Citibank wants to f[]ck me... Good luck with that Citi
Funny thing happened, I watched Suze Orman yesterday and she had on a woman that made some YouTube video all about how BofA had all of a sudden raised her rate to 30% and how she was mad as hell and was going to do something about it. It was a really interesting topic. Later on I was sitting around and saw that I had some mail from last week. One of the letters was from my credit card company, Citibank. And what could it be that Citibank wanted to tell me, hmm, I wonder. Well, as it turns out they were informing me that they were going to raise my interest rate to 29.99%. Huh, you have got to be f**king kidding me.
To Citibank: You greedy, bottom-feeding bastards. You really have the gall to take billions of dollars from the bailout, give yourselves 50% raises, and then think you can treat your customers like this? In what universe is it that you think this is going to work out for you? At the least, you can believe that I will never do business with you again. You can also believe that I will take the time to send some nice hand-written letters to my House and Senate representatives asking them why you are getting bailout money when you then turn around and use it to give yourselves raises and give your customers the finger. And, I'm sure I can also make the time to tell everyone I know what a$$holes you are and how they should avoid your company like the plague. Good luck with your greedy ways Citi. I'm sure me and a lot of other people like me will be giving you the finger like you're trying to do to them... and I think next time your greed runs you into the ground I dont think there'll be a bailout around to help you.
Everyone Else: Feel free to share your thoughts on this. Maybe some of you here have had a bank also done this to you. Maybe you got the letter and didnt even notice it, you may want to check those statements.
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__________________ . "I don't mind being the smartest man in the world. I just wish it wasn't this one." - Ozymandias .
It's stunts like this that make me glad I never applied for a credit card. And that's an excellent point! Where's the accountability?! Who is making sure the bailout money is being used properly? I demand an audit! I demand a refund! I'll write right now!
They should give me $80 billion. I'm sure I can make much better use of it.
Regarding Citi, I've had family who have been royally screwed by them. They are among what I consider the worst in the biz.
If you're looking for a bank, I've been extremely happy with ING Direct and after having been with them for a few years I have absolutely no complaints. They are online-only. You need to still have a bank account with a brick-and-mortar bank (I use Wells Fargo. I no longer use them for any purpose other than as the connector to my ING). You can make deposits into your account via direct deposit of your paycheck (what I use) and/or by depositing into your connected account then transferring. If you really must, you can mail checks to them to be deposited.
The big winner for me: No NSF charges. None. I'm not kidding. When you open your account you get a sort of "credit limit" on your bank account. If you drop into the negative on your account, you simply dip into this credit limit and interest will begin being charged, just as if it were a credit card (I might add this rate is not a large one - far lower than my Wells Fargo interest rate on my credit card). One week I went over for about a week and ended up paying around a buck in charges. This is compared to WF who charges $35 for initially going over (by any amount), then $5 a day after that until rectified.
The other point that sold me: I was quite taken aback when I called them. There was no automated system. None. At all. Not even a press 1 for English press 2 for Spanish. It rang and an agent picked up the phone (it actually caught me unprepared).
They have a whole lot features I haven't mentioned here (e-checks, send paper check service, etc). And yes, you are issued a card (MasterCard).
Sorry if this sounds like just a lot of gushing, but I try to let all my friends know. They have exemplary service, and are extremely reasonable to deal with (so far). Best banking experience ever. I highly recommend throwing in $50 and giving them a spin.
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"I may disagree with what you have to say, but I shall defend, to the death, your right to say it."
I cancelled a card recently when the latest fine print mailing indicated that they retained the right to begin charging interest from date of purchase even when there was no existing balance on the card.
I don't know if you have credit unions in the US, but I left banks many years ago and have had great service and terms from my credit union. The rates are typically lower and they are accountable to the the owners... you. Every year I make a small amount in dividends in my shares, I get vote what charities they support & who is on the board of directors.
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"But it doesn’t matter cause I’m packing plastic & that’s what makes my life so f'cking fantastic"~ Lily Allen
By the time a woman realizes that her mother was right, she already has a daughter who's convinced she's wrong.
I don't know if you have credit unions in the US, but I left banks many years ago and have had great service and terms from my credit union. The rates are typically lower and they are accountable to the the owners... you. Every year I make a small amount in dividends in my shares, I get vote what charities they support & who is on the board of directors.
