When did Nordstrom raise interest rates? Where did you hear that? Will my Nordstrom store card be getting a new interest rate?

Thx

Posted: Nov 15, 2008

Forget it I found it. At creditmattersblog.com

http://www.creditmattersblog.com/2008/11/sign-of-times-nordstrom-bank-to-reprice.html

Thx Sam

Posted: Nov 15, 2008

Ihave had 2 citibank cards for 5 years and have never been late. I do carry a high balance on one card. I just received a letter informing me of the rate increasing from the 8.2% to 24.% effective next month. What the .,!? Why penilize me with a rate increase because someone else screwed up on their mortage or lost their job? Do you want me to default and have to declare bankruptsy too? So I called citibank and they said to keep the rate at the same terms until the card expires and negotiate a new rate. Believe me if the card company wants the money so bad I'll find a way to pay them off and cut up the cards!

Posted: Nov 23, 2008

We have also had a citcard for about 4 years and just got a letter saying our rate was increasing from 10.99 to 16.99%
We've never missed a payment on anything, so I thought this was BS.
Maybe they shouldn't give a credit card with a $7500 limit to someone with NO INCOME like me!!! They gave me a credit card with a $7500 limit and I have no income at all, I'm a stay-at-home mom and use it to pay for my school books.
Needless to say, we're opting out, paying our $3000 balance on the one card and cutting them up, after I collect my rewards, mind you!

Posted: Nov 24, 2008

I recently received the increase letter as well...my rate will go from 7.9 to 14.9%. I've been a customer for 17 years with maybe one late payment. I carry a balance that pays them a decent return on their money. I will push them for a better rate. If this is how they reward long standing customers, then i'll move to another cc company. Thanks for the loyalty, Citi!

Posted: Nov 24, 2008

I received a letter from citibank about the change of terms. Citi has decided to raise the interest rate from 7.9% to 14.99% right away. I have been a customer for the last 8 years. I do carry a high balance, but was never late or over the limit till date. If this is how citi wants to raise money by forcing everyone to pay up the balances to shore up their balance sheet, then fine.
Do let the customers know that they are forced to raise capital because of market conditions. Not just change the rates without an explanation.
Its time for citi to re-think how they value and treat their customers.
Thanks Citi.

Posted: Nov 25, 2008

they don't care about the american people....if people are having trouble paying stuff off do you think it makes much sense to raise interest rates to a ridiculous 24% my current rate is 9.4% not great but not bad and it's going to 24%. so much for the rescue plan. america is going straight to the toilet while big CEO's are sitting fat and happy while the little guys like most of us are bailing them out.

Posted: Nov 25, 2008

I just spoke to them and my rate is going from 5.99% to 3x that rate of 24.99% They told me everyone was getting 24.99%. Obviously that is a another lie from the credit card companies since people here say they are getting 14.99%! I have been a valued card holder for over 10 yrs and never late on a payment! 24.99% is just ridiculous!

Posted: Nov 28, 2008

This is unbelievable. I have had Citi for about 7 years and have NEVER been late and NEVER held a balance (paid it off monthly). So this obviously is a blanket increase for every customer. Let's let all of the hard working American citizens bail out these fat a$$ CEO's and executives stuffing their fat greedy faces with filet mignon on OUR money. Vikram Pandit ,CEO of Citi, lives in a $18 MILLION dollar apartment. I have an idea, sell your APT and give back half of that to the company that you are running into the ground. Charles Prince, ex-CEO of Citi, received a $40 million severance package!! WTF?! He runs a company into the ground, makes tax payers bail them out and he walks off winning the LOTTERY! WTF is wrong with this picture?

This is ridiculous. We are headed for the toilet unless we WAKE UP AMERICA. Hopefully Mr. Obama will change things, otherwise, expect 1929 in 2009. The rich get richer and the poor get poorer.

Posted: Nov 28, 2008

I have never been late on my Citibank Cards. I refused the increase on one of the cards. On the other card, I have about 1,000 dollars on it. I too will pay off this balance and avoid Citibank. It is very unfair that they are going to penalize everyone because of their bad investments. It is clear that Citibank does not care about its good customers or any customers.

