Citi Mastercard now 29.99%
By elliemae on Wed, Nov 4th, 2009 at 6:58 am | 185 views | rss | email this | add commentCitibank just raised my interest rate to 29.99%. Yep, now I’ll have to pay it off and keep the card for just in case…
I don’t deserve the increase, they’re just doing it to offset the monies they’re losing in this economy.
Just following the example of the person who posted an open letter to President Obama, Congress, the Senate, and the other Patnet site readers (’cause I’m sure that the President reads Patnet), I thought I’d tell you my sob story in conjunction with posting a paypal link. I’m expecting lots of dinero, and am already planning on which online casino site to gamble the proceeds.
Here’s the story: I recently lost my eye when it popped out after looking at the letter telling me the rate’s increasing -
and, that if I pay on time, they’ll credit back 10% of the interest charge for that month. I tried to put it back, but I was in the chicken coop at the time and the rooster ate it. Now I’m a little cockeyed.
Send your dollars to “citibank-screwed-me-because-mama-needs-a-huge-bonus-this-year”.
I’ll keep an eye out for your donations…
Joined: September 18th, 2009
Posts: 21
Comments: 191
That’s wonderful news, if you a good upstanding customer can just be bent over and ramed in the “A” like that by the credit card industry. Then folks like me that has no credit history on his credit report, and the bank suggested that I get credit cards to build my credit. To which realizing the vicious assault they are reeking on their good paying customers, let out a good gut felt laugh.
No I did not nor have any plans of signing up for that abuse. But I have resigned to just saving my money, and hunkering down to miser mode to achieve my goal of paying cash.
Now why I think this is great news, at that rate of 30% for good customers and I would imagine much higher for folks like if I were to apply. I don’t see a rosy out look for people and their credit scores.
I see far less people eligible for loans and credit. As these astronomical interest rates there will be many CC defaults.
The end result desperate banks grasping at any cash they can get. 150K houses being blitzed out for 50K will be a reality by March. And not the distressed houses in bad neighborhoods with gaping holes in the roof either.
Now on a side note. Didn’t Master Obama just pass legislation and reformed the Credit card industry?
And this lot here is hoping he works the same magic on the health care industry.
Lord help us all!
Joined: September 17th, 2009
Posts: 1
Comments: 6
I haven’t been notified by Citibank yet, but having heard all this news, I fully expect it. I recently applied for a credit card from my Credit Union, and will cancel Citibank next week when I pay them off. Citibank will be out of my life, and that’s a good thing. Consumers have to fight back and vote with their $$ (what’s left of it anyway).
I also resent being labeled a “deadbeat” because I pay off my balance every month. Just shows how corporate values are completely skewed.
Joined: September 21st, 2009
Posts: 7
Comments: 89
Okay, time to do some “plastic surgery” and cut those darn credit cards up. I always thought it was kinda silly to see someone buy a cup of coffee or a newspaper and soda, then whip out a credit card to pay. Out of debt = out of danger.
Joined: August 24th, 2007
Posts: 81
Comments: 903
elvis says
If one cancels credit cards, it negatively affects the credit rating. I would do plastic surgery, but if I cut myself my health insurance rates will increase and at the moment I’m looking for someone to take care of me…
So far as it being silly when someone whips out a credit card to buy an inexpensive item, it might be a debit card because the purchase can be tracked. Either way, it’s their business.
ToB,
Yes, Obama implemented credit card reform. Interest rates are being raised ahead of it because it’ll be more difficult after the reform takes effect.
Joined: September 18th, 2009
Posts: 21
Comments: 191
ToB,
Yes, Obama implemented credit card reform. Interest rates are being raised ahead of it because it’ll be more difficult after the reform takes effect.
In the good ole days that was a good way to get men with fountain pens and magnifying glasses from Washington to show up at your business. Washington used to frown on businesses that thumbed their noses at them.
Keep making excuses for the lot of them. Never mind that this administration is a carbon copy of the last. The only difference I see in this one, is the president is a black man and the secretary of state is a white woman. This is Bizzaro Bush.
Joined: August 24th, 2007
Posts: 81
Comments: 903
Tenouncetrout says
It’s probably a bit easier to thumb your nose if you’re in bed together; you can all have a laugh at my expense when you’re done…
Joined: September 23rd, 2009
Posts: 16
Comments: 409
Well, someone has to pay for all this downturn so why not raise credit card rates to save the business?…i get the feeling you wouldnt like me as your president, I dont reccomend voting for the BULL-MOOSE party anytime soon because I would go against conventional wisdom. I would do all kinds of crazy things you wont like, especially:
-Pull out of Iraq, Arghanistan but leave a residual force of troops to gun down anyone celebrating our departure
-Charge all members of a gang for a crime committed by the buddies
-Legalize all illegal immigrants, then gun down anyone attempting to come across the border from that point on
-Let the housing markets reset by taking no action other than re-implementing depression era regulations
-Provide extreme tax incentives for businesses to keep labor local
-Cut government and non-profit spending by 1/2.
-Reform Social Security, FHA, Postal Service and make them profitable
-Ignore any requests from corporations, abortionist and homosexuals that attempt to get me off target with my mission
-Mortgages cannot be sold or securitized - to force lenders to use prudent borrower standards, since the original loan creator will be on the hook for default
-Force welfare queens to go back to school fulltime, and force their “Baby Daddy” to get a job or face a minimum 2 years of prison time. All of which will require 24/7 daycare and a whole lot of money that i will save by cutting government spending.
-Clear criminal records for non-violent offenders after 3 years with a clean record, this will allow these persons to get back into the workforce once they have made their youthful mistakes.
All of these are policies that I have developed while engaging in dialogue on Patrick.net!!!
Joined: September 18th, 2009
Posts: 21
Comments: 191
Don’t blow a blood vessel there Emperor Bullwinkle.
Joined: September 23rd, 2009
Posts: 16
Comments: 409
Ok…koolaid
Joined: June 8th, 2007
Posts: 13
Comments: 69
Discover wanted to raise my rates from 13% to 18% and I bulked. I cancelled the card and told them in a letter I would pay off the amount in full at the 13% interest rate. Interesting enough I do have a Citi card, but I have no balanace on it and will make sure I don’t charge any more then I can afford to pay off in one month. I owe 8k to Discover, an extra 5% interest one such a large amount would have added up quickly.