Citi Change In Terms

[ColoNative]

I just received a Change In Terms notice (CIT) for two of my three Citibank credit cards.

On my Citi Platinum Select Dividend MasterCard I currently have 11.4% variable (I believe Prime 4.5 + 7.9) well they are changing it to Prime + 12.99 with a floor of 18.99%.

My AT&T Universal MasterCard is already high, it was at 13.45 or something crazy because it is based on LIBOR, they also are changing this card to 18.99%.

So, I realize that times are hard right now, but it does not make sense to increase the APR of their best (800+ bureau scores) cardholders. I could see Citi losing some good cardholders over this.

I don't pay interest to them, but it is the principle of the matter. Someone with my excellent bureau scores and utilization should have been given a lower APR then 18.99%.

I called both Citi and AT&T Universal and spoke to a supervisor; they "lowered" the Citi card to 14.99% variable and the AT&T is now at 16.99% fixed.

I still stand by Citi, I just don't agree with that they are doing. By all means, raise the APR on my account because of the economy, but not up to 18.99%!

[RivasGlo]

I still stand by Citi, I just don't agree with that they are doing. By all means, raise the APR on my account because of the economy, but not up to 18.99%!

Yeah its okay. I also dont agree w/ half the crap they do :)

[dunta]

Sorry to hear your rate increase. I will not be carrying a balance with them.

I am a new customer of Citi and I just got the Platinum Select card last month before all the bad stuff was reported about the company.

They gave me 12 months 0% on purchases after that it's prime rate + 3.49%.

[ColoNative]

Sorry to hear your rate increase. I will not be carrying a balance with them.

I am a new customer of Citi and I just got the Platinum Select card last month before all the bad stuff was reported about the company.

They gave me 12 months 0% on purchases after that it's prime rate + 3.49%.

Since you are a new cardholder they will probably not raise your interest rates yet. They are a good company as a whole, but I don't agree with raising rates on the best customers. I don't carry balances on my Citi cards either and I am not going to start now.

[ColoNative]

Yeah its okay. I also dont agree w/ half the crap they do :)

Ha! Well, I have never really had a problem with them, I have been with them for 10 years now. But really, cardholders with high scores should not have been touched.

[charonh]

I agree ColoNative. I think they raise the rate(s) on people that do not carry balances, because they're not making any money off of you, which still doesn't make any sense; you're definitely not going to want to use their card now. Banks operate without any particular rhyme or reason.

[ColoNative]

I agree ColoNative. I think they raise the rate(s) on people that do not carry balances, because they're not making any money off of you, which still doesn't make any sense; you're definitely not going to want to use their card now. Banks operate without any particular rhyme or reason.

That is a good point charonh, I did not think of it that way. Still does not make sense though. Why tick off good cardholders? I refuse to close my Citi accounts because, well, I still like them and also they were opened in the 90's. But I will not be paying interest now.

This does raise the fact that Citi has good service though, I was able to get the rates lowered. I suppose in this economy things are going to change for us all.

[Meya]

I agree with you too Colo & Charon. But my question is why? Jcpenny's slightly raised mines also, and I am a darn good spender with them This is a trip, what do they expect from us? I don't believe Citi is hurting for anything, some people are just taking advantage of the economy situation.

[ColoNative]

I agree with you too Colo & Charon. But my question is why? Jcpenny's slightly raised mines also, and I am a darn good spender with them This is a trip, what do they expect from us? I don't believe Citi is hurting for anything, some people are just taking advantage of the economy situation.

Exactly! Why raise the rates of good customers??? I think this is bothering me more then the Gap/Old Navy Discover question.

Oh well. Actually, I think Citi is hurting, they might sell parts or all of the company A world without Citi would be really wrong.

[hjm331]

Their stocks dropped by 26 percent this week. They are really struggling.

[ColoNative]

Their stocks dropped by 26 percent this week. They are really struggling.

That is it exactly; they have money but their stock is dying.

[RivasGlo]

Their stocks are worthless right now...

We were notified about the rumors going around that Citi might sell some parts or whatevers. We were told its not true but they didnt say it wont happen. Plus they are laying of alotta I mean alotta people! This is the 2nd times that I hear about layoffs while working there.

I just dont agree period w/ banks that hurt good customers.

----

On most retail accounts the APR is gonna go up. New terms are being sent out now for them. Im sure its the same for other regular Citi products.

[ColoNative]

Their stocks are worthless right now...

We were notified about the rumors going around that Citi might sell some parts or whatevers. We were told its not true but they didnt say it wont happen. Plus they are laying of alotta I mean alotta people! This is the 2nd times that I hear about layoffs while working there.

I just dont agree period w/ banks that hurt good customers.

----

On most retail accounts the APR is gonna go up. New terms are being sent out now for them. Im sure its the same for other regular Citi products.

Citi is scary. They were going to hire me but their pay sucked so I declined. A few months later, they closed the office and moved it to Texas!

My point is this: I know times are tough and almost every bank is raising rates; but they need to have different levels/tiers so that their long term cardholders/cardholders with 780+ bureau scores get a lower rate then the others. otherwise the bank risks ticking people off. I knew this was coming because a co-worker received the same 18.99% rate on her 18 year old Diamond Rewards MasterCard. She has a 800 bureau score and 18 years of history and they did it to her!
I knew my 11.4 soon-to-be 10.9% APR couldnt remain that way with the economy, but 18.99% is too high. They did lower it to 14.99% after talking to a supervisor but that should have been my new rate from the get go, let the people with 650 bureau scores get the 18.99%.

[wmarat]

I do no know what my APR's are. I always PIF 2 days before statment is cut. If I want balance to be reported I PIF one day after statment is cut. All this makes APR irrelevant.

[ColoNative]

I do no know what my APR's are. I always PIF 2 days before statment is cut. If I want balance to be reported I PIF one day after statment is cut. All this makes APR irrelevant.

That is what I said as well. I do not pay interest to them, it is the principle of the matter.