AMERICAblog: Citi raises credit card rates ahead of new law
PissedSissy
· 4 months ago
Short term fix: move any credit cards, loans, etc from BOA, Chase, Citi, etc. to your local credit union.
Long term fix (for LGBT): create our OWN credit union and take our money out of their banks.
Watch how fast the Obamanauts come running with DADT stop loss orders, DOMA challenges, and ENDA votes whipped into line.
KerrynowCampau
· 4 months ago
That short term fix is great advice!
I like your idea about a LGBT credit union.
tlsintx
· 4 months ago
Chase just raised it's credit card interest rates too...
postdamnit
· 4 months ago
"someone in Congress who isn't tainted by links to Citi"
Are there any? Congress is essentially corrupt by the lobbyists. That is why we don't get serious reform of any sort.
slappymagoo
· 4 months ago
I know it's an easier-said-than-done scenario for most folks, but anyone could (and everyone should) shop around for the best rates on credit cards, while avoiding department store cards (with traditionally ridiculous interest rates) like the plague & using the cards in the first palce as little as possible.
If enough people who are in a position to take their business elsewhere elect to do so, doo schnozzles like Citi may have no option but to change their business plan...
of course, doo schnozzles like Citi would probably just raise interest rates even higher on those that are left.
wdpankow
· 4 months ago
The 'change of terms notice' has the following provision if you disagree with the new rate increases:
"You can choose to decline the changes in your rates and close your account..."
So if you disagree, the only choice is to close the account. That is just what I decided to do.
Keith & Dustin
· 4 months ago
That's what I did also. You can't beat them. They own the politicians so don't expect to win anything, you just have to minimize your losses. I was paying my credit card by autopay at my bank, but during all of this mess, my credit card changed hands a few times and I didn't realize it. My autopay couldn't pay because of the changes and before I realized what happened, Chase was charging me $39 for late payements (I never had an account with them before) and they had increased the interest rate from 7.9% to 27.9%. I called them thinking they would understand the situation, but they were SOB's. They didn't care about the autopay or that they had just taken over my account from a different bank, they just knew the payment was late and as such the $39 late fee was valid. To rub salt into the wound, the agent said it wouldn't be fair to the other people that get charged this same fee, if they removed it from my account. I could hardly believe what I was hearing. I closed the account and tried disputing the fee, but guess what, YOU CANT DISPUTE BANK FEES. So they have us all over a barrel. If you don't pay the fee your account will continue to rack up huge fees and your credit score will go down the drain. It's no different than the mafia owning your account. And trying to get help from the Fed is a joke, they took my complaint and sent it to Chase bank, who in turn wrote me a nice letter telling me that their judgment stood. I'm beyond WTF! I've decided to eat the costs, because it's cheaper than the alternative. So I've decided to just close the accounts and pay off the balances and to NEVER do business with them again. If everyone did the same thing it may help.
Butch1
· 4 months ago
Let Congress make it retroactive to a selected date before Citibank's obvious gluttonous move. Hit us whilst we're down, ay Citibank? We'll remember this when times are better.
TrappedinaRedState
· 4 months ago
Citi isn't the only one doing this. I just got a 'revised' notice from Chase too.
I hate all these bastards.
sittenpretty
· 4 months ago
PEOPLE.... are you stooooooooopit dowt use them cept for emergencies
Houndentenor
· 4 months ago
America...end the madness. Get out of credit card debt. If you have to live on rice and beans for six months to do that, then do it. Unsecured debt is a deal with the devil. Get ouf of debt and stay out.
nicho
· 4 months ago
OT: Military panel boots Dan Choi.
But at least our "gay leaders" got champagne and cheese puffs and a pat on the head. So much progress.
HRC sent out an email talking about how wonderful the reception was and how amazing Obama is.
>>>>>>>family-news-updated
We hope you've enjoyed a festive Pride season! As we begin to reflect on our country's history and the ideals that Independence Day represents, we thought it appropriate to share recent news related to the LGBT movement's history and our struggle for equality. We wish you a happy, healthy Independence Day!
