Hesher
Premium
join:2002-09-26
Sycamore, IL
 ·Comcast
·Comcast Formerly ..
| reply to Rexter
Re: [Rant] Citi....ARGH!
said by Rexter  :said by GHz :... find a good CU and they won't rape you so hard.... I'm glad you said "so hard." Love It!
And Rexter, I do agree with you and I know it's all business. I'm in sales, and am all too familiar with people letting emotion get in the way of making business decisions. I also know that is what I'm doing. However, Citi doesn't have to look in the mirror everyday and the way I was raised and have lived my life it to take responsibility for my own actions. Which financially, it really does make sense for me to bk, but morally I think it is wrong.
However, I'm not about to praise Citi for sending me a "courtesy letter". Not that you are suggesting that at all, but I really think it should be criminal to raise a good paying customers rate by over 400% in one fell swoop. If I had been paying late, etc. I could see it.
Heck, it was less than 2 weeks ago that citi sent me a 0% introductory rate card with a variable rate of 10%.
Even with that same account, they sent me a cash advance offer that didn't have any fees and was at my current purchases rate. I called them out of curiosity and sure enough, no fees and could take a cash advance up to my limit (at the time I think I had about $10K left till I hit my limit) and pay 6.99% until it was paid off. I didn't take advantage of it......even though at the time, the cash reserves were getting VERY low...now I'm thankful that I didn't. |
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ross
join:2000-08-16
 ·Digizip
| reply to pitroad01
said by pitroad01 :said by Technogeez :I think credit cards and the "easy money" mentality that goes with them has done more to hurt the country than all the bank failures. It's been building since the mid-'60's, In the early 60's if you didn't have it you didn't spend it. When we had our children I worked two jobs while my wife was pregnant to make payments to the doctor up front. If we wanted a piece of furniture we saved until we could pay for it. No we didn't live in a showcase home full of electronics and other comfort items but we set goals and gradually acquired our own home. Hard work, you betcha, rewarding, you betcha, different times, you betcha. And yes there were problems like today, the Vietnam war; race riots; etc. You play the cards you are dealt. Today's generation seemed to grow up in an era when it appeared you were guaranteed almost anything you desired, just charge it if the money wasn't available. I don't blame the people that are having their lives fall apart around them. They were just caught up in a period of time when the economy is going through a necessary adjustment. The depression era generation made it and this generation will to. I'll bet you had to walk five miles uphill each way every day to school and back too, didn't you?
What the Hell, pray tell me, was reason for the so-called "necessary adjustment" of our economy? Might that have been because investment banks, Wall Street stock manipulaters, and banks in general, operating under in a lax regulatory environment, speculated in real estate, derivatives and commodities betting our money on a favorable outcome for the largest Ponzi scheme in world history? Nah, they would never do that. It must have been the common citizen's attitude of entitlement that caused it. What a crock!
What does your patronizing post have to do with the reality of banks gouging their credit card holders for usurious interest rates equivalent to unwarrantedly high penalty rates, and needlessly restricting the credit of cardholders in good standing in order to "get ahead of" the implementation of new pro-consumer legislation passed by the Congress?
J.P. Morgan Chase, CITIGroup, Bank of America and Wells Fargo have all done this. Meanwhile, these same banks are prospering on the taxpayer dole, using bailout funds to acquire lesser institutions, and merging their way into "too big to fail" status. The rate paid for borrowing funds by and between Federal Reserve banks is essentially ZERO percent. How does ZERO percent cost of funds equate to 29% interest on consumer credit lines? |
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hitachi369
Embrace Your Rights
Premium
join:2001-10-03
Grand Rapids, MI
 ·AT&T U-Verse
| reply to Rexter
said by Rexter :Opting out doesn't close the account. You just agree to no longer use the card. They leave the account open, with the hope that a stray auto charge, may come in, or you may otherwise end up using it. Another words, they reserve the right to screw you over later. I can assure you for most of the banks, opting out does close the card.
If the bank wants to screw you it will just wait for you to miss a payment. You can only opt out once. 2nd time around you are going for a ride.
