Check out the comment below (it was posted on the "I hate Citibank" post from earlier today...you remember, the one about what Citibank did to a 91 year.) The comment reinforces my views about Citibank. I am going to ask Steve Moore tonight ON THE RECORD at 10pm about this.
It's time for the public to teach a lesson to the banks. Stop using the credit cards go back to using cash or go without. Ive decided if I cant pay for it I dont need it.
I love Steve Moore of the WSJ but in this case he is dead wrong. When CITI raises their rates, in my case from 9% to 18% on my existing balance, at least I could "op-out" of the rate increase by closing my account to preserve the 9% rate.
This is flat out usury and yes I want the banks to make a profit but not to destroy their customers who then fail because they simply can not pay the 30% rate.
Shame on you Steve for your outrageous comments. This "too big to fail" mentality must end.
Greta, this comment could have been written by me. I, too, have been a Charter Card holder member since 1990 and got the same letter yesterday. 22.9%!!! I have great credit and never paid late. However, if I close the account, it goes against my credit simply for closing the account. What's wrong with this picture?
We had the same thing happen with Chase - ours went to 21%. They said to be glad we have good credit or the rate would have been higher. If the taxpayers EVER bail out another bank we are crazy. They are getting their money at .25% and charging us 21% and now paying bonuses because they have recouped their losses. They are criminals and should be locked up along with the congress who allowed all this. I bet the financial businesses give plenty to the dems for their re-elections....
I received a letter from Citi raising my interest rate to 29.99%. I pay my bill each month on time. When i called to inquire, I was told: "It is because of the economy." When I asked to speak to a supervisor, i was told: "No, you cannot"; and the person hung up.
Nice.
I am shopping for a new card.
CITI did the exact same thing to me but they also cut my credit line from $25,000 to $13,000. I pay my bill off every month and the only thing that keeps me from dumping them is the PITA it will be to change all my monthly billings from that card to a different one. (cell phone, cable, phone, newspapers)
When banks are more concerned keeping good faith with the Treasury Dept than they are with their shareholders and customers there is a systematic problem that I don't see getting fixed. Based on this behavior, who is going to want to borrow from them. Not me.
Maybe the banks just want to make the Holiday season more thoughtful. For you, for business. On the small business end of this, they aren't going to take out loans, hire people etc if no one can afford to buy from them.
I have a 21 month plan to have EVERYTHING paid in full (if hyperinflation does not destroy life as we know it in the US before then). After that, my banking institution will the Circular Bank of MASON guarded by SIg Sauer Security with branches all over my back yard! Can't beat the 0% interest rates! =)
Only in America, I think, can corruption within financial institutions, bring down the economy, then, go to Congress and beg for taxpayers' dollars for a bailout and actually receive the bailout. Then, when (a few) regulations are finally in place, to protect consumers, they stick it to us again, with outrageous fees and interest rates. Good credit, bad credit, excellent credit---doesn't matter; they're coming after you. Freaking idiots. Congress, too. JMO.
Some states have usury laws and I thought those covered this sort of thing, but my husband said that the credit card companies have ways around it. I'm wondering what those ways are and why the usury laws don't apply to them.
They did the same thing to me. I always paid on time and more than the minimum. They raised my rate to 25.95% When I asked why they did that, I was told it was because of the economy. Citibank IS NOT the only one who has done this. Capital1 & Bank of Am. too. I contacted each of these & was told it was because of the economy. I paid off all my credit cards & cut them up EXCEPT for my USAA MC. I asked them why they had not raised rates. Was told becuz they are OWNED BY CUSTOMERS!
This isn't news that credit card companies are doing this, before new regulations take effect. Here's one of the latest articles:
[[[[[http://www.streetinsider.com/Press+Releases/Study+Finds+Credit+Card+Companies+Con+Consumers+and+Small+Businesses/5093788.html]]]]]
Greta, Citi did the same to me. But, they added insult to injury, and moved up my due date twice, in order to charge a late fee. I carry a very small balance to help repair some damage I did to my credit. Never late, my rate went from 7.95% to 26.99%.
...you know, many of them who voted for obama, have defaulted on paying their credit card bills? The banks, for years, have been known to essentially hand-deliver credit cards to college kids (and the kids are too naive to know they can't afford such a card) and I'll bet there are a lot of kids who just don't pay their bills! NOW, AS ALWAYS, WE'RE STUCK WITH PAYING THE LOSER'S BILLS BY THE BANK TAKING ACTION AGAINST RESPONSIBLE CARD HOLDERS! SAME PRINCIPLE AS RELATED TO THE FORECLOSURES!
Greta I have received notices from 2 credit card co. one being j.c. penney. They are raising my rate to 29.5 % !!!
needless to say I won't be using that card any longer.I have always paid my account off early,what a reward.
...paying for the acts of the irresponsible? So what's different except that the bank, if the blogger's statement is true, is now being honest about their own actions? We have ALWAYS had to pay for those too lazy to "spit off their own chin" and for those who choose to shop-lift, steal, etc. (And I'm not "downing" victims of this poor economy who are normally hard-working and responsible CONTRIBUTORS TO AMERICAN SOCIETY.)
