Comments on: Citi Rate Change Clarification

By: Smith

Smith — Sat, 07 Nov 2009 18:20:01 +0000

Count me in on the class action as well. I also have been a customer since 2001.

Obviously Citibank is trying to intentionally get rid of customers. I don’t know if you all realized that the notification letter was tailored to the individual. For example, we didn’t have an option to use the card until the expiration date. We were told that if we opt out we could no longer use the credit card immediately.
I told them that they were loan sharks, unethical and underhanded. They tried their best to increase rates before the credit card bill was passed. Guess what, it’s their loss. Raise your children not to use Citibank and encourage your friends to drop Citibank immediately.
We will see how much money they make on people that pay their balance off every month. Also the next time they ask for a bail out let them fail…..

By: Pat

Pat — Mon, 24 Aug 2009 22:33:15 +0000

I also politly told Citi to “stuff” their offer after many years as a loyal customer and as others have posted will never deal with them again. This is an issue that must be brought to each and every affected individuals Congress person. This is how they show their thanks for OUR bail out.
Outrageous and count me in for any class action!

By: Larry

Larry — Sun, 16 Aug 2009 18:04:53 +0000

This is insane .. I have had an agreement for years as a “FIXED” Rate Credit Card.. I have “declined” all the LOW Variable APR Teasers that CITIBANK has sent to me for all the years I paid the slightly “HIGHER Rates” of the FIXED RATE CARD, just to “keep” the “FIXED RATE” when the economy changed… IT CHANGED.
And now that they could NOT get me to BITE (and obviously others) Citibank (who is still doing normal business) is going to OPTION out of our agreement ? Sounds like a CLASS ACTION LAW SUITE for a good Lawyer.

If CiTIIBANK can get away with this … will Banks be able to option out of FIX RATE MORTGAGES ?? Please no big discussion on that, it will “only be used” as to side track this issue…. I am just saying “what next”.

The way I see it … CITIBANK can repay me ( with interest) for all the Extra APR money I paid on my HIGHER FIXED RATE billings through the years, to be able to now option out now from “our” agreement of a FIXED RATE CARD.
Otherwise .. to have “KNOWN” that CITIBANK “COULD & WOULD FORCE the VARIBLE RATE ANYWAY” I would have taken the VARIABLE RATE years ago.. and I WOULD HAVE SAVED MONEY on all those TEASER RATED years THAT I DECLINED to go with the VARIABLE rate card…
All of which I didn’t want because I had a FIXED RATE CARD .. And Yes I have only had a FIXED RATE MORTGAGE IN MY LIFE …
People … Money is being lended to BANKS at the CHEAPEST RATES IN HISTORY .. yet CITIBANK has taken this course of action? Maybe if the government didnt’ bail out CItibank and Citibank had to fold, then I would understand a new agreement ( like GM did to its contracts) … but not this way.
I believe we need to be heard and all post to a site, to have LEGAL representation / assistance.
Is there any good legal consel out there who is willing to take this on ??? I know Citibank is reading this column from line one comment on this tread.

By: Tim

Tim — Sat, 25 Jul 2009 01:36:12 +0000

This is just their way to get a certain % of their credit lines, or so called “customers”, to cancel out their accounts by opting out.

I’ve been a card holder for 10 years as well and I think this is horrible. I’ve never been late on a payment. Not once. I’ll admit I do have a large balance, but already pay citibank $200+ just in interest a month. With this rate increase, my minimum payments will jump to over $700/month. Seriously, who do they think could afford this?

Yes, I take responsibility for my actions – but what it boils down to is that this is a pretty shady way to get rid of customers…how about lowering interest rates for on time paying customers as an incentive. Or if you charge under $XXX in a 6 month period, we’ll lower your interest for a certain time frame.

There is my rant, time to send off my “opt out” letter. In the long run, why would I want to be a customer of a financial institution that treats its customers this way.

By: John

John — Fri, 27 Feb 2009 17:58:05 +0000

I have too been a customer with Citi for a very long time. I had what I thought was a good rate and had been generally happy with the customer service. The rate change is for the enitre balance! The way I see it, they are taking government money (our money) and then turning around and hosing us the customer and tax payer. I decided that I would take my money local as well. Fortunately, I wasn’t in that deep, but I feel for the people who are and have been put in a worse situation because of Citi’s behavoir.

Personally, I don’t think the government should help Citi. If thery are destine to fall, let them fall. Isn’t that how a free market is supposed to work?

By: Citi Employee

Citi Employee — Sat, 21 Feb 2009 22:17:14 +0000

I work for Citicards customer service and the change in terms that is going out to the majority of the cardholders will relate to your entire existing & new purchase balance. The only thing it will not affect is any promotional balance transfers that you may have. Some rates are going from as low as 5.99% to 29.99%. Please I urge everyone to read the notices they get and make the appropriate decisions.

By: Bryan

Bryan — Fri, 16 Jan 2009 18:54:43 +0000

Not true. It affected my entire balance. This is the last straw for Citi for me. I’ve been a customer for 10 years and pay my bill on time every month (automatic payments + additional ones on top of that), but recent circumstances meant carrying a balance. My rate was fairly low (11%) so this is extremely upsetting. I’ve already bailed them out once. I’m not going to do it again. I opted out this morning. When it’s paid off I’ll be taking my business to my local credit union that has the rest of my accounts and treats me right. I’d prefer not to have a credit card at all, but that’s not really an option these days.

By: Sandra

Sandra — Sat, 20 Dec 2008 16:54:52 +0000

I called and was told the same thing as most of these people. It applies to all purchase balances and new purchases going forward, not on special rate promotions (like transfers), but I expect if they are transfer rates that will expire, the new APR will take over. I have to opt out myself as well, though it will really hurt my score. I have never been a DAY late or over limit and they have always raised my available credit because of my good history. Citibank won’t get my business going forward

By: Tim

Tim — Mon, 08 Dec 2008 10:50:01 +0000

again, i think people need to read the notice for each individual case. there are several different situations with several different rules. i would also recommend using the secure email feature in your online account so you have documentation of any rule clarifications. much better to have something in writing than an over the phone type thing.

By: Dee

Dee — Mon, 08 Dec 2008 03:36:24 +0000

I called Citi a few minutes ago and a supervisor said the new APR does apply to the current balance.