Anyone else "opt-out" on their CitiBank credit card interest rate hike....

[DCKit]

only to find it "didn't take" on their account? Surprise, suprise. I'm shocked, I tells ya'. It's 2009 and they're still working with a computer system that doesn't take input from the people on the front lines. Geez, I wonder which version of Microsoft they've got.

I got the call this morning - even higher interest (12.85%, jacked to 21.99% and, now, 29.99%) and late payment penalty - because, apparently, it doesn't matter that I opted out, I signed an agreement with Sears 22 years ago and they're damn well going to hold me to it.

I was pretty sure CitiBank was going to pull this (with BOA right on their heels), but I'm even more concerned with what it's doing to the people who don't know to fight back or how to do so. The cc companies are pretty benign until the teeth come out.

It's time to nationalize the largest banks - every bank and every business that took a bailout because they're "too big to fail". If "We Teh Peoples" are going to own their debts, then we should own the assets as well.

[MissMillie]

1. I opted to not get one

the offers they sent in the mail said prime + 19.99%



Thanks but no thanks!

[navarth]

2. my Citi cards are living on borrowed time

These greedy bastards are about to become history for my family. They just denied my credit card at a restaurant. Not a big deal, I just used another card. BUT the reason I was denied? My wife paid the card a few days late (it HAPPENS sometimes with busy people) and they slapped a $25 late fee on us. No big deal there, but when we didn't notice the outstanding $25.00 balance, it suddenly became $76.00. At that point, they decided I could no longer use my card!!! This is a card that's always been paid IN FULL EVERY MONTH, whether it was a day late or not.

Now, I can fully understand them rubbing their hands together because they could finally slap a late fee on us. I knew in front that they were greedy, usurious bottom feeders. BUT to deny my card like that??? That inconvenienced me. In my book, that's death penalty for a credit card.

Problem is: I think it's safe to assume that all the other cards will behave the same.

What a bunch of scum bags. And now they've become STUPID scum bags.

[CoffeeCat]

6. They want you to cut up the card and cancel...

We all know, as you said, that these credit-card companies are "greedy usurious bottom feeders". Well said!

They've encouraged us to take on incredible debt, and they had no problem taking our money when the economy
was humming along. You can damn well bet that your card wouldn't have been denied like that two years ago.

The money was still flowing at that point. They didn't want to piss you off and cause you to cancel, when you
were a source of profits.

Now, things have changed. Left and right--these credit card companies are deliberately trying to get people to
cancel their cards--by treating them unfairly and immorally. People with stellar credit histories are seeing
their credit lines slashed in half. People are being charged exorbitant fees for having balances greater than
the newly-adjusted balances!!! So, you've got a $5000 line of credit, but Citi informs you that it's now $2,500.
But you've got a $3,000 balance. Too bad, you've got a $75 penalty fee every month until you're under that newly
imposed $2,500 credit line. RIDICULOUS!

These banks fully understand that this economy is swirling down the toilet--and will continue to tank. They don't
want consumers holding their cards when the shineola hits the fan and people begin panicking and stockpiling--with no
intention of paying off the bill.

They know very well that economic armageddon is imminent. They're canceling cards, but they're also driving people
to cancel as well.

Again--these are greedy, evil bastards. If there's a nickel to squeeze out of someone--they're all over it. These credit-card
companies realize that the party is over--and all of the nickels are gone.

[KharmaTrain]

3. More Specific...Repeal The '05 Banruptcy Sell Out NOW

That bill opened the doors for banks and credit card companies to unleash predatory interest rates and do so at their whim. This bill, sadly supported by Democrats, all but set in motion the sub-prime boom and then bust...allowing banks to hedge any losses by doing what they are right now...hiking rates on everything in sight.

These changes don't affect those who keep a 0 balance...but is a killer for those who are stuck in revolving hell (generally younger) is digging a deeper and deeper hole for the worst off in our country. Nationalizing won't fix this problem...repealing that repressive bill would as well as setting caps on consumer interest rates.

[w4rma]

5. Agreed. And that should just be a *start*. (nt)

[CTyankee]

4. I long ago decided that if I couldn't pay off my entire cc bill each month

then I wouldn't make the purchase in the first place. Since then, I have paid not one red cent towards interest on a cc. Plus, I only have cc's that pay ME something, in my case gas and clothing, basic necessities.

It's that simple really. I know that some people have a bad stretch and need to carry a balance in order to get by and I am not criticizing them one bit. But honestly, how many of us have just been profligate with our cc's?

Sit down now and draw up a budget. Money in and money out. Itemize as finely as you can in your budget so you can see where you can cut and where you can't. It's really a liberating experience, altho most people don't think of it that way. But it gives you the chance to be realistic about your finanical life.

Besides, take a swipe at those cc companies in the best way possible: become their worst customers, i.e. those who take advantage of every perk they offer but refuse to pay them interest!

[customerserviceguy]

7. Sure glad I paid off my CitiBank card a few months ago

and have never used it again since.

No wonder the banks are profitable, they get handed billions of dollars with no strings by the Federal Government, and since so many of them owe them money, they just change the interest rates, and bingo, they're profitable. If only GM and Chrysler could pull that trick...

[old mark]

8. We had 5 cards at one time, all maxed, 3 from Citi. We have 1 from them now,

long cut up and with a few hundred left to pay off. We won't ever get another.

The only cards we have are the ones linked to out bank accounts.

mark

[ejpoeta]

9. i was not aware you could 'opt out' of an interest rate hike.

i do not have a citibank card, but it sounds like someone tried to pull one over on ya. what a load of hooey!! these guys better watch out or they aren't going to have any customers left. anyone with any decent credit history at all, especially if they've never had a late payment or anything... are going to take their business elsewhere. i don't think that's what these guys want.

[NV Whino]

10. You can opt out

but the next time your card is renewed, it isn't. If you catch my drift.