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STOP THE NSA WIRETAPS
They who would give up an essential liberty for temporary security, deserve neither liberty or security
~Benjamin Franklin |
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Anonymous_
Anonymous
Premium
join:2004-06-21
127.0.0.1
clubs:
·RoadRunner Cable
·Time Warner Cable
 ·Time Warner VOIP
| reply to ross
said by ross :said by pitroad01 :said by Technogeez :I think credit cards and the "easy money" mentality that goes with them has done more to hurt the country than all the bank failures. It's been building since the mid-'60's, In the early 60's if you didn't have it you didn't spend it. When we had our children I worked two jobs while my wife was pregnant to make payments to the doctor up front. If we wanted a piece of furniture we saved until we could pay for it. No we didn't live in a showcase home full of electronics and other comfort items but we set goals and gradually acquired our own home. Hard work, you betcha, rewarding, you betcha, different times, you betcha. And yes there were problems like today, the Vietnam war; race riots; etc. You play the cards you are dealt. Today's generation seemed to grow up in an era when it appeared you were guaranteed almost anything you desired, just charge it if the money wasn't available. I don't blame the people that are having their lives fall apart around them. They were just caught up in a period of time when the economy is going through a necessary adjustment. The depression era generation made it and this generation will to. I'll bet you had to walk five miles uphill each way every day to school and back too, didn't you? that is not possible he would have to walk down the hill one of the ways
unless there was a earthquake that lifted one side of the town |
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pitroad01
join:2006-07-10
Raleigh, NC
·Time Warner VOIP
·RoadRunner Cable
| reply to Hesher
OK, lets make it simple. Supply and demand. They have the money and you want it. If you can't live within your means you are going to pay. What makes anybody think they can dictate the terms of someone else LOANING them money. If you don't like the terms of your CC don't BORROW THEIR money ! |
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Hesher
Premium
join:2002-09-26
Sycamore, IL
·Comcast
·Comcast Formerly ..
| said by pitroad01 :OK, lets make it simple. Supply and demand. They have the money and you want it. If you can't live within your means you are going to pay. What makes anybody think they can dictate the terms of someone else LOANING them money. If you don't like the terms of your CC don't BORROW THEIR money ! Really? Are you that righteous? You've never been in a situation where you NEEDED, not wanted something, and the only way you could do it is by borrowing money?
I have no problem paying someone back on the terms that I agreed upon. I have no problem with them saying your future purchases will be at X%. I have no problem with them limiting my credit, no problem with them charging me a late fee if I'm late.
What I do have a problem with is them lending me the money and THEN changing the terms as the were trying to do. I don't think sending one letter (whose envelope looks exactly like the pack of checks they send every month) is enough. I don't think it should be allowed for them to change those terms by over 400% and if I miss the letter, I'm stuck paying 30% interest on money that I borrowed at the terms of 6.99%.
If you really think that way, be sure to let me know when you have the need to borrow money....I promise I won't raise the rate on your by more than 50% at one time! |
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pitroad01
join:2006-07-10
Raleigh, NC
·Time Warner VOIP
·RoadRunner Cable
| said by Hesher :said by pitroad01 :OK, lets make it simple. Supply and demand. They have the money and you want it. If you can't live within your means you are going to pay. What makes anybody think they can dictate the terms of someone else LOANING them money. If you don't like the terms of your CC don't BORROW THEIR money ! Really? Are you that righteous? You've never been in a situation where you NEEDED, not wanted something, and the only way you could do it is by borrowing money? I have no problem paying someone back on the terms that I agreed upon. I have no problem with them saying your future purchases will be at X%. I have no problem with them limiting my credit, no problem with them charging me a late fee if I'm late. What I do have a problem with is them lending me the money and THEN changing the terms as the were trying to do. I don't think sending one letter (whose envelope looks exactly like the pack of checks they send every month) is enough. I don't think it should be allowed for them to change those terms by over 400% and if I miss the letter, I'm stuck paying 30% interest on money that I borrowed at the terms of 6.99%. If you really think that way, be sure to let me know when you have the need to borrow money....I promise I won't raise the rate on your by more than 50% at one time! If they change the terms it's only on new money you BORROW after the terms have been changed. Admit it, you have a problem with the fact it is going to cost you more to KEEP borrowing in the future and it sounds like you didn't read your mail and want to blame the sender.
Cut back or get a second job and pay for what you want yourself. You sound like a whiny kid that doesn't get everything he wants. |
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Hesher
Premium
join:2002-09-26
Sycamore, IL
·Comcast
·Comcast Formerly ..