Posted: Nov 28, 2008

I got the notice today and can't believe it... my rate is going from 7.90 to 24.90 for no reason except for Citi's mis- management. I called and spoke to everyone I could and was told the same thing each time. " due to current market conditions blah blah blah." I still can't believe it. I want to choke somebody. No surprise with Citi though, I have gone through hell with them for the last year with my mortgage that they hold and they clearly have no interest in keeping valuable customers. If you stop making payments, then they will help you... real smart! I will do everything in my power to pay them any money I owe them as quickly as possible and never do business with them again. Thanks, Citi, for rewarding my loyalty yet again. Your very welcome for the thousands of dollars in interest you have gotten from me over the past years.
I hope the government decides to change the terms of the bailout package they gave you and makes you pay them (meaning us the taxpayers) back at a rate higher than agreed. They should have let you go under like every other business that sh**s on their customers eventually does. That is how business works in the real world, you lose money and you go out of business. Pretty simple. Sad that even when I choose not to directly give you any more of my hard earned money, my tax dollars will bail you out of whatever trouble you get yourselves into.
I would love to know how many people were affected and are leaving Citi because of it. I will certainly do all I can to take customers from them...

Posted: Nov 28, 2008

On 11/28/08 I received a letter from Citibank telling me that my interest rate was going to increase on two separate credit cards that I have with them.

My regular Citibank credit card interest rate was at 11.990% and it is being increased to 18.99%. I only have a balance of a little over $1,000 on that card.

I have another card issued by Citibank with the ATT Universal card name on it. That card had an interest rate of 17.260% and it is being increased to 19.99%.
I am carrying a $5,000 balance on this card.

I am going either going to OPT on on both cards and stop using them altogether or I am going to transfer the balances to a low interest rate of 3.99% for one year that my Bank of America card keeps offering me. me.

Posted: Nov 29, 2008

Looks like I'm joining a large club here. I got a letter today notifying me of an increase from 7.9% to 14.99% minimum (or US Prime Rate + 8.99%, but minimum of 14.99%). Based on what everyone else here seems to have experienced, I'll save myself the phone calls, and just write them a letter opting out. My card expires in 3/09 so I'll try to renegotiate in February or so and see what happens.

The only thing I'm concerned about, is that with this card, once you opt out and the card expires, they close your account. Closed credit cards can affect your credit score. I had a similar situation with BofA about a year ago, and I just opted out, but they didn't close the account. Anyone have any ideas?

Looks like we're moving to an all-cash society...

Posted: Nov 29, 2008

I've used credit cards to finance my business for the past 6 years since I was never able to get a small business loan, even with a 720 credit score and 100% collaterization (I do heavy industrial and electrical work). Business is good, but I've had three different card companies raise my rate from approx. 9.9% to 36% - even while being paid ahead. With all the excess money in the market, this bailout and the accompanying grab for money is the biggest fraud or scam I've ever seen perpurtrated. I refuse to help these bas***ds and I refuse to quickly pay off the credit since the credit is disappearing at an exaggerated pace anyway. I watch the media "experts" suggest you would be most responsible by paying off your credit cards immediately - Why? What is this connection between the media and the banks.?, Oh never mind. Anyway, it was revealed to me by Advanta that if I didn't respond to the bank's mailing to increase the rates to 35% within 10 days of the notice that I would have waived any right to complain as per the company's policy - regardless that I didn't get a notice. Advanta, Citigroup, nor American Express could give relief though any representatives because it was propone that "their" internal policies do not allow for discussion or negotiation. Whats a person (or number) to do? Well this person sent a notice that says I will pay according to terms I took the credit under and that I will only pay the minimum monthly installment as I determined according to those terms until such debt is paid and don't bother calling me as I would be happy to see your butts in the most useless and pathetic court system ever devised(my internal policy allows response and considerations to claims from the banks, but they tend to just try to straight arm me without negotiation). Also, I warned these companies that if they intend on writing off the debts that I will continue to make the payment on that debt to the same bank regardless of whom the debt was sold(the bank, especially American Express, will always take a payment). This approach makes my debt management simple since I don't have to chase my debt around or worry about terms, and because it does illuminates the fraud occuring in these banks if anyone bothers with those kind of technicalities. It doesn't make everything okay though: Remember I am running a business which has become properous based on the tools that I had available when I made my decisions and I will not sacrifice that business because I am naive to believe that the bank has the authority to compromise my business as easily as it will sacrifice my government.

Posted: Nov 29, 2008

The CC companies are proactively re-setting in advance of the anticipated run-up in balances that would preceed foreclosures on individual debt. If you think 2009 is going to be bad, it will pale in comparison to 2010 and 2011 when ALT-A loans re-set.
Yes, the CC companies are "Penilizing" {aka Paul, thanks!}, and have been ever since you opened the account.

