Citibank Confusing Me

[koolaidmoms]

I just called Citi regarding my card - I did not receive a letter yet. They lowered my rate to 5.99% for a year. Don't know if you can call but it can't hurt to try if you haven't gotten the letter yet or maybe they will work something out with you if you did? I am sending lots of hope and wishes for you all. That definately is frustrating.

 

[LanaJae]

Hang in there, you're getting your life back and any changes to your credit score would've happened even if Citi hadn't done this.

Just keep chiseling away at that bill. They lost a good customer who's going to bounce back and want nothing to do with them.

{{BIG HUG}}

 

[mischief32]

I recently recieved notices that one credit I had not used for about 2 years was closed due to nonuse. The next week my GM card sent me at notice that my credit limit had been reduced to $300 (from $6000) due to nonuse. To say the least I called an canceled. $300 is really a joke.... I have never been late on CC bills so I guess we all are taking a hit for the banks mismanagement of money...

 

[BirdLegsRed]

So if you opt out, your rate stays the same? Just your card will be closed.

 

[T. Lynn]

So if you opt out, your rate stays the same? Just your card will be closed.

Yes, that is correct.

 

[Chicago526]

So if you opt out, your rate stays the same? Just your card will be closed.

Yes, and in my case with Citi, they won't close it until it expires at the end of 2010, so I have almost two years to pay it off. I can even make new charges if I want (though I won't!). Each opt out works differently, so call the opt out number and ask exactly what will happen.

 

[T. Lynn]

Yes, and in my case with Citi, they won't close it until it expires at the end of 2010, so I have almost two years to pay it off. I can even make new charges if I want (though I won't!). Each opt out works differently, so call the opt out number and ask exactly what will happen.

Mine is the same way but unfortunately my expiration date is at the end of this March.

 

[mommy*RN]

I just received notice from Chase my Disney Visa is going up. I don't think we received anything from Citibank. I'm going to call them now and if there is a rate increase I am canceling the card. This is just BS. Is the deal the balance MUST be paid off by the expiration date if you chose to opt out?? I can't remember my expiration date.

 

[mommy*RN]

Duh to me!! I closed my Citibank Card awhile back. I was thinking about my Capital One card. I called them, and guess what??? February 2nd they are sending out their letters about rate increases. The guy didn't have much in details and the accounts that will be affected have not yet been released, but its coming!! Watch your mail. He said they will be offering an 'opt out' that will close the account and allow you to pay off the balance at your current APR rate.

The guy did claim the rate increase takes effect the SAME DAY as they send out the letters which seems odd to me. Chase's increase doesn't take effect till March 1st.

 

[McKelly]

What happens if you choose to opt out and you don't pay off the balance by the expiration date on your card?

 

[holly7347]

Where did you guys see, hear, or read this? I have them as well and would be interested in finding out whats going on

I got something in the mail from them recently. It didn't specifically mention interest rates but it did say we would be getting a new card in March and the account was being taken over by a new bank - Bank of America maybe I can't remember.

The card I have is a Upromise card.

 

[T. Lynn]

No, your account balance didn't have to be paid by the expiration date. You can still use your card at your current rate (not new inflated rate) UNTIL your expiration date. Then your account will close and you continue to pay off at your other rate.