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JACKIE YOAKAM
It's time for the public to teach a lesson to the banks. Stop using the credit cards go back to using cash or go without. Ive decided if I cant pay for it I dont need it.
Michael E. Woodson
I love Steve Moore of the WSJ but in this case he is dead wrong. When CITI raises their rates, in my case from 9% to 18% on my existing balance, at least I could "op-out" of the rate increase by closing my account to preserve the 9% rate. This is flat out usury and yes I want the banks to make a profit but not to destroy their customers who then fail because they simply can not pay the 30% rate. Shame on you Steve for your outrageous comments. This "too big to fail" mentality must end.
Dianne in Richmond
Greta, this comment could have been written by me. I, too, have been a Charter Card holder member since 1990 and got the same letter yesterday. 22.9%!!! I have great credit and never paid late. However, if I close the account, it goes against my credit simply for closing the account. What's wrong with this picture?
Mic
We had the same thing happen with Chase - ours went to 21%. They said to be glad we have good credit or the rate would have been higher. If the taxpayers EVER bail out another bank we are crazy. They are getting their money at .25% and charging us 21% and now paying bonuses because they have recouped their losses. They are criminals and should be locked up along with the congress who allowed all this. I bet the financial businesses give plenty to the dems for their re-elections....
Paul
I received a letter from Citi raising my interest rate to 29.99%. I pay my bill each month on time. When i called to inquire, I was told: "It is because of the economy." When I asked to speak to a supervisor, i was told: "No, you cannot"; and the person hung up. Nice. I am shopping for a new card.
Cindy M
CITI did the exact same thing to me but they also cut my credit line from $25,000 to $13,000. I pay my bill off every month and the only thing that keeps me from dumping them is the PITA it will be to change all my monthly billings from that card to a different one. (cell phone, cable, phone, newspapers)
Younger sister
When banks are more concerned keeping good faith with the Treasury Dept than they are with their shareholders and customers there is a systematic problem that I don't see getting fixed. Based on this behavior, who is going to want to borrow from them. Not me.
Younger sister
Maybe the banks just want to make the Holiday season more thoughtful. For you, for business. On the small business end of this, they aren't going to take out loans, hire people etc if no one can afford to buy from them.
Sarah
I have a 21 month plan to have EVERYTHING paid in full (if hyperinflation does not destroy life as we know it in the US before then). After that, my banking institution will the Circular Bank of MASON guarded by SIg Sauer Security with branches all over my back yard! Can't beat the 0% interest rates! =)
Live News
Only in America, I think, can corruption within financial institutions, bring down the economy, then, go to Congress and beg for taxpayers' dollars for a bailout and actually receive the bailout. Then, when (a few) regulations are finally in place, to protect consumers, they stick it to us again, with outrageous fees and interest rates. Good credit, bad credit, excellent credit---doesn't matter; they're coming after you. Freaking idiots. Congress, too. JMO.
Petchy
Some states have usury laws and I thought those covered this sort of thing, but my husband said that the credit card companies have ways around it. I'm wondering what those ways are and why the usury laws don't apply to them.
Sarah
They did the same thing to me. I always paid on time and more than the minimum. They raised my rate to 25.95% When I asked why they did that, I was told it was because of the economy. Citibank IS NOT the only one who has done this. Capital1 & Bank of Am. too. I contacted each of these & was told it was because of the economy. I paid off all my credit cards & cut them up EXCEPT for my USAA MC. I asked them why they had not raised rates. Was told becuz they are OWNED BY CUSTOMERS!
Live News
This isn't news that credit card companies are doing this, before new regulations take effect. Here's one of the latest articles: [[[[[http://www.streetinsider.com/Press+Releases/Study+Finds+Credit+Card+Companies+Con+Consumers+and+Small+Businesses/5093788.html]]]]]
sybilll
Greta, Citi did the same to me. But, they added insult to injury, and moved up my due date twice, in order to charge a late fee. I carry a very small balance to help repair some damage I did to my credit. Never late, my rate went from 7.95% to 26.99%.
How many college students...
...you know, many of them who voted for obama, have defaulted on paying their credit card bills? The banks, for years, have been known to essentially hand-deliver credit cards to college kids (and the kids are too naive to know they can't afford such a card) and I'll bet there are a lot of kids who just don't pay their bills! NOW, AS ALWAYS, WE'RE STUCK WITH PAYING THE LOSER'S BILLS BY THE BANK TAKING ACTION AGAINST RESPONSIBLE CARD HOLDERS! SAME PRINCIPLE AS RELATED TO THE FORECLOSURES!
just sayn
Greta I have received notices from 2 credit card co. one being j.c. penney. They are raising my rate to 29.5 % !!! needless to say I won't be using that card any longer.I have always paid my account off early,what a reward.
Aren't the working responsible people ALWAYS...
...paying for the acts of the irresponsible? So what's different except that the bank, if the blogger's statement is true, is now being honest about their own actions? We have ALWAYS had to pay for those too lazy to "spit off their own chin" and for those who choose to shop-lift, steal, etc. (And I'm not "downing" victims of this poor economy who are normally hard-working and responsible CONTRIBUTORS TO AMERICAN SOCIETY.)