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Citi Credit Cards!!!
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#47 GODSPEED BAMBAM
 
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Citi Credit Cards!!! - December 9, 2009, 09:20 AM

If anyone uses Citi Cards get ready for a shocker! Your interest rate will be 29% as of Dec 28. Even if you pay on time and are in good standing. They told me this is across the board. You have until Dec 28 to opt out and close your account which is what I did. Fuck 29% wow. Not sure about the across the board part but just trying to let the people know.


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December 9, 2009, 09:21 AM

Fack that


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December 9, 2009, 09:23 AM

Thats cuz any regulation stopping this would be socialism raaaaaaarrrrghhh. Enormous rate hikes are totally Murrican. Citi Execs deserve the money more, I mean how they gonna fuel up dere yachts?
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December 9, 2009, 09:29 AM

My bday is on the 28th...glad I don't have any of those cards...would be a suck surprise.


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December 9, 2009, 09:32 AM

Check cards FTW!


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December 9, 2009, 09:33 AM

People who carry balances are suckers anyway. It's just a matter of degree.

Personally, I want to see high interest rates... In theory it allows the CC company to offer the sort of incentives I go for, like higher cash back or better frequent flier mile ratios...
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December 9, 2009, 09:33 AM

And why some of us just stopped paying them all together! F them companies!!!


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December 9, 2009, 09:36 AM

We got the notice the other day...

My GF's got a 5k+ balance on hers.. 2k from invisalign, 3k+ from school. That's all it's ever been used for.

We're hunting trying to find a card that will allow her to transfer the balance, then close this bitch.

Any ideas? She's tapped out on student loans, and her parents have horrible credit, so they can't co-sign. She works full time, and maintains 16 credit hours..
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December 9, 2009, 09:40 AM

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Check cards FTW!
+1, why spend money you ain't got.....
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December 9, 2009, 09:47 AM

Quote:
Originally Posted by novcadetshotz View Post
We got the notice the other day...

My GF's got a 5k+ balance on hers.. 2k from invisalign, 3k+ from school. That's all it's ever been used for.

We're hunting trying to find a card that will allow her to transfer the balance, then close this bitch.

Any ideas? She's tapped out on student loans, and her parents have horrible credit, so they can't co-sign. She works full time, and maintains 16 credit hours..
You can opt out of the increase.
Your acct will be closed but you will maintain your current agreement before the rate increase.


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December 9, 2009, 09:52 AM

Quote:
Originally Posted by Witold View Post
People who carry balances are suckers anyway. It's just a matter of degree.

Personally, I want to see high interest rates... In theory it allows the CC company to offer the sort of incentives I go for, like higher cash back or better frequent flier mile ratios...
Supposedly people who pay off balances every month are going to get hit with additional fees soon, since the CC company isn't making interest money on us.


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December 9, 2009, 09:52 AM

Capital one has a deal going right now for no APR for a year. go to creditcard.com

Quote:
Originally Posted by novcadetshotz View Post
We got the notice the other day...

My GF's got a 5k+ balance on hers.. 2k from invisalign, 3k+ from school. That's all it's ever been used for.

We're hunting trying to find a card that will allow her to transfer the balance, then close this bitch.

Any ideas? She's tapped out on student loans, and her parents have horrible credit, so they can't co-sign. She works full time, and maintains 16 credit hours..





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December 9, 2009, 09:53 AM

Oh it isn't just Citi. Chase actually did it last month with many to follow. This is all before the new laws to "Protect us" go into affect. Here is an article from the Washington Post explaining what exactly is going on for those of you who haven't heard about all this.

Credit Card Issuers Raising Rates Ahead of New Law
By Nancy Trejos
Washington Post Staff Writer
Thursday, July 2, 2009

Credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability to do so, much to the irritation of Congress and consumer advocates.

Chase, for instance, will raise the minimum payment required of some of its customers from 2 percent to 5 percent of the statement balance starting in August. Chase and Discover have increased the maximum fee charged for transferring a balance to the card to 5 percent of the amount, up from 3 and 4 percent, respectively. Bank of America last month raised the transaction fee for balance transfers and cash advances from 3 to 4 percent. Card issuers including Bank of America and Citi also continue to cut limits and hike up rates, which they have been doing with more frequency since January.