Posted: Nov 30, 2008

I have been a Citi card customer for 10 years. I've never made a late payment, EVER. I used to carry a high balance until about a year ago. At that time I paid the balance off. I use the card very little and pay the balance off every month. Last week I got the letter from Citi indicating they were raising my interest rate from 10.99 to 17.99 and gave them I call. I asked specifically if ALL cardholders were getting the increase or if a subset of cardholders had been re-evaluated as an elevated risk. I was told that ALL card holders were getting the increase. Though I didn't believe her and this article confirms it I told the lady that even at 10.99% this card was the highest interest rate I have and that I certainly had no use for a card with 18% interest. I told her that if indeed they did reclassify some customers as higher risk that they needed to do some more digging. My income is far different today than it was in college when I opened the account and I have nearly eliminated all of my revolving debt. She had no sympathy or understanding so GOODBYE Citi!

Check out bankrate.com. I just got approved for a Capital One Platinum Prestige Visa with 0% until Oct 2009 then 8.9% thereafter with no annual fee.

A word of advice though, never close your account. By opting out they will close the account once it expires. This will negatively impact your credit score. I'll be putting this card in the home safe until Citi sees fit to return my interest rate to reasonable levels.

Posted: Dec 2, 2008

It's not just Citi. Chase is doing the same with their credit cards. From the WSJ:

J.P. Morgan Chase...will also start charging a new $10 monthly service fee to some cardholders who have been carrying large balances for at least two years, while raising their monthly minimum payments to 5% of their outstanding balance, from 2%...
Chase's new monthly fees and higher minimum payments will mainly affect customers who have been carrying large balances on cards with low promotional rates for at least two years, says spokeswoman Stephanie Jacobson.

"The total number of customers is relatively low, but the balances that these customers carry amount to billions of unsecured debt," she says. While these customers cannot opt out of the new terms, she says, they can pay off their balances or maintain their current minimum payments in exchange for giving up their promotional rates. A higher rate, however, means that more of a customer's monthly payment goes for interest and less to repay the loan.

Choosing to Decline
In some cases, cardholders may be able to decline the new terms -- although they'll typically have to close their account...

Posted: Dec 10, 2008

I have a pretty good credit rating of 730+ and Citibank just jacked up my rate to 24.99%. That's crazy !!! Most of the 10 years I have been a customer I paid the balance in full. The last several months have been carrying a balance of approximately $3000 (with a credit limit of 25K). Did a free balance transfer with Bank of America, 0% apr til Oct 2009.

I plan on changing the account to a non annual fee (will no longer get miles - won't matter since I will not use), and stop using it all together. Do not want to close or cancel account because of the effect it has on your credit score.

Posted: Jan 7, 2009

We've been customers of Citibank for well over 20 years.

Citibank has received thousands of dollars in interest from us over the years.

We paid off all of our credit cards about a year ago... including Citibank.

In November 2008... they chose to raise our interest rate from 15% to 19% even though we've had a credit balance for the past 6 months! Unbelievable!

Interesting thing is... about 8 months ago Citibank offered us a 4% interest rate for any charges made in a 6 month period. After 6 months... the interest rate went back to the normal %.

We took them up on the offer and took a trip... charging most everything on the card. But... we paid off the balance in less than 30 days. Good thing too because we'd now be paying 19% if we hadn't paid it off.

All of the banks are playing these games with their customers and we don't have to put up with it!

Our only recourse is to work our rear ends off... pay off the greedy/loan shark... credit card companies in full and never borrow money from them again.

If you do charge something...pay them off in less than 30 days. That way you can use their money for that time period.

It's really the only way to get them back!

Posted: Jan 10, 2009

I called Citi Cards today about their raising my interest rate from 11.99% to 18.99%, the customer service rep. told me that "everyone across the board" had their rates raised. That isn't true, since my fiancé' didn't have his rate raised. I have never been late with a payment, EVER and I have NEVER carried a balance. Even when they cut the grace period to 20 days and then take 9 to 12 days to get my statement printed and mailed to me. I usually have about 10 days to get my payment to them. I have been a customer of theirs for over 10 years. I have a Cabela's Visa card with a rate 12.99%. I am going to use that card and just keep the Citi card so they don't wreck my credit score. People can't afford their bills now, and Citi is just adding to the problem. I agree with whoever said the government should raise the interest rate on the bailout loans. Unfortunately they would just raise our rates to cover it. It seems Citi doesn’t care about customer loyalty.