President Obama Emphasizes Importance of LGBT Family Visibility
On Monday, President Obama hosted an LGBT Pride Month White House Reception. During his speech, the president reflected on the progress made toward equality since the riots at Stonewall Inn forty years ago. He also discussed the vast amount of work to be done to overturn “unjust laws” and stop “unfair practices.”
President Obama credited much of our success to the increased visibility of our families; recognizing that the ability to change hearts and minds by living openly is just as important as the strength of an argument for equality. He told community members in attendance that “all of you continue, leading by the force of the arguments you make but also by the power of the example that you set in your own lives -- as parents and friends, as PTA members and leaders in the community. And that's important, and I'm glad that so many LGBT families could join us today. For we know that progress depends not only on changing laws but also changing hearts.”<<<<<<<
organicgeorge
· 4 months ago
Both City and Chase sent out notices earlier this year that rates were being raised. They did offer an opt out of the higher rates but the account would be closed.
I opted out of both and fortunately sent the reply's by registered mail. As I suspected the next bills I received had the higher rates. When I called to complain I was told they had not received my opt out notice in time.
I got a fax number from both banks and sent copies of my opt-out letter and the registered mail invoice.
They begrudging accepted my opt-out.
I've had my own business for 20 years so I know how to deal with shady characters. I assume the general public has yet to learn about the Banksters tricks.
jimstoic
· 4 months ago
It seems like all of my major credit cards have done this.
Keith & Dustin
· 4 months ago
You can also opt out by going online, that's what I did. They responded within 24 hours acknowledging they received my message and that my account was closed. I copied and saved the message, just in case. It wouldn't surprise me if the message disappeared suddenly and my account get hit with huge interest rate increases.
davidinlb
· 4 months ago
I have 3 Chase cards and I bank with them. They just raised my interest rates on 2, and increased my minimum payments from 2 to 5 percent.
Buh bye Chase.
Houndentenor
· 4 months ago
Your minimum payment SHOULD be 5%. But then it wouldn't matter what your minimum payment was if you weren't running a balance that you never intend to pay off.
Get out of debt and then it won't matter what they charge except for the annual fee (if any).
Fireblazes(CheetohsandCatfood)
· 4 months ago
Sure just let me borrow that magic wand. Screw you, I played by the rules and then they changed them. I hate it when this is thrown in your face. As though that would be just a simple thing.
Houndentenor
· 4 months ago
There's nothing magical or easy about it. But it is simple. Do whatever you have to do to pay off those cards. As long as you keep spending money you don't have from loan sharks, this is what you get. Loan sharks? Yes, people went to jail in the 1970s for charging a mere 25% interest. Now they can get away with charging 39% legally. The only way to get out of this is to take back power over your own finances. It's going to take awhile and it's going to mean giving up things that you enjoy but don't actually need. But it will be worth it to not be under the thumb of the banks. Yes, you played by the rules. The rules where you bought what you wanted and they can change the terms of the loan at any time for any or no reason. That was always a bad deal and there were no rules. Everything they have done was legal. It shouldn't be legal, but it is. I'm not saying this to be mean. Start getting yourself out of credit card debt starting today.
davidinlb
· 4 months ago
Both balances on these Chase cards were consolidation transfers at a fixed rate of 2.95 & 3.9 percent for the life of the loan. I've always paid more than the minimum 2 percent, 5 percent is going to be a stretch but I can do it. For a lot of people though this would be a real hardship.
Fireblazes(CheetohsandCatfood)
· 4 months ago
So did Discover, Chase, B of A EVERYONE! The interesting thing is that they also lowered my available credit. So now I have high balances, low available credit and hig interest which, you guessed it makes me a credit risk. So my homeowners insurance went up by 70%! All this and my credit rating is 740!
