Read this from New York Times and tell me whether you think the bank a pig or not: "one recipient of new credit card terms is Anita Holaday, a 91 year old in Florida, who received a letter last month from Citibank announcing that her new interest rate [on credit card] was 29.9 per cent, an increase of 10 percentage points.". What does the bank think this 91 year old is going to do, go out and get a job mowing lawns to pay their outrageous interest rates?
Same thing happened to me. I had Chase, locked in rate @ 6.9 % Never been late, always paid well over the minimum due. I DID NOT receive "the letter" telling me about an increase in intrest rate. It jumped to 12.5 %. I transferred the ballance to another credit card at a much lower rate. Uhm... seems to me that every time Obama opens his mouth about the credit card induswtry, they tend to panic and customers in good/excellent standing get screwed!
I had a Citibank Mastercard years ago and I got rid of it because of things similar to this. I haven't trusted Citibank in a long time and hearing about this elderly lady is really disgusting. Citibank has no shame.
same deal. but mine is better for now. transferred card balance from another card at 3.99 until card is paid off. when i received my letter telling me they were increasing the rate to 29.99 i was told it was on new purchases. i was told my rate is locked in at 3.99 and will not be changed. so i have it on an auto pay minimum payment just to screw them back. i may need an attorney if they try to change the rates. like your show. bob
I have had a Citi credit card for over 10 years and have always made my payments on time or early. I do not go over my limit and have been a responsible credit card user. Last week I received a letter from Citi informing me that my rate would be increased from 10% to 29.99%. When I called Citi all they could say was that I needed to understand that the economy was bad and it was necessary for business.
Funny. One person gets their card cancelled for using it too much, and I get my Chase card cancelled because I don't use it! Any excuse will do.
Small businesses depend on their credit cards to get through tough times or for starting up new businesses. Bear in mind that your Pres. O-BORTION, being native-born Kenyan, hates small businesses because they represent the backbone of this country. He hates America so thus he hates all of us hard-working, made in the USA Americans!
Perfect customers never late on a payment since 1988. We were more than angry when we found that CITIBANK increased our interest rate from 17.99% (which was high enough) to 29.99%, a full 12.00% more for being a great customer since 1988. HOW ABOUT IT CITIBANK???
WWouldn't it make MUCH more sense if the banks left the rates as they were or lower them! At least people would have a chance to reduce their debt. SOME money coming in from card holders is better than NO money thereby having to write the debts off!! DUH!!!!!!!!!!!!!!!! People will not spend if they are paying these ridiculous interest rates.
How can this be legal when prime is only what 3.25%? They can choose an amount to add to that just because?? Seems like crime to me.
I have been with Bank of Ammerica for 40 yrs. I have a card that I have never charged on but have written promotional checks with fixed rates until the ammount is payed off. I always made sure I only used the fixed rate until paid off. Bank of America has notified me that my rate is now prime plus. I have never missed or been late on a payment. Legal ??? At least unethical. Needless to say they will lose any future business I would have given them.
I just received a notice of changes to my credit card agreement with J C Penny. I have only used the card one time and paid the balance in full and have had a zero balance for over 4 months. Their cards are handled by GE Money Bank of El Paso Texas. My new rate will be 23.99% effective December 8, 2009. If you want to opt out of this agreement, you must cancel your card which I did. Is this what the Obama administration is doing to make credit cards more fair to the consumer?
Thanks Greta for airing this "beef." My card issuers have been creatively changing the rules (it's their right of course) since the end of the summer. They are adjusting at least three things: 1) the interest rate is doubling or tripling; 2) their minimum payment is doubling or tripling; and, 3) they are instituting annual fees where there may been none.
Greed caused our economic crisis. We all were participants from overextending our credit cards to buying homes we could not afford.
Hey Greta ~ I've had my card for 19 years w/perfect credit ~ got the Cicibank notice of interest increase up to 23.99%. Check this out ~ the two companies handling the card can't even get their information straight ~ one side (Citibank) says I can transfer $$ for 9.99% until 1/1/11. AT&T (my AT&T MC is managed by Citibank) says you can transfer $$ for 1.99% until 2/1/11. No more credit cards for me from anyone.
Yes, Greta, Citibank (and one by one, all the others) are something, but I think "pigs" doesn't begin to cover it! There are human beings behind all of these bank entities and each of these people are disgusting and immoral creatures who do enjoy "wallowing" in wealth they do not deserve and did not earn!!
It was very frustrating finding out that they have no respect for loyal cardholders! They're laughing at us beyond the bank...all the way to their great-great grandchildren's inheritances!
Just an idea. Instead of agreeing to pay off our balances at our old rates and then letting them cancel our cards, tell them if they chose to treat you like a dead beat you will act like one and not pay the balance owed at all! When they close your acc even if you agree to pay off at the old rate it goes against your credit rating and the same thing happens if YOU call them and tell them to close an account. Cut up any cards you have and want closed but don't ever request that THEY close an acc.