Posted: Jan 19, 2009

Citi Bank Stikes Again....
Ok so the same thing happened...We opened the mail and there were the dreaded notices one for my account and one for my wifes account. Now mind you, we were nver late and yes, we payed more than the minimum payment. So why would they raise our payment...Simple we are a Dog account they make no money on us..so they screw us and millions like us...8.99% isn't good enought for them...they need more, Greedy Bastards...Everyones answer..is to pay them off fast...Wrong People...You are doing what they want....you are flooding them in cash..That is not the way to teach them a lesson. I called and talked to the account manager and told him if I see the increase interest rate on my statement Citi Bank will not receive one more payment...one either account until they put the interest rate back where it was. They change the rules..I change the rules...
People of United States of Americas...Grow some Balls...

Posted: Jan 20, 2009

I have been a charter member of AT&T Universal card since 1991 and they too also raised my APR from 6.67 % to 14.99 % and I have never been late or missed any payments. I have chosen to Opt Out in order to keep my current terms until my card expires in 2011.

Posted: Jan 24, 2009

I believe that I should pay a debt off in full if I borrow the money. It's an agreement and I gave my word to pay. I think about that each time before I pull out the plastic but...

Credit card companies do whatever they want... when they want to because we let them. Some people don't even fight back! We Americans do need to "grow some" but we need to also use our intelligence and strong backbones to work our way out of debt and never borrow money from the greedy creeps again.

Posted: Jan 25, 2009

Citibank/CitiGroup....Congratulations on your new French manufactured 50 Million Dollar Corporate Jet. If you were going to flaunt your stupidity and royally screw the American public by hanging the price tag on their accounts couldn't you at least buy an American made jet, you know, made by the people that keeps you scum bags in business....I also believe that I should payoff my debt and I plan to do so. I have never gone bad on a loan in my life. I will pay every dime back to Citibank at the 8.99% rate
and not one penny more unless I get a ride in that brand new fancy jet, wanna go with me.

Posted: Jan 26, 2009

For years my rate has been at 9%, but they have raised it to 17%. It seems the 3% increase they are talking about is more like 8%!
I am canceling my card and opting to pay it off at the lower rate.
This is very, very bad business for them. They are going to lose WAY more money by losing customers like me who were with them for 10 years.
Sorry Citibank, you will not be making money off of me anymore.

Posted: Jan 27, 2009

Headlines Today:

"Historic Obama Inauguration will cost only $150 million"

"Obama Spends $150 million on inauguration; America Needs A Big Party"

"Everyman Obama shows America how to celebrate"

"Citibank executives contribute $8 million to Obama Inauguration"

Obama and Congress tells Citibank, take the Jet back...
What kind of a game we playing here people....

Posted: Jan 28, 2009

I think that the credit card companies want everbody to file bankrubcy, so the government wil pay them, i hear there is a conspiricy by the bankers to take over this is how its going to be done.

Everbody Google in NEW WORLD ORDER and look it all up
SPREAD THIS AROUND

Posted: Jan 30, 2009

I am @ 4 - 5 % on citicards - have credit lines totaling $17,000. I do owe about $10,000. They raised from the 4 and 5 percent to 24%. (my rates have droped over the last several years from 12 - 14% to 4 - 5% - so go figure). No late payments. Told them to screw themselves. Opted out and closed the accounts period. No need to appologize and worry about the consequence on your credit - I think responsible creditors will understand. Better to take a balls out approach - make a stand - I will not be manipulated!!! I will no longer do business with citi!!! How about bringing legal action against the lowering of your credit rating due to this inequity. My credit rating should jump according to the intellegence I had to respond accordingly. ANYBODY WITH ME?? Let us bring a class action suit against those who lower our credit score for having the sense to opt out!! Otherwise what is wrong with you chicken you know what's. Are you afraid of standing up for yourself??? Do you need the credit? Are you that insecure. Together we can help ourselves by refusing to use credit and at the same time we can bring these corporations to their knees!!!!! YOUR FEAR IS WHAT WILL KEEP THEM ALIVE. Email me at davidtaylorw@gmail.com - lets show them who's in control. After all we have their income in our pockets. Are we going to continue giving in to them in light of their hideous mistakes???!!!!!! They fuck&* up!!! and that's all there is to it!!

Posted: Jan 31, 2009

30 year custmer at 9%, they reaise to 24%. I am not paying shit and I am going to see a lawyer

Posted: Feb 1, 2009

I'm in the process of opting out of all 3 major bank credit cards rate increases. Chase & Citibank are jacking up rates on my accounts, ranging from 4% to 18% even though my FICO score is 784. The rate increases are not due to any reason other than to shore up their loses from their short-term thinking/money-grubbing management decisions.

