked me from 11.99% on my Sears Mastercard to 24.99% when they took over(needed some appliances when I moved). What did I do? Transferred my couple K balance I acquired to a card that had a no interest special and paid that off before that special ended. The Sears(Citi) card? I cut that up as soon as the balance transfer took place, thus saying I do not agree to being raped by the most greedy bank on Earth. I had an issue with how they billed interest on another card too, but that one didn't last long in my purse. Greylock Visa ftw. fyi, I have/had perfect credit and I too never missed a payment, nor was I ever late. |
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dcurrey
Premium
join:2004-06-29 | If you didn't actually cancel that sears card you may get hit with the $40 yearly fee. |
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Selenia
join:2006-09-22
Pittsfield, MA
·Verizon Online DSL
·RoadRunner Cable
| said by dcurrey :If you didn't actually cancel that sears card you may get hit with the $40 yearly fee. Oh I did. I wasn't nice about it either, given the phone reps were previously not sympathetic to my case. Let's just say they probably don't want my business again. That's fine with me  |
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dcurrey
Premium
join:2004-06-29 | reply to Hesher
If anyone is interested you can find most of the new rules at »www.creditcards.com/credit-card-···6000.php |
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