Looks like Citibank just sucked up 33% of the big goverment bailout

[TridenT]

Anyone else really unhappy that they didn't buy citigroup or any other bank stock? Fannie mae and freddie mac shot up today... >_<

 

[Gonad the Barbarian]

Originally posted by: chess9

Originally posted by: Skoorb
Hee hee, after reading this just now, further to my comments earlier about citi jacking my rates, I emailed customer service (mind you, this is just for fun, but yes I did send it):

Hello, I received a letter in the mail indicating my APR on purchases is going from its current 8.99 to about 16.99. I have a credit score in the high 700's and an exemplary history with my card, not to mention I generally carry no month-over-month balance. Can you please explain the reason for this? I think it goes without saying that I will be using it even less if I am going to be treated like a common yahoo who's barely scraping by to make his minimum payments each month. Thanks!

My brother called them when he got his letter. They told him that he should cut up his card and pay off his balance if he doesn't like it! He has about a $3,000 balance with them....

-Robert

That's exactly what I'm going to do. The note in my current statement says they are jacking my interest rate to 20%. Fvck you Citibank.

 

[StageLeft]

This is going to be one crowded courtroom. When it is all said and done it'll probably cost taxpayers $300 billion and someone can sue GWB for not giving them the $25 billion 2 years ago when they first asked for it.

$25B is crap anyway. I've already guessed it would take at least 10X that, which actually brings things nearer the figure you just mentioned It is imminently clear to me that GM is straight out lying about its burn rate ($5B/month) or, more likely they are not lying and they are truly clusterfvcked in a storm and $25B is just the first of many that would be required to keep them afloat.

My brother called them when he got his letter. They told him that he should cut up his card and pay off his balance if he doesn't like it! He has about a $3,000 balance with them....

They are right little c***s aren't they? I got back a form letter about how if I didn't agree to it I could keep my current rate until the current period is done, after which I could close the account.

That's exactly what I'm going to do. The note in my current statement says they are jacking my interest rate to 20%. Fvck you Citibank.

Citi fail. How much do you owe on the card now; what is your history with it? I really have no idea why they jacked my rate. They can see historically that they had not even made net money from me from APRs and only purchases-skimming. The money I paid in interest when I did have a balance has been more than made up for in account overhead and the big rewards they used to give, plus the paltry ones they give now.

I am keeping my card, but I doubt I'll even keep it in my wallet. I have another account with a lender that I use every several months for a tank of gas, let it cycle through, pay it off, and that's that. This way I have a flawless history in my credit and I'll do the same with citi. Let them keep the account open to serve me, I couldn't give a damn about them. BankofAmerica is now the only lender I won't put through the hot fires of hell if it's ever up to me (of the three I've interacted with, the other being Capital One).

EDIT: Google says this is happening to a lot of customers. From what I can tell, all have balances that are high enough they're unlikely to be paid off and thus Citi will make money on them. I still am surprised they raised mine because it's not like they have me back-to-wall. Now, if Royal Bank in Canada raised my Canadian CC we might have a little problem, but hopefully they won't hee hee link to complaining

 

[StageLeft]

My new message to Citi:

Your "form letter" does not say why my account was raised. I am a premier credit risk and "maintaining alignment with the credit card market" would have my APR at about 10%, as I have it with other cards. The new rate you've given me is more fitting for a shopaholic college student, or a plastic surgery addict. Let me repeat: I rarely carry a balance, so the APR could be 1000% and be of trivial consequence, but I still wish to know why I'm now perceived by Citi as a potential deadbeat. Thanks, and BTW Happy Thanksgiving--I know that you, the person reading this, didn't raise my rate. I just want a little personal attention!

 

[Gonad the Barbarian]

Originally posted by: Skoorb

That's exactly what I'm going to do. The note in my current statement says they are jacking my interest rate to 20%. Fvck you Citibank.

Citi fail. How much do you owe on the card now; what is your history with it? I really have no idea why they jacked my rate. They can see historically that they had not even made net money from me from APRs and only purchases-skimming. The money I paid in interest when I did have a balance has been more than made up for in account overhead and the big rewards they used to give, plus the paltry ones they give now.

My balance as of now is less than $1000. I've paid down from a high of $4000 earlier in the year. Been a card holder for almost 15 years, rarely carried balances over $2000, and never had a late payment on this card or anything else that should've affected my credit rating. They've probably made money off of me, but no more.

 

[StageLeft]

They responded to my last message with The change proposed to your purchase APR was due to a reexamination of our policies was needed given the severe changes in the financial markets. Our costs in borrowing the money we use to lend have gone up significantly .In addition we are seeing dramatically higher loan losses and delinquencies for many of our customers. We must manage to the dramatic changes we are seeing by changing some of our rates and fees in order to continue to provide you with products, benefits and services we have today. Though these changes are being proposed on your account, you still maintain the right to Opt-Out of them. By doing so you can continue to use your card at the current terms and rate until the expiration date of the current card. At which point the account will close and you can pay down your balance at the same terms/rate.


Oh well, I guess they think a guy with a well above average credit, flawless history with them and all his other accounts, and no balance is a high credit risk. Citi credit analysis software fail