It appears that those that can will refuse to give a dime to credit card issuers who are trying to make good customers pay to keep lining the bank execs' pockets. U.S. businesses should re-focus on the now mostly-lost notion of customer service to keep alive. Let's not take the abuse from companies that behave so irresponsibly. Vote with your wallet.

Posted: Feb 1, 2009

What unmitigated gall. We, the tax payers, bailout Citi and all the other sorry ass corrupt and incompetent bankers and they repay the good turn by raising people's credit card rates. Smart move Citi. Why not push a whole another segment of society off the edge with higher costs. When these folks default on their Citi mortgages maybe then you'll figure out how that happened.

People, we need to speak out. We need to write our senators, congressmen, the president, the FDIC, the Treasury and demand this practice of raising CC rates stop immediately. We also need to demand that these banks receive no more tax payer money. Let them fail. We are simply proping up companies that are already dead.

At the least, there should be a rule that any bank that receives TARP or other tax payer funds cannot raise CC rates.

People, unless we make our voices heard by our elected officials then nothing will change. We need a ground swell of people writing or calling. If not, our elected officials will continue to do the bidding of those that bought and paid for them...the big banks and others.

America, we have no one to blame but ourselves. I don't blame Citi and others. I understand that they are an immoral, unethical and greedy lot that puts profits over people, even when those people (us) are down for the count. That is who they are and what they do. So, if things are to change, it is up to us.

Posted: Feb 1, 2009

Just received my notice , increase to 25.9% on a Home Depot card ie Citibank , late once in 13 years . Built three homes , spent tens of thousands of dollars .That should keep the customer coming back .

Citi just received 45 billion of bail out cash and thats the thanks we get .Soon they will be in the street begging .They need the 400 million to name yankee / citi stadium .What a bunch of morons.

Paying mine off ASAP , less interest they make off of me ,the better .Corporate America cutting their own throats.How sweet!

Posted: Feb 3, 2009

I just received a notice from Citibank (Home Depot credit card) raising my interest rate to 26.99%, this is insane! I have never ever been late and have made more then the minimum payment. Honestly I feel like leaving this country and all the debt behind, it is just not worth it anymore being an American. I don't mind paying interest but this is just plain robbery. The little people are getting screwed all the way around in this country....enough is enough already!

Posted: Feb 5, 2009

This happened to me with CitiBank and now today I get a notice from Chase that they are doing the same thing. The notice said if you choose not to accept the new APR you can write a letter stating so and my rate will remain the same, however, the account will be closed (of course I have to pay the balance.) This is what i am doing - unbelieveable. Good thing we bailed these idiots out! BTW, I've never been late on any payment and I have an excellent credit rating!

Posted: Feb 5, 2009

They used to have a word for this sort of thing. Usery. Like a lot of other people, Ive had a good credit score (810), always paid off purchases quickly, (usually withing 3-5 months) never missed or been late on a payment, etc., etc. only to see the rate on my Capital One card raised to 29.4% in the mailing I received today. Thats the tipping point for me, Im done. I just dont give a rats *** about it anymore. What good is a good credit score if A) those with the money wont lend it out and B)they want to charge more than the legbreakers down at the pool hall want for it?

The American public have built an economy on the flimsiest house of cards (pun intended) possible and one of the bottom ones (the housing market) has been pulled. Watch how it all comes crashing down.

Posted: Feb 5, 2009

I've had a citibank credit card since 1984! I have never carried a balance and have never been late on a payment. In fact, I've never been late on any payment on any bill in my entire life! My credit is stellar, yet Citibank just raised my interest rate to 19%. I called furious saying they were treating me like a deadbeat. I was given a bunch of b.s. reasons.

I hope they go under. What a horrible company.

Posted: Feb 5, 2009

I agree with what everyone is saying, I get my bill and the payment was higher, I knew I did not charge anything, I then looked at my interest rate and seen that it went from 6.99% to 14.99%. I called and the only option I had was to opt out and have the card closed when it expired.

This is totally unfair to the people that are working and paying their bills. I know in my household I am the only one working and trying to keep things afloat. If I have to make a choice at some point as to which bills I can afford to pay and not to pay, I will guarantee the first one I will not pay would be the CITI card. If it is going to hurt my credit score with closing the card, I can rebuild it again if I don't make regular payments.

There should be a class action suit agains CITI cards. This is an unfair practice.

Posted: Feb 8, 2009

Click on the link below to fight back!

https://secure.consumersunion.org/site/Advocacy?cmd=display&page=UserAction&id=1997

Posted: Feb 12, 2009

Yup same comments as above! Citibank and Vikram (Panning-for-bailout-money) Pandit jacked the rate up on my Home Depot CC from 22.99 to 25.99%! I have excellent credit and never missed any payments! I will be getting on the Home Depot website and will send
them a scathing email about Citibank raising the interest rates on their CC and will let them know I will no longer be using their credit card!