I got the same notice that my interest rate was going to 29.99% on my Citi/Sears card. I didn't even owe anything on the card at the time & hadn't for several months and have had the card for over 30 yrs and not once had I eve been late. This same bank for yrs has sent me 'promotion checks' that I could use for anything at rates as low as 1% to 5%! This is our gov at work!!!!!
yes greta, i received a notice that my interest rate would go from 9.24 to 29.99 on Nov. 30. when i call citibank they said that was correct my rate would increase, for no reason i might add. so i told them what i thought of them and cancelled my card. i can repay it at the 9.24 interest rate. all credit cards are trying to beat the rush.
Oh yes Greta, the suits at Citi are greedy pigs. I too received a letter informing me that as of Dec. 20 my interest rate will be 23.99%. Looks like they have found a new way to say Happy Holidays. I fully intend to close this account and will also close any other account where this occurs. Shame on congress and shame on the bank pigs.
From most of these comments it sounds like people think credit is a right instead of a privelege. Credit cards are unsecured loans that were issued much too loosely in recent years. If you don't like the rates, vote with your feet and go somewhere else. We do have something of a free market that still exists! Or better yet, don't borrow against your future and live within your means.
Don't forget CitiBank is owned by the Saudi's and a credit card increase will only go to support them. Just like all the other credit card companies who operate in India. That is where are American jobs have gone. And Capital One has a very extensive operation in India, cancelled my cards with them.
I recently pawned 2 pcs. of jewelry. I rec'd $550.00...Every month I had to pay $82.00....At the end of the 3rd month I had to pay $550.00 # the last $82.00 interest!!!!! At the time, I was in such dire straits I signed on the dotted line but after a few days I became incensed and was so ashamed of myself...What if I died before I paid it off and my kids ever found out what a fool their Mother was....So I sold a bit of stock at a loss and paid the pawn ticket...I will never do that again..
Folks,
Congress passed the law that caused all of this. If you don't like it, tell your Congressperson to change the law. The banks are getting the criticism and I'm sure Congress will soon start calling them "greedy". At the same time they are requiring ever higher cash to loan ratios or they will "punish" the banks or take them over.
The banks did not change for no reason. Just wait until the law takes effect and your credit card is cancelled for one late payment or you can not get one.
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Jany Ralston
Same thing happened to me. I had Chase, locked in rate @ 6.9 % Never been late, always paid well over the minimum due. I DID NOT receive "the letter" telling me about an increase in intrest rate. It jumped to 12.5 %. I transferred the ballance to another credit card at a much lower rate. Uhm... seems to me that every time Obama opens his mouth about the credit card induswtry, they tend to panic and customers in good/excellent standing get screwed!
carole
I had a Citibank Mastercard years ago and I got rid of it because of things similar to this. I haven't trusted Citibank in a long time and hearing about this elderly lady is really disgusting. Citibank has no shame.
bob roberts
same deal. but mine is better for now. transferred card balance from another card at 3.99 until card is paid off. when i received my letter telling me they were increasing the rate to 29.99 i was told it was on new purchases. i was told my rate is locked in at 3.99 and will not be changed. so i have it on an auto pay minimum payment just to screw them back. i may need an attorney if they try to change the rates. like your show. bob
Elizabeth
I have had a Citi credit card for over 10 years and have always made my payments on time or early. I do not go over my limit and have been a responsible credit card user. Last week I received a letter from Citi informing me that my rate would be increased from 10% to 29.99%. When I called Citi all they could say was that I needed to understand that the economy was bad and it was necessary for business.
UNSPOKEN
Funny. One person gets their card cancelled for using it too much, and I get my Chase card cancelled because I don't use it! Any excuse will do. Small businesses depend on their credit cards to get through tough times or for starting up new businesses. Bear in mind that your Pres. O-BORTION, being native-born Kenyan, hates small businesses because they represent the backbone of this country. He hates America so thus he hates all of us hard-working, made in the USA Americans!
Andy & Teresa
Perfect customers never late on a payment since 1988. We were more than angry when we found that CITIBANK increased our interest rate from 17.99% (which was high enough) to 29.99%, a full 12.00% more for being a great customer since 1988. HOW ABOUT IT CITIBANK???
SUE
WWouldn't it make MUCH more sense if the banks left the rates as they were or lower them! At least people would have a chance to reduce their debt. SOME money coming in from card holders is better than NO money thereby having to write the debts off!! DUH!!!!!!!!!!!!!!!! People will not spend if they are paying these ridiculous interest rates. How can this be legal when prime is only what 3.25%? They can choose an amount to add to that just because?? Seems like crime to me.