Indeed. Although here in the US they tend not to be as generous with the perks as the major credit card companies - not that those ever come for free anyway.
As to the OP, this is why god created charge cards.
I have to admit that when I first saw the subject line I thought "flick", and wondered how Citi was fencing.
Yup. Credit card issuers can be pretty rapacious. Wasn't there once a time when there were things called "usury laws" the specified maximum interest rates? Remember when there were shady guys called "loan sharks" who loaned money at exorbitant rates from back alleys?
Next installment: the paycheck loan industry.
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"In theory, theory and practice are the same, but in practice, theory and practice are different."
Indeed. Although here in the US they tend not to be as generous with the perks as the major credit card companies - not that those ever come for free anyway.
Ahhh... here they are the place to go if you don't want to pay a lot of the bank fees. Since all the credit unions have banded together when it comes to Interac they have been able to offer no fees at any credit union's ATM which is how they dealt with the issue of their lack of ATMs outside of their area.
I must admit that I'm a bit surprised that banks/credit card companies are still able to pull this kind of stunt still. If world economic collapse isn't enough to make change occur... what's it going to take?
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"But it doesn’t matter cause I’m packing plastic & that’s what makes my life so f'cking fantastic"~ Lily Allen
By the time a woman realizes that her mother was right, she already has a daughter who's convinced she's wrong.
Ahhh... here they are the place to go if you don't want to pay a lot of the bank fees. Since all the credit unions have banded together when it comes to Interac they have been able to offer no fees at any credit union's ATM which is how they dealt with the issue of their lack of ATMs outside of their area.
Sorry, was agreeing with you and most US credit unions also run similar ATM share schemes. Just observing that for credit cards they are often less popular since they don't offer all the 'reward schemes' of the major credit card companies.
Quote:
Originally Posted by Fencergrl
I must admit that I'm a bit surprised that banks/credit card companies are still able to pull this kind of stunt still. If world economic collapse isn't enough to make change occur... what's it going to take?
Well how much interest would you charge on an unsecured loan to a total stranger in today's economy.
I've no time for the predatory lending practices the companies indulge in (not to mention the changes in the US bankruptcy laws they purchased) but I'm not so sure low credit card interest rates count as an inalienable right.
Yup. Credit card issuers can be pretty rapacious. Wasn't there once a time when there were things called "usury laws" the specified maximum interest rates? Remember when there were shady guys called "loan sharks" who loaned money at exorbitant rates from back alleys?
I might be able to get a better rate from a loan shark. I swear, if I didnt give a shìt about my FICO score I would charge up the card to the max and then tell them to go fµck themselves.
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__________________ . "I don't mind being the smartest man in the world. I just wish it wasn't this one." - Ozymandias .
Well how much interest would you charge on an unsecured loan to a total stranger in today's economy.
I've had an account in good standing with Citi for at least 10 years. If they consider their best customers to be "total strangers" whom they will screw over with little or no notice any time they feel like it... well, it's a real great way to run a business.
Quote:
Originally Posted by keith
I've no time for the predatory lending practices the companies indulge in (not to mention the changes in the US bankruptcy laws they purchased) but I'm not so sure low credit card interest rates count as an inalienable right.
Who said anything about rights? You and I and every other tax-paying American gave those greedy bastards tens and even hundreds of billions of dollars (Billions with a B) to get their asses out of the fire that THEY created. YOU can bend over and take it if you want, me... not so much.
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__________________ . "I don't mind being the smartest man in the world. I just wish it wasn't this one." - Ozymandias .
I've had an account in good standing with Citi for at least 10 years. If they consider their best customers to be "total strangers" whom they will screw over with little or no notice any time they feel like it... well, it's a real great way to run a business.
Uhm. This is Capitalist America, what did you expect? A reach around?
Quote:
Originally Posted by OROD
Who said anything about rights? You and I and every other tax-paying American gave those greedy bastards tens and even hundreds of billions of dollars (Billions with a B) to get their asses out of the fire that THEY created. YOU can bend over and take it if you want, me... not so much.
Well you are the one who's been their loyal customer for ten years.
As to the bail out, meh. I'll take it over the alternative.
Well how much interest would you charge on an unsecured loan to a total stranger in today's economy.
I think that's part of the issue. I've noticed a real push over the last few decades for buying things on credit. Often these are luxury items that can be saved up for or purchased used. And credit cards being offered to anyone. I would like to see a return to a more sensible handling of credit/money both at a consumer and banking level.