Posted: Feb 12, 2009

Home Depot said they are lowering rates to their better customers (credit risk). They have a new four tier rating
17.99%
21.99%
25.99%
26.99%
Why than are the best customers having their rates increased. I checked my credit & FICO score and have the top tier(720-850) "Excellent" credit, but HD/Citibank rates me as scum at 25.99%.

The average FICO score of their active private label credit card is 672. 30% of all sales of Home Depot are on their credit card.

I am not shopping their ever again. It makes me sick that they tell me I deserve 25.99%

Posted: Feb 13, 2009

I was also told they were raising everyones rate to 24.99 % and what is really funny I received a questionnaire by e-mail asking several questions about their service, I was polite and diligent in telling them why they are about to loose many many customers they make a lot of money off of

I have always made about 3 times the min payment, and have never even come close to being late on any or our loan payments, I pulled my reports just to see what was going on,
be warned citi is not the only one making drastic changes, I even had one so far that lowered my limit to my balance!

I'm done, every card that pulls this with us I will close with a letter telling them why

Posted: Feb 16, 2009

I provide legal representation to folks whose interest rates are hiked. Mark Bonner; 127 NW 10th St.; OKC, OK 73103. (Anywhere in the nation through local counsel.) Feel free to write or send an e-mail if you are looking for financial relief. lmb@nemw.com.

Posted: Feb 18, 2009

Any of these banks including citibank who we the people bailed out because they don't know how to run there business, should not be aloud to raise it's rates on the people who bailed them out, this makes no sense and the people we voted into government office should put a stop to this , not only is it not good for the people it's not good for Home Depot or Sears , the management morons at citibank should be replaced with people who can run that business productively. We need to contact our state reps and put a stop to this nonsense!!! NOW!

Posted: Feb 22, 2009

These guys just won't give up on finding news way to stick it to the little guy.

There are some new laws coming in 2010 that should provide some relief. But, with credit cards making a big percentage of their revenue on late fees ( one thing the new law cuts back on ), the owning companies will surely find a new way to make up the loss.

Pretty good blog post about how to opt out of interest rate hikes here:
Credit Card Companies Raising Rates

Posted: Feb 28, 2009

I think since Citi has been given 50 million dollars and were going to buy a jet that they do not need to do what they are doing to people.I have had a Citi card for 7 years never late and they gave me 2 options one was to keep the card open and have a ridiculis interest rate or close the account so I closed it now my fico score is being ruined by the same people who helped me establish my credit What the ****?Now 2 of my other credit card companies are doing the same thing to me.After all this my fico score is ruined.Something needs to be done with these companies its unfair!!!!!!

Posted: Mar 14, 2009

I have a Citibank Diamond rewards card and just noticed the interest rate was raised from 9.9 to 14.9. I never have a balance but still don't like the rate being raised without notification. I'd like to cancel it and shove it up their behinds but I guess that would impact my credit score...but I pay cash for everything, so..? Anyway, it sucks that companies are allowed to do this. It seems like anyone can do anything and to hell with the consumer.

Posted: Mar 19, 2009

I was shocked when I opened my Sears creditcard bill! My interest went from 14% to 24%. I have always paid my bill ontime and have been a card holder for over 20 years. I called the creditcard company and they stated I was to late to opt out. I was unaware (my fault for not reading up on the changes. So now I have this high balance card and I am going to do my best to get rid of any part of this down right "GREEDY" "LIFE SUCKING" credit card. As I make sure to tell everyone about their unethical practices. No wories everyone has to stand before God one day!!!

Posted: Apr 1, 2009

The lowdown is that if you opt out, you can still pay off the credit card when it expires, and the interest rate will remain at your old rate.
What actually happens to affect your credit score is the reduction of available credit when your account is closed. When you have the opportunity to open a card with another chiseling card company, the amount of credit they give you will offset the amount on the cancelled card by the amount of new credit given. Therefore the key here is available credit against total credit to give your fica score. Really no sweat if you intend to go to paying all cash and stop using credit cards.

If everyone gets angry enough at these clowns, we can all have an effect that puts them out of business.
Imagine millions of card holders no longer making payments to them. They would have separate attorneys fees on each collection effort, with an additive effect so large that the attorneys fees alone would put them out of business.

The negative side of this kind of thing is that non payment would cause other creditors to cancel your credit lines. If paying all cash, and your finances otherwise are sound, then why worry about the negative effect.