Virgie
I have been with Bank of Ammerica for 40 yrs. I have a card that I have never charged on but have written promotional checks with fixed rates until the ammount is payed off. I always made sure I only used the fixed rate until paid off. Bank of America has notified me that my rate is now prime plus. I have never missed or been late on a payment. Legal ??? At least unethical. Needless to say they will lose any future business I would have given them.
Paul Dean
I just received a notice of changes to my credit card agreement with J C Penny. I have only used the card one time and paid the balance in full and have had a zero balance for over 4 months. Their cards are handled by GE Money Bank of El Paso Texas. My new rate will be 23.99% effective December 8, 2009. If you want to opt out of this agreement, you must cancel your card which I did. Is this what the Obama administration is doing to make credit cards more fair to the consumer?
Terry McMillan
Thanks Greta for airing this "beef." My card issuers have been creatively changing the rules (it's their right of course) since the end of the summer. They are adjusting at least three things: 1) the interest rate is doubling or tripling; 2) their minimum payment is doubling or tripling; and, 3) they are instituting annual fees where there may been none. Greed caused our economic crisis. We all were participants from overextending our credit cards to buying homes we could not afford.
Naomi Baggett
Hey Greta ~ I've had my card for 19 years w/perfect credit ~ got the Cicibank notice of interest increase up to 23.99%. Check this out ~ the two companies handling the card can't even get their information straight ~ one side (Citibank) says I can transfer $$ for 9.99% until 1/1/11. AT&T (my AT&T MC is managed by Citibank) says you can transfer $$ for 1.99% until 2/1/11. No more credit cards for me from anyone.
Terri
Yes, Greta, Citibank (and one by one, all the others) are something, but I think "pigs" doesn't begin to cover it! There are human beings behind all of these bank entities and each of these people are disgusting and immoral creatures who do enjoy "wallowing" in wealth they do not deserve and did not earn!! It was very frustrating finding out that they have no respect for loyal cardholders! They're laughing at us beyond the bank...all the way to their great-great grandchildren's inheritances!
faye2
Just an idea. Instead of agreeing to pay off our balances at our old rates and then letting them cancel our cards, tell them if they chose to treat you like a dead beat you will act like one and not pay the balance owed at all! When they close your acc even if you agree to pay off at the old rate it goes against your credit rating and the same thing happens if YOU call them and tell them to close an account. Cut up any cards you have and want closed but don't ever request that THEY close an acc.
faye2
I got the same notice that my interest rate was going to 29.99% on my Citi/Sears card. I didn't even owe anything on the card at the time & hadn't for several months and have had the card for over 30 yrs and not once had I eve been late. This same bank for yrs has sent me 'promotion checks' that I could use for anything at rates as low as 1% to 5%! This is our gov at work!!!!!
Bonnie Allen
yes greta, i received a notice that my interest rate would go from 9.24 to 29.99 on Nov. 30. when i call citibank they said that was correct my rate would increase, for no reason i might add. so i told them what i thought of them and cancelled my card. i can repay it at the 9.24 interest rate. all credit cards are trying to beat the rush.
Cathy
Oh yes Greta, the suits at Citi are greedy pigs. I too received a letter informing me that as of Dec. 20 my interest rate will be 23.99%. Looks like they have found a new way to say Happy Holidays. I fully intend to close this account and will also close any other account where this occurs. Shame on congress and shame on the bank pigs.
KathyC
From most of these comments it sounds like people think credit is a right instead of a privelege. Credit cards are unsecured loans that were issued much too loosely in recent years. If you don't like the rates, vote with your feet and go somewhere else. We do have something of a free market that still exists! Or better yet, don't borrow against your future and live within your means.
Gene Rogers
Don't forget CitiBank is owned by the Saudi's and a credit card increase will only go to support them. Just like all the other credit card companies who operate in India. That is where are American jobs have gone. And Capital One has a very extensive operation in India, cancelled my cards with them.
Rett
I recently pawned 2 pcs. of jewelry. I rec'd $550.00...Every month I had to pay $82.00....At the end of the 3rd month I had to pay $550.00 # the last $82.00 interest!!!!! At the time, I was in such dire straits I signed on the dotted line but after a few days I became incensed and was so ashamed of myself...What if I died before I paid it off and my kids ever found out what a fool their Mother was....So I sold a bit of stock at a loss and paid the pawn ticket...I will never do that again..
Mac Salor
Folks, Congress passed the law that caused all of this. If you don't like it, tell your Congressperson to change the law. The banks are getting the criticism and I'm sure Congress will soon start calling them "greedy". At the same time they are requiring ever higher cash to loan ratios or they will "punish" the banks or take them over. The banks did not change for no reason. Just wait until the law takes effect and your credit card is cancelled for one late payment or you can not get one.