"This is a common practice and will continue to be common, because issuers can do these things for really no reason until February," said John Ulzheimer, president of consumer education for Credit.com, which tracks the industry. "It's what I call the Credit Card Trifecta -- lower limits, higher rates, higher minimum payments."

It's not just the top card issuers making changes. Atlanta-based InfiBank, for example, will raise the minimum annual percentage rate it charges nearly all of its customers in September "in order to more effectively manage the profitability of our credit card account portfolio in a very challenging economic environment," said spokesman Kevin C. Langin.

The flurry of activity, which the banks say is necessary to shore up their revenue losses, has irked members of Congress, who passed a new credit card law, which was signed by President Obama in May. The law, among other things, would prevent card companies from raising rates on existing balances unless the borrower was at least 60 days late and would require the original rate to be restored if payments are received on time for six months. The law would also require banks to get customers' permission before allowing them to go over their limits, for which they would have to pay a fee.

Yesterday, Sen. Charles E. Schumer (D-N.Y.) once again requested that the Federal Reserve invoke its emergency powers to place a limit on interest rate hikes.

"This is what many of us feared about a law that didn't take effect right away," Schumer said. "It was never going to take this long for the credit card companies to get ready for the new reforms. Instead, issuers are using the delay in the effective date to wring more dollars out of their customers. It is against the spirit of the law, and it is just plain wrong."

Rep. Carolyn B. Maloney (D-N.Y.) said the recent rate and fee hikes were "unfair and deceptive and must be stopped."

"Capricious actions like these are why Congress overwhelmingly passed, and President Obama signed, my credit card reform bill: to level the playing field on behalf of consumers," she said.

Bank executives had warned that the new law would force them to increase rates and fees because it would keep them from properly managing borrowers' risk. The argument is that if banks can't raise rates on riskier customers, they will have to raise rates on all.

Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, an industry group, said there are two reasons for the rate increases. First, he said, consumer credit scores, which banks use to determine if they should lend and at what price, have decreased. Second, the cost of providing credit has increased. "Once the new law is in effect, we anticipate a further reduction in the availability of credit and additional increases in the cost of credit," he said.

Banks have been hit with a record number of charge-offs, or debts they give up on because the borrowers have no way of paying them back. In June, credit card losses hit a record 10.44 percent, according to Fitch Ratings.

Increasing rates and fees is one way they can make up for lost revenue. Since January, of the six major card issuers, Citi has had the largest increase in rates for purchases, according to a report by Credit Suisse.

Samuel Wang, vice president for public affairs at Citi, would not disclose details of the rate increase but said the company adjusts pricing as part of a regular review of accounts. "These changes also reflect the dramatically higher cost of doing business in our industry as we work to preserve the broad availability of credit," he said.

Stephanie Jacobson, a spokeswoman for Chase Card Services, said fewer than 1 percent of its customers will see a monthly minimum payment increase. "Our desire is to have these balances paid back in a reasonable period of time," she said.

Charles Chichester Jr., a 65-year-old retired U.S. Postal Service employee who lives in Fairfax County, was trying to pay off his credit card soon but now fears he will be unable to do so at all. He received a letter from Chase, he said, notifying him that his $373 minimum monthly payment would increase to more than $900. When he called to say he could not afford that, a Chase representative told him to consult with a credit counselor, he said. That's exactly what he plans to do.

"The 900-something-dollar minimum monthly payment is just something I cannot do," he said.


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December 9, 2009, 09:53 AM

Her concern is her credit score (which isn't great, but it's not horrible). Will transferring balance and closing have the same impact as opting out and paying the debt down?

I'm n00b to this. I've never carried a balance of more than 1k, and that I paid after 2 weeks. I just follow the spending habits my Dad beat into my head, and have a 787 to show for it.

Personally I have a Capital One card; I set the limit down to 1.5k, and haven't ever carried a balance on it. We're working to get her debt under control, it's one of my "musts" for her before the relationship "goes any further."

My advice to her was also to opt out, but she jumped all over me on it.
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December 9, 2009, 09:55 AM

They're trying to squeeze the last money out of us before they get regulated.....good for them. Hope the new laws put a squeeze on their profits too.

Besides that.....anyone down for a little Project Mayhem? We could wipe the slate clean and go back to zero....
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