The real effect of any credit card defaults is that the funds our governmental representatives just committed to these criminals preying on our society is that we are all going to pay for it through taxes.

What really sticks in my craw is that these criminals are getting capital from us at 2% or less and turning around and charging us 15-24% for use of our own money.

Ben Bernanke be damned.

Bring back Lincoln's greenback and Screw them all.

I want usary laws reinstated like we used to have in California, and I want it to include credit card companies. Do you hear me Senators and Congressmen.

Posted: Apr 5, 2009

I too read the fine print in the change of terms notice. I contacted Citi customer service before the deadline to opt out. I unfortunately have a high balance that I'm not able to pay off in full at this time, and couldn't see getting gouged by a 12% rate increase.

The kicker, even though I opted out before my billing cycle and before the opt out deadline, they increased my rate anyway. I called again to remind them I opted out, they told me 'yes, we closed the account, but weren't able to stop the increase before the billing cycle.' They assured me it would reset the next billing cycle and I would be credited.

Next billing cycle was yesterday. guess what, they increased the rate again (they didn't quite hit the right rate last cycle). This time customer service tells me it will take 2 billing cycles.

What are they going to tell me next billing cycle, it takes 3?

in the meantime my min payment has increased over $200, and climbing, even while paying early or on time.

WTF, Citi?

Posted: Apr 15, 2009

Well - Not only has Bank of America increased (7.9 to 13.95 apprx). I noticed my citibank (who I have been a customer with for over 30 years) as increased a lot as well 15.99%. Yesterday I just received a noticed from Discover Card (9.24 to 13.64). I had another card too that when from 9.9 to 11.99 2 months ago. I ignored that didn't realize what it was - those fliers are usually always junk. My credit score is HIGH 700's. Always has been. Yes I have balances due to some unforeseen circumstances happening at once. Well I guess the money I saved for my son's college, will be paying off my credit cards - since I can get the college loan (parents plus) at 8.5% (minus .25 for them taking about directly from my savings) so for 8.25%. Though the first year, I had it down to 6.75% - which the banks aren't offering ANYTHING now stating the government isn't giving that. BS - those were the banks discounts to pull you in than screw you! But hey - even at the 8.25% - I can claim a good portion on our taxes. So in the long run better than the damn credit cards. So to hell with the credit card companies. They were making a few hundred off of me every year, now they will be making ZERO!

Posted: Apr 16, 2009

If all you losers paid off your credit cards and didn't buy shit you couldn't afford, you would have nothing to complain about!!!

Posted: Apr 16, 2009

We just had Sears do the same they were very rude when we asked why. They told us either except the change or dont use the card. Well guess what Sears we wont be shopping at your store any time soon. This is highway robbery and something needs to be done soon. We have always paid on time and more then the minimum payment.
Wells Fargo Bank also dropped our limit on our Home equity Line and the Vakue of our hole dropped 12,000.

What stimuless package???

When will it end????

Posted: Apr 20, 2009

Citibank raised my interest rates on a closed account! Can they do this?
Sears closed my account in 2003 because of a negative mark on my credit report. I had absolutely NO credit line with them anymore, and I was to pay the card off. Suddenly this month I noticed my interest rate doubled, and I have a Total Credit Line amount, and a Cash Access Line amount??? Looking closer, I noticed they've been slowly going up on my interest rate for 5 years!

Posted: Apr 21, 2009

I agree with Joe we need to live within our means and STOP USING CREDIT CARDS! This would cure the problem quickly. What would these "poor" companies do if everyone just stopped using credit cards?? They would soon be out of business!! We can put a stop to these companies and its really pretty simple. Live within our means and stop using those****credit cards!! WE CAN DO IT!!

Posted: Apr 23, 2009

I agree with Joe too. Reading these comments was a real eye opener as to how bad American culture has degraded. It isn't enough that you guys run up debt and create inflation and ultimately bailouts which the rest of us normal people pay for. No, then you are going to complain because someone cut off your supply of easy credit. Here's a crazy idea: stop buying crap you don't need, start living within your means, and start taking personal responsibility for your situation. I know it is a tough message, but until you grasp it you'll remain a debt slave peasant no matter how much shiney crap you "own".

Posted: May 4, 2009

Wow some of you are really blaming the consumer? Wake the fuck up. Some people have to use credit cards to help pay back school loans. College is not affordable for everybody not to mention car rentals, hotels etc all require a credit card. Next thing you know you have accumulated debt. So everybody on here pays cash for everything? Yeah sure.

