F Citi.
I advise anybody that holds their card to dump it immediately
At least read the “junk” mail they are sending you.
Most likely that letter is stating that they are raising your interest rate.
Citi is presently screwing many people over before the gov mandated rule changes.
I have a better option. Our CitiCard had gotten larger than we liked over the years. When we sold our house last month, the first thing I did was pay it off. We will probably cut it in two and return it. Never again.
My wife had a Citi card. From long experience, I would say that they are the absolute WORST.
They used to present themselves as the peoples’ bank. I’d say they are the bank that specializes in screwing the little guy.
If this goes on, we may all end up with wads of cash in our pockets, like the old days. And maybe a concealed firearm to protect our cash from theives.
Why do business with such an entity? They have plenty of competitors. It is only a lingering and foolish “bigger is safer” bias that allows them to keep any retail business at all.
Spend those rubles slave!!
Wait a minute, when did your bank become your boss??
Fire your bank!
Unfortunately I received one of these letters as well. It is the only credit card we hold and we pay the balance off every month (if there even is one).
They raised the interest rate to over 22% and said they would charge 9.99% (?) if we spent over $1,000 a month with the card.
None of this applies to us, since as I mentioned we don’t use the card, but it definitely left a bad taste in my mouth. Only problem is this is the only credit card we hold and has a long history. If we close the account our credit score will take a hit. We just bought a home so I may just take the hit and move on.
This is a bad move, especially if you've had it for a while. Closing the account may reduce your average account age, and that will lower your credit score.
Better choice: pay off the balance, if you have one. If there's an annual fee, convert the account to one without a fee. Then, just use the card once or twice a month. I keep a couple of accounts "alive" by auto-paying a monthly bill. That will keep the account "active", so the bank won't close the account.
It will also help your credit score, because it shows activity on the account AND the credit limit is added with the rest of your credit cards to determine your utilization (outstanding balances divided by total of all credit limits).
Just don't forget to pay that bill every month!
Govt. own CIT who gives your tax dollars to ACORN!
http://www.nlpc.org/stories/2009/09/27/taxpayer-owned-citigroup-still-bankrolling-acorn
All the more reason to cut up those cards at least Discover gives you cash back and has not sent out letters raising your rates.
Citi has been one of the absolute worst banks around for a very long time. I do not have their card but they keep soliciting me. Friends have had nothing but trouble from them for years. A pox on Citi — cut up their cards and be done with them!
okay...this is now so deeply warped that even Conservatives have to start looking at ways to rein these guys in
Isn’t it amazing how full circle things have come about?
Used to be that banks were thankful for your business. Now, you have to consider yourself lucky if a bank will even talk to you.
Banks now consider a rare privilege indeed for you, to have the good fortune to let the bank suck the money right out of your hands.
The standard purchase rate is 7.24%. I really have to say that this card has saved me some interest over the year and a half I've had it.
The kicker is that I'm out of work and have no income yet I have a credit score very near 800.