I didn't have a credit card until my late 20's. If I had more month than money, I simply went without. If this meant I went without food for a few days, so I could pay my rent... so be it. I made sure next month that didn't happen.
Too many people are living beyond their means and living on credit. Credit is a convenience, it is not access to money than you earn. I think if you're not paying off your credit cards every month, you should seriously look at consolidating your debts with a lower interest bank loan and either getting rid of the credit cards completely or only using your cards when absolutely necessary and you're able to pay whatever you charge that month when the bill arrives.
__________________
"But it doesn’t matter cause I’m packing plastic & that’s what makes my life so f'cking fantastic"~ Lily Allen
By the time a woman realizes that her mother was right, she already has a daughter who's convinced she's wrong.
Last edited by Fencergrl; 10-19-2009 at 06:21 PM..
I have to admit that when I first saw the subject line I thought "flick", and wondered how Citi was fencing.
Yup. Credit card issuers can be pretty rapacious. Wasn't there once a time when there were things called "usury laws" the specified maximum interest rates? Remember when there were shady guys called "loan sharks" who loaned money at exorbitant rates from back alleys?
Next installment: the paycheck loan industry.
Unfortunately, most usury laws are at the state level which is why many companies issue their credit cards out of North Dakota. I read recently about someone recieving a card offer with a 79.99% interest rate. Bizarre in that only a complete fraud would take a card with that interest rate.
This same problem is creeping into the health care fight too in that if you let people buy insurance across state lines then you deal with varying state insurance laws and regulations. Do we mandate federal laws to clear the mess or would that infringe on states rights?
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- Wisdom is the knowledge of how much you don't know.
Well how much interest would you charge on an unsecured loan to a total stranger in today's economy.
I can understand the concern with a complete stranger, but if you're a long time customer or if you have a long credit history then why drive away a good or potentially good customer?
I've been with my bank for almost 20 years, and have a good credit history, but they treat me like a stranger. They've made really good money off of me over the years and I've asked for very little. When I do ask for something I expect at least a little good will otherwise I will jump to a competitor offering me a better deal. No loyalty from them will get them no loyalty from me.
__________________
- Wisdom is the knowledge of how much you don't know.
I've been with my bank for almost 20 years, and have a good credit history, but they treat me like a stranger. They've made really good money off of me over the years and I've asked for very little. When I do ask for something I expect at least a little good will otherwise I will jump to a competitor offering me a better deal. No loyalty from them will get them no loyalty from me.
Whenever we renegotiated our mortgage or any terms with our credit union, the first thing they do is look how long we've been doing business with them and how many products (credit cards, RRSP's,mortgage, car loans etc..) we have with them. Every items gets us another point and this determines what interest rate we're charged. That's why no other bank can touch the rates we get with our financial institution, we get the best rates our credit union can offer because we've been with them a long time & use their services.
__________________
"But it doesn’t matter cause I’m packing plastic & that’s what makes my life so f'cking fantastic"~ Lily Allen
By the time a woman realizes that her mother was right, she already has a daughter who's convinced she's wrong.
Last edited by Fencergrl; 10-19-2009 at 06:24 PM..
My notice for one of the two cards I have with them came today. Guess that will be two less credit cards and in the long run they are probably doing me a favour.
__________________ " ... or spend fifty years learning to begin to learn to beat your adversary at fencing. After that you can start on mathematics, until it is time to learn to plough.” White, T.H. The Once and Future King (emphasis added)
Indeed. Although here in the US they tend not to be as generous with the perks as the major credit card companies - not that those ever come for free anyway.
I have two credit cards through a major, evil bank. I've not paid a credit card fee in over a dozen years and I accumulate points which I can cash in occasionally. [I prefer the cash, versus choosing "gifts".]
I expect the rewards features to cease in the near future and I have a bad feeling that fees may return... at least for those of us who don't carry balances.
I recall seeing on TV the other day a gentleman who had received one of these pre-approved cards. Luckily, he was smart and read the fine print. A $300 credit limit, $75 annual fee, and (get this) 75%+ interest rate! This was printed nowhere on the letter, only on the separate fine print paper they send with it.
This is what's wrong.
__________________
"I may disagree with what you have to say, but I shall defend, to the death, your right to say it."
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