Posted: Jun 19, 2009

Just happened to me today, got the notice that my rate was going WWAAAYYYY up, and all of it, too. Well, I'm gonna pay off that card and leave it unused except for the monthly charges that go in for my Internet provider - which will be paid off each month, I can tell you that.

I havae been with Citi since 1983, and the only late payments were 20 years ago when I was divorced. So Citi won't be getting my bucks; I have an offer from Pen Fed at 2.9% for the life of the loan so Citi can go frog themselves.

Posted: Jul 18, 2009

Same thing happened with Target Visa Card! I have calledthe company several times and they provide me with no reasonable reason why! This is so absurd. They are ripping me off and there is nothing I can do about it! I will no longer patronage Target stores. I would suggerst others do the same!

Posted: Jul 19, 2009

Crooks, raised mine from 9.9 to 29.9%. Nineteen year customer, make over $250K per year, never late, sterling credit and no default mortgage. I am cutting them up and moving out of the country. This wa a scam and we only have our fearless leaders in Congrss to blame. FIRE THEM ALL AT THE NEXT ELCETION! Lastly, Obama, born in Kenya not in the USA, needs to be a one termer. HIS LAME IDEAS WILL ONLY MAKE THIS SITUATION WORSE.

Posted: Jul 20, 2009

I just called and told Citi to shove it, member since 2001, they lost my business! Raised me from 8.99 to 14.99. Never been late, pay more than is due. The heck with em!

Thanks congress! Many of you in congress really need to be replaced with someone that is in touch with reality!

Lets shove this bill through and give the credit card companies a year before implementation. Oh that worked!

Write your senators and congressmen, at least they will hear loud and clear voices!

Posted: Jul 20, 2009

I didn't have the rate hike when this went in to effect, so guess I lucked out there. I have been a customer of Citibank for over 15 years and held my account in good standing. I pay my payments when due, pay more than the minimum most months and have never had any problems. Until I paid my payment two days late, by my own error. My rate went from 12.9 to 25.9. I understand I paid it late.. but one time in 15+ years and no one will work with me. Because of this increase, I cannot afford my minimum payment. So there it is Citibank. You sure know how to treat your loyal customers.

Posted: Jul 21, 2009

I have a Shell Master Card through Citibank. I have carried a balance, but my payments are always on time. They jacked my rate as of July 1 from 9.99% to 24.99%. Now, my payment would double, and most will go to interest. This is crazy, I can't afford the increase.

Posted: Jul 24, 2009

Oh well same ole story they suck, i asked to have my interest rates lowed too! they wont hear of it instead they threated to take me to court if i didnt set up a automatic payment plan i agreed because i want to get rid of them to maybe i should just give them 25 dallors on month i owe them 2 grand! any ideas oh yes i forgot to mention we lost our overtime in our family

Posted: Aug 12, 2009

We have the same story! Great Credit Never Late and Citi raised our rate to 21+%. Sure glad we have no credit card debt and thats the way its going to stay! We will never use credit cards again! I can't believe that the Credit Card Companies are so stupid that they think that the consumer is just going to roll over and take this BS. STOP USING CREDIT CARDS AND SHOW THESE CROOKS WHO'S BOSS!

Posted: Aug 20, 2009

My Citibank credit card was 7.99% and they now want to reset it for 14.99% even though I have a high balance and never missed / was late with any payments for over 10 years. Aren't we entitled to file a class action against the credit card companies for ruining our FICO scores and usury? WE should unite and fight against the super elite and their ways to make the middle class carry their burden. Where did the 7 billion dollars go to? WE should make our voices heard as the super elite are former founders of companies who became politicans to scam the middle class.

Posted: Sep 3, 2009

The best way to stop this crisis is for every one to stop paying the card. They want every one to pay off balance probably to bring in more inverters. There profit report will be released on October 15 2009.
There sticking it to me to. They lowered my credit limit witch i don't mind because i shredded the card anyway. The problem is they lowered it to the balance i have on my card and raised interest to 24.99%. Iv always paid on time more then what was recommended. If your one of the few middle class people still at float don't worry about the credit card company's will finish you off.

Posted: Sep 26, 2009

Probably due to the recent law about cards which are quite tighter towards them. If you can use cash, then use cash to avoid these rate increase.

Posted: Oct 6, 2009

You guys are lucky! I have been with Citibank for 4 years and have never paid late or gone over my limit. I just got the letter that they are going to increase my APR to 29.99% from 6.99%! Is that even legal? I am going to pay of the small balance and let them pay every month to keep my account open. No more interest money from me!

Posted: Oct 21, 2009