| said by pitroad01 :said by Hesher :said by pitroad01 :OK, lets make it simple. Supply and demand. They have the money and you want it. If you can't live within your means you are going to pay. What makes anybody think they can dictate the terms of someone else LOANING them money. If you don't like the terms of your CC don't BORROW THEIR money ! Really? Are you that righteous? You've never been in a situation where you NEEDED, not wanted something, and the only way you could do it is by borrowing money? I have no problem paying someone back on the terms that I agreed upon. I have no problem with them saying your future purchases will be at X%. I have no problem with them limiting my credit, no problem with them charging me a late fee if I'm late. What I do have a problem with is them lending me the money and THEN changing the terms as the were trying to do. I don't think sending one letter (whose envelope looks exactly like the pack of checks they send every month) is enough. I don't think it should be allowed for them to change those terms by over 400% and if I miss the letter, I'm stuck paying 30% interest on money that I borrowed at the terms of 6.99%. If you really think that way, be sure to let me know when you have the need to borrow money....I promise I won't raise the rate on your by more than 50% at one time! If they change the terms it's only on new money you BORROW after the terms have been changed. Admit it, you have a problem with the fact it is going to cost you more to KEEP borrowing in the future and it sounds like you didn't read your mail and want to blame the sender. Cut back or get a second job and pay for what you want yourself. You sound like a whiny kid that doesn't get everything he wants. 1. I'm 38 years old. I have 2 kids. A house. Daycare. A job. My wife has a job. I've never had anything handed to me in my life. I started working when I was 6...YES 6! I was the kid that ordered greeting cards out of comic books so I could sell them and make money. I'm the kid that had 7 paper routes. I'm the kid that worked before and after school every day. I work 75 hours a week now and have worked that many hours since I was out of highschool (also put myself through college).
2. I don't just have a dog. I have a family. I don't waste things either. Like using 120 gallons of water a day
3. You don't have the letter in front of you. I don't have to admit anything. The letter states as did Citi that the new rate applies to ALL of the money borrowed for purchases. past and future.
4. Really? |
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pitroad01
join:2006-07-10
Raleigh, NC
·Time Warner VOIP
·RoadRunner Cable
| If you work and your wife works and you can't get by without borrowing money you need to look at your standard of living. A lot of people get little words mixed up like "I got to" and "I need" when in reality they should be saying "I get to" and "I want".
You make it sound like 2 kids, a house, a wife and a job are a problem. Count your blessings. |
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Hesher
Premium
join:2002-09-26
Sycamore, IL
·Comcast
·Comcast Formerly ..
| No, the problem is people judging when they don't know what they are talking about. You don't know me from Adam yet you decided I sound like a whiny kid. I point out my family status because you don't have the bills that come with that. You may not be self employed, so you don't know about paying $1200 a month for health insurance for your family. You don't know what you are talking about, so you should stop assuming that you know something about me or my work ethic, or my wants and needs, or the notice that I got in the mail!
I originally started this topic for two reasons. 1. I think it's B.S. that banks can do what they do. 2. To give others a heads up of what is happening right now, this week, with Citi.
I emailed my whole office yesterday too (125 people). 3 people emailed me today to say they got the same letter yesterday...one had already pitched it without opening it.
I am very blessed and I am very proud. |
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Selenia
join:2006-09-22
Pittsfield, MA
·Verizon Online DSL
·RoadRunner Cable
| reply to pitroad01
said by pitroad01 :said by Hesher :said by pitroad01 :OK, lets make it simple. Supply and demand. They have the money and you want it. If you can't live within your means you are going to pay. What makes anybody think they can dictate the terms of someone else LOANING them money. If you don't like the terms of your CC don't BORROW THEIR money ! Really? Are you that righteous? You've never been in a situation where you NEEDED, not wanted something, and the only way you could do it is by borrowing money? I have no problem paying someone back on the terms that I agreed upon. I have no problem with them saying your future purchases will be at X%. I have no problem with them limiting my credit, no problem with them charging me a late fee if I'm late. What I do have a problem with is them lending me the money and THEN changing the terms as the were trying to do. I don't think sending one letter (whose envelope looks exactly like the pack of checks they send every month) is enough. I don't think it should be allowed for them to change those terms by over 400% and if I miss the letter, I'm stuck paying 30% interest on money that I borrowed at the terms of 6.99%. If you really think that way, be sure to let me know when you have the need to borrow money....I promise I won't raise the rate on your by more than 50% at one time! If they change the terms it's only on new money you BORROW after the terms have been changed. Admit it, you have a problem with the fact it is going to cost you more to KEEP borrowing in the future and it sounds like you didn't read your mail and want to blame the sender. Cut back or get a second job and pay for what you want yourself. You sound like a whiny kid that doesn't get everything he wants. Oh then please tell Citibank that so they can laugh in your face. They jacked the interest on what I had already borrowed and would not let me opt out, even if I closed the card. I got one of those free balance transfer offers and screwed them over on screwing me. Thank goodness we still have some choices. It seems they feel they are entitled to change the rules as they go, if you want to talk about a sense of entitlement. What about those bank execs that rode in a private jet to the hearing for bailout funds? Obama loved that one LOL. |
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Mele20
Premium
join:2001-06-05
Hilo, HI
1 edit | reply to dcurrey
said by dcurrey :If you didn't actually cancel that sears card you may get hit with the $40 yearly fee. Which Sears card now has a $40 fee? Regular Sears or Sears Mastercard? I got letters a couple of months ago about both of them raising the interest rate to something like 25% (Sears MC had been at 9.99%). I had nothing charged on either. I don't recall anything about a $40 a year fee! I didn't cancel them because the Sears card is occasionally useful like at Christmas for electronics large purchase with no interest for a year and an additional 10-20% off. But if they have yearly fees, I will cancel them.
