Got my CC rate lowered!!!!

[MKCP5]

SO psyched!!!!!! I called citibank and asked why they had bumped my rate up to 30% I have excellent credit with them, I have never missed a payment, and have always made way over the minimum payments or paid it off entirely each month.

The first rep said that there is nothing to be done, its not about me, its about the economy and I said, "So I have to pay for your failures as a bank? I don't think so." Not very nice of me, I admit, I know it isn't her fault. So anyway, I asked for her supervisor. He came on, looked over my account, agreed with me and dropped my rate to 11% plus credited me the interest I paid the last 2 months.

LOVE IT!!!!!! I didn't think I would get anywhere because everyone has said they won't budge anymore, but I was blessed with this!

 

[GoldieSaysMeep]

You are very lucky.

I took my complaint all the way to the VP of customer relations at Bank of America (a disgrace to our country, imo) and she told me NO.

I've also never missed a payment. Basically what BOA did to me was take a fixed rate line of credit which I used for a bunch of balance transfers and changed it to a variable one. Not even sure how that is legal but what can you do... I'll never bank with BoA and I've gotten several friends and family members to switch banks so BoA is going to be the one losing customers over it.

 

[mommyof3princess27]

You are very lucky.

I took my complaint all the way to the VP of customer relations at Bank of America (a disgrace to our country, imo) and she told me NO.

I've also never missed a payment. Basically what BOA did to me was take a fixed rate line of credit which I used for a bunch of balance transfers and changed it to a variable one. Not even sure how that is legal but what can you do... I'll never bank with BoA and I've gotten several friends and family members to switch banks so BoA is going to be the one losing customers over it.

i had the same problem with BoA never again will I ever charge anything to an account with them and when its paid off it will be cancelled and I too have switched and convinced friends and family to switch....its their own fault

 

[MKCP5]

I have heard that B of A is the WORST for everything! Especially mortgages! Sorry it did not work out for you

 

[Bren's Mom]

I didn't think I would get anywhere because everyone has said they won't budge anymore, but I was blessed with this!

I've posted telling people that it is NOT a waste of time to call in all situations, and even given them specific ways to be successful. So not everyone was saying they won't budge anymore!

SO glad you were successful!

 

[SweetPeasMom2]

Don't get me started on BoA.

We too have 2 Citibank cards and got the 29.9% letter. We called and rejected it. I closed my account and I think they just froze dh's. We are doing a payment plan at 0%, so everything is going towards principle. We will see what happens when that is up and the balance is paid off. We may just leave them closed.

 

[MKCP5]

Don't get me started on BoA.

We too have 2 Citibank cards and got the 29.9% letter. We called and rejected it. I closed my account and I think they just froze dh's. We are doing a payment plan at 0%, so everything is going towards principle. We will see what happens when that is up and the balance is paid off. We may just leave them closed.

So that is a good question. I know all the CC's are offering an "opt out" when they raise these rates. I am not clear on what that means though. I thought it meant close out your card and pay it off at your current rate. But you said you are paying off at 0%. Is that what is usual or did you get a great deal from your cc?

 

[GoldieSaysMeep]

be careful about closing accounts though. It will hurt your credit. Having open accounts with low balances helps your score. Closing a bunch of a accounts wrecks the age of your credit and can drop your score by a lot of points.

 

[SweetPeasMom2]

So that is a good question. I know all the CC's are offering an "opt out" when they raise these rates. I am not clear on what that means though. I thought it meant close out your card and pay it off at your current rate. But you said you are paying off at 0%. Is that what is usual or did you get a great deal from your cc?

I didn't ask for the 0%. I asked for a payment plan. They just gave me the 0%. When dh called in last night for his card, he asked for it since I had gotten it too.

As for closing the cards and it hurting, right now due to some circumstances, our credit was dinged anyways, so this didn't really make much of a difference.

 

[Mrs. Charming]

Looks like you got your Christmas/Hanukkah miracle early!!

 

[Sleepy]

I didn't ask for the 0%. I asked for a payment plan. They just gave me the 0%. When dh called in last night for his card, he asked for it since I had gotten it too.

I have never heard of a payment plan on a credit card. Do you have the fine print on that agreement or can you explain what it involves?

The 0% sounds too good to be true. I mean, they are having a cow about reducing rates back to 12 or 17%, but they are just going to give people 0% instead. There has to be strings somewhere.

 

[wmharley]

be careful about closing accounts though. It will hurt your credit. Having open accounts with low balances helps your score. Closing a bunch of a accounts wrecks the age of your credit and can drop your score by a lot of points.

I was eager to drop my Citi or Chase, i forget which.. they just annoucned it was up to 20%+... however, I don't use it, haven't had a new card in eons and is the longest card i own of the 2 I now have.

I already bought my major purchases (home in my name only, car this last yr) so I don't care for a hit on the credit. If I lost my house, i'd make sure the new mortgage is in the wife's name only so we could get another house since she's not on our current mortgage.

However, I think I might just keep the card as it has a $0 ballance and isn't doing anything to hurt me. Since I don't have a card for it (last was expired and they didn't send me a new one) and its not being used (per reports) I should be fine.

 

[pixiewings71]

Ha!!!!! You're very lucky!! I've had my 2 Citi cards for 7 years and they wouldn't do ANYthing about my accounts, both of which are always paid early, over the minimum and weren't maxed.....I closed the one with the higher balance and left the other one open. They were very non helpful with me.

 

[SweetPeasMom2]

The 0% sounds too good to be true. I mean, they are having a cow about reducing rates back to 12 or 17%, but they are just going to give people 0% instead. There has to be strings somewhere.

I don't want flames here. But with dh getting laid off in May, things got tight. All I wanted was to close the account and set-up a payment plan (lower then what my min was) and they agreed. The 0% was all on them. You can get a payment plan w/them but you can't continue to use the card.

 

[Cadiewampus]

I don't want flames here. But with dh getting laid off in May, things got tight. All I wanted was to close the account and set-up a payment plan (lower then what my min was) and they agreed. The 0% was all on them. You can get a payment plan w/them but you can't continue to use the card.

My wife had a Chase card she had gotten behind on due to layoff and could not keep up minimum payments so of course she kept getting hit with higher interest rates and late payment fees. She called and talked to them and enrolled in their payment plan. Forget what they call it. Anyway they waived all the previous fees and lowered the interest to 0% so now she has an afforable fixed payment until the balance is payed.

 

[Sleepy]

My wife had a Chase card she had gotten behind on due to layoff and could not keep up minimum payments so of course she kept getting hit with higher interest rates and late payment fees. She called and talked to them and enrolled in their payment plan. Forget what they call it. Anyway they waived all the previous fees and lowered the interest to 0% so now she has an afforable fixed payment until the balance is payed.

I would be interested in something like this. My question is.......Is this treated like a collection? How long do you have to pay it off? This sounds similar to internal credit counseling or internal collections, but I would imagine either way it would take a hit to the credit score?

SweetPeasMom.....no flames. just trying to figure out the deal you got. Like I said, it seems too good to be true without there being some penalty to you......like through a major hit on your credit score resembling a collection process or something negative like that. I would love to get my cards paid in full and the 0% seems wonderful, but I can't help but think that in this situation, the banks are smiling in your face and appearing to be your friend, but snickering behind your back about something that perhaps they have not disclosed.