As a side note they have started calling us to "remind" us that a payment has not been received and is due in TWO WEEKS!
robish518
· 4 months ago
BofA did the same thing. They called one day to report that there was fraud on the card and said they'd issue a new card. When it was activated, they slipped in an adjustable interest rate on the new card (the old one had a fixed rate). These companies are nothing but a bunch of $hitbags
AndySpom
· 4 months ago
So Citgroup raises rates, thereby causing people to stop using credit cards, pay off their balances and close their accounts.
This helps them how?
As for me, I stopped carrying a balance once they raised rates on me and I use my debit card more now.
Nick_Upstate
· 4 months ago
Most people are asleep as far as realizing how much money they throw away to card companies when the carry a balance and fail to pay the full amount owed with every statement. As you indicate you are doing, more people are using debit cards but these have disadvantages too numerous to mention here. Use your credit card and pay the balance every month. If you can't, you are overextended and ripe for ripoff.
dula
· 4 months ago
Matt Taibbi has a great article in the latest Rolling Stone about Goldman Sachs...here's a great line: in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy. http://forums.somethingawful.com/showthread.php...
All Comments
Long term fix (for LGBT): create our OWN credit union and take our money out of their banks.
Watch how fast the Obamanauts come running with DADT stop loss orders, DOMA challenges, and ENDA votes whipped into line.
I like your idea about a LGBT credit union.
Are there any? Congress is essentially corrupt by the lobbyists.
That is why we don't get serious reform of any sort.
If enough people who are in a position to take their business elsewhere elect to do so, doo schnozzles like Citi may have no option but to change their business plan...
of course, doo schnozzles like Citi would probably just raise interest rates even higher on those that are left.
"You can choose to decline the changes in your rates and close your account..."
So if you disagree, the only choice is to close the account. That is just what I decided to do.
I hate all these bastards.
dowt use them cept for emergencies
But at least our "gay leaders" got champagne and cheese puffs and a pat on the head. So much progress.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/...
>>>>>>>family-news-updated
We hope you've enjoyed a festive Pride season! As we begin to reflect on our country's history and the ideals that Independence Day represents, we thought it appropriate to share recent news related to the LGBT movement's history and our struggle for equality. We wish you a happy, healthy Independence Day!
President Obama Emphasizes Importance of LGBT Family Visibility
On Monday, President Obama hosted an LGBT Pride Month White House Reception. During his speech, the president reflected on the progress made toward equality since the riots at Stonewall Inn forty years ago. He also discussed the vast amount of work to be done to overturn “unjust laws” and stop “unfair practices.”
President Obama credited much of our success to the increased visibility of our families; recognizing that the ability to change hearts and minds by living openly is just as important as the strength of an argument for equality. He told community members in attendance that “all of you continue, leading by the force of the arguments you make but also by the power of the example that you set in your own lives -- as parents and friends, as PTA members and leaders in the community. And that's important, and I'm glad that so many LGBT families could join us today. For we know that progress depends not only on changing laws but also changing hearts.”<<<<<<<
I opted out of both and fortunately sent the reply's by registered mail. As I suspected the next bills I received had the higher rates. When I called to complain I was told they had not received my opt out notice in time.
I got a fax number from both banks and sent copies of my opt-out letter and the registered mail invoice.
They begrudging accepted my opt-out.
I've had my own business for 20 years so I know how to deal with shady characters. I assume the general public has yet to learn about the Banksters tricks.
Buh bye Chase.
Get out of debt and then it won't matter what they charge except for the annual fee (if any).
For a lot of people though this would be a real hardship.
As a side note they have started calling us to "remind" us that a payment has not been received and is due in TWO WEEKS!
This helps them how?
As for me, I stopped carrying a balance once they raised rates on me and I use my debit card more now.
As you indicate you are doing, more people are using debit cards but these have disadvantages too numerous to mention here.
Use your credit card and pay the balance every month. If you can't, you are overextended and ripe for ripoff.
in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
http://forums.somethingawful.com/showthread.php...