EDIT: Can't believe I missed that in the Sears MasterCard letter. But it says an "annual fee of $15" which will be applied each January. Not $40. Plus, it says that the fee will be refunded if you notify them in writing within 30 days of the mailing/delivery of the account statement on which the fee appears. So, I am cancelling that card. I only have $3400 credit line on it so that should not affect my credit rating much to cancel it. I wonder how Citi arrived at $40 fee for some and $15 for others? Maybe some have NO fee? There is a space in the form letter where the fee is so it looks like the fee amount is added specfically for each account based on what?
For the Sears card, I got a little pamphlet not a letter and it (after very careful reading) says nothing about an annual fee but, of course, raises the interest to 25% plus. I also got the same letter for both cards regarding Deferred interest promotional offers. That is still a good deal IF you pay it in full by the end of the promotion and meet all terms of the promotion.
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to HFB1217
said by HFB1217 :Oh almost forgot they also are adding a $5 a month membership FEE. If thats a rewards card, a LOT of them have monthly fees
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to ff1324
said by ff1324 :Mine even has a "signature loan" program. If you credit score is high enough (which yours would be), you can get up to $10K in an unsecured loan just by signing your name and the terms are reasonable (like 8% right now). 8% on cash? that is good these days.
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another thing banks are doing is raising the percentage charged on the BT fees to 5%!
even on a 0% offer, they're not waiving BT fees anymore and they're also removing the caps on what the max bt fee can be.
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to Sweet Witch
said by Sweet Witch : said by Anonymous :
Try to transfer the balance to Discover. They stated they wouldn't pull crap like that.
No, they'll just cut your available credit from $4800 to $530 with no warning. paying down your credit cards *used* to be good advice. not anymore because as your balance drops, so does your credit lines.
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thats downright dirty to drop your limit to less than you owe to generate overage fees. I bet there'll be a class action on that one.
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to Rexter
said by Rexter :They leave the account open, with the hope that a stray auto charge, may come in, or you may otherwise end up using it. And that automatically opts you IN on the new terms!
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
·AT&T Yahoo
·AT&T DSL Service
·Cox HSI
·AT&T Southwest
| reply to Hesher
They could of let them fail. And the USA would be ruins today.
I mean that. Ruins. As in burned out, most the population dead and dying, and civilization destroyed.
They aren't making it worse, they just aren't fixing the problems or going after the people who cause the problems, because those people are their masters.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
·AT&T Yahoo
·AT&T DSL Service
·Cox HSI
·AT&T Southwest
| reply to Rexter
Please don't lay these banks actions off on the Obama administration or "Socialism." I'm so tired of hearing how the Government should do nothing, always, and allow people to be run over and crushed. No, sorry. First comes the abuse, then comes the correction. Don't want to be corrected? Don't abuse! As for "Just protecting their own interests" well there MUST be a limit to that, otherwise we have zero civilization, which is pretty much what we'd have right now had the Government not stepped in and bailed out the failed capitalists.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK | reply to ross
You forgot to say how it's all Obama's fault and socialism is really the root of all the problem(s).  |
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Mele20
Premium
join:2001-06-05
Hilo, HI
| reply to dvd536
said by dvd536 :said by Sweet Witch : said by Anonymous :
Try to transfer the balance to Discover. They stated they wouldn't pull crap like that.
No, they'll just cut your available credit from $4800 to $530 with no warning. paying down your credit cards *used* to be good advice. not anymore because as your balance drops, so does your credit lines. - thats downright dirty to drop your limit to less than you owe to generate overage fees. I bet there'll be a class action on that one. That is awful! I had not heard of this dropping of the credit line as you pay down the balance owed. Chase has done the opposite. They did try to impose a monthly $10 fee and did not get away with that and had to rescind it and apologized for having tried it. They did though up the minimum payment from 2% to 5% but at the same time (and since) upped my credit limit by $8000.
Citibank keeps upping my credit limit also. Why are banks doing this? Do they actually think I would use a card with 29% interest? Plus, Citi keeps sending balance transfer checks two times a month with terrible offers and I guess they think I am so stupid I would use a check when I am still paying off a balance transfer at a very low rate. The new transfer at the much higher rate would not be paid off first because the new rules haven't gone into effect so it would sit there gathering huge interest for them. It is not only the contempt that bothers me but worse how utterly stupid they belive we all are.
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson |
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