Page 1 of 4 123 ... LastLast
Results 1 to 12 of 37

Thread: Credit Card interest rates, uPPPP!!

  1. #1
    nnuut's Avatar
    nnuut is online now Moderator | TSP Legend Reputation: 6853
    Likes received: 1581
    Likes given: 1147
    AutoTracker

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    31,880

    Default Credit Card interest rates, uPPPP!!

    Friend of mine at work said Citi Bank rised her credit card interest to 24% yesterday!! She is a GS-13 topped out, husband makes the same, good credit, no bad debt, haven't been late. I thought I'd check it out, this is what I found!

    Citibank Hiked My Credit Card Interest Rate

    I am on the warpath now! Iíve been reading about how the banksters are raising the interest rates on everyoneís credit cards before the new law intended to curb such action goes into effect. You can read about how some corrupt GOP senators are trying to block this bill at: The Raw Story: GOP senators block effort to freeze credit card interest rates. The credit card issuers are rushing to raise interest rates ahead of a new law coming into effect in February that restricts how and when rates can be raised.
    My interest rate is now 23.99%. Looking closer I can see that they are being even sneakier than I thought. If I charge more than $1000 a month in purchases I will receive a 10% credit of the total interest charge on my purchase balance. What kind of idiot do they think I am? How does it make good financial sense to spend $1000 a month just to reduce your interest rate by 10%? They are just encouraging people to get deeper into debt at outrageous interest rates. This is flat out usury! You can read about how the math would not add up at: The Atlantic: Citi Offers Lower Interest Rates For More Card Usage.


    I hereby declare holy war against CitiBanksters! I intend to blog and twitter about this in protest. Although the banks think we are helpless in the face of their highway robbery, I can think of plenty of ways to bring them to grief:
    1. As I said, I will blog and twitter to protest this. Just like Iran, baby!
    2. I will social network with other people who are outraged over this so we can coordinate our actions.
    3. I will inform many merchants that Iíve decided not to make a purchase because my credit card rate was hiked to 23.99%.
    4. I will immediately cut way back on my use of this credit card. In fact, I will cut back on all of my discretionary purchases in order to pay off my balance.
    5. I will try to cancel my Citi Card as soon as possible. I may need to take out a loan at a lower interest rate to do that. I donít care what this will do to my credit score because I already own a house and a car.
    I am going to frame their letter and hang it over my desk to remind myself not to use that credit card. Iíve been focused on reducing my debt but my immediate goal has been to pay off a personal loan. Unfortunately December is a bad month for me because I usually need to pay my State Farm homeownerís insurance, a heating bill, and buy Christmas presents this month. This year I have some expensive dental expenses as well.
    http://williamsportwebdeveloper.com/cgi/wp/?p=573


  2.  
  3. #2
    Frixxxx's Avatar
    Frixxxx is online now Moderator Reputation: 6331
    Likes received: 874
    Likes given: 1337
    AutoTracker

    Join Date
    Feb 2007
    Location
    Suffolk, VA
    Posts
    5,659

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by nnuut View Post
    Citibank Hiked My Credit Card Interest Rate ahead of a new law coming into effect in February that restricts how and when rates can be raised.
    I got a letter that increased my rate to 31.99%....No misses in 14 years....

    Called Citi...... Oops, mistake.... I said no, the mistake is theirs.

    It almost feels like "shoot first, ask questions later."

    I am General Frixxxx, you will not raise my rates and tell me later...you will inform me of the intent to raise rates, then ask if the terms are acceptable.

    Yes the new law will go into affect soon, they just squeezin the tomato before they get their hand slapped.
    It's Frixxxx -- 4 X's - It's my nickname changed because I use to do FOREX. - Get it?
    Tracker = 40%-C 60%-S::::Real World = 10%-G 37%
    -C 53%-S

  4.  
  5. #3
    nnuut's Avatar
    nnuut is online now Moderator | TSP Legend Reputation: 6853
    Likes received: 1581
    Likes given: 1147
    AutoTracker

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    31,880

    Default Re: Credit Card interest rates, uPPPP!!

    31.99??? Who did you Kill? I still don't quite believe that the Credit Card section of the company is losing money!!! No way, they are trying to make up losses in real estate. Do I trust them, hell NO!!!

  6.  
  7. #4
    Callme_CO's Avatar
    Callme_CO is offline TSP Talker Reputation: 469
    Likes received: 0
    Likes given: 0
    AutoTracker

    Join Date
    Mar 2007
    Location
    Kentucky (somerset)
    Posts
    360

    Default Re: Credit Card interest rates, uPPPP!!

    I'm following the dave ramsey plan. No CC's for me.
    "Live like nobody else, so later you can live like nobody else." -Dave Ramsey

  8.  
  9. #5
    KevinD's Avatar
    KevinD is offline Planet TSP Reputation: 1835
    Likes received: 12
    Likes given: 5
    AutoTracker

    Join Date
    Sep 2008
    Location
    West of Atlanta
    Posts
    2,564

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by Callme_CO View Post
    I'm following the dave ramsey plan. No CC's for me.
    Me too, Callme_CO. I paid off my truck back in the summer and a personal loan in the fall. Now all I have is 1 credit card to go and I will be down to nothing but the house.

    The "dumb masses" (Bootz-ism) need to be educated but all they want is for the government to regulate the banksters. I've said before that there should be a requirement that students take and pass a personal finance class before they can get a high school diploma.

    Don't like the terms of the agreement? Don't borrow the money.

  10.  
  11. #6
    Silverbird's Avatar
    Silverbird is offline Planet TSP Reputation: 1099
    Likes received: 0
    Likes given: 0
    AutoTracker

    Join Date
    Oct 2007
    Location
    Occoquan, VA
    Posts
    2,423

    Default Re: Credit Card interest rates, uPPPP!!

    Terms of the agreement should be located in one place, and when amended we shouldn't get just the amended parts. I took finance classes but that doesn't help if the information is spread out over 6 different mailings, and you need a chronology and a spreadsheet to figure out where your account is now. All I know is I'm not going to use my non-credit union credit card. Got my car loan through the credit union too.

    I do agree about the finance classes, I only went through them because I have an MBA. It isn't any more complicated than Algebra, but you DO need to know how it works.
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python

  12.  
  13. #7
    Boghie's Avatar
    Boghie is offline Planet TSP Reputation: 4865
    Likes received: 485
    Likes given: 110
    AutoTracker

    Join Date
    Mar 2006
    Location
    San Diego, CA
    Posts
    2,579

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by nnuut View Post
    Friend of mine at work said Citi Bank rised her credit card interest to 24% yesterday!! She is a GS-13 topped out, husband makes the same, good credit, no bad debt, haven't been late. I thought I'd check it out, this is what I found!
    NNuut,

    Tell your friend to CANCEL and CLOSE the credit card in writing - if she is talking about the 90 day notice of contract change. If she blew off the small print change notice a few months ago - they look very much like some small print legal document - then she is stuck. In that case, they gave her notice - and the laws in February will not change the notification requirements much.

    If she is still in the notification phase than she can close the card, continue with the existing contract, do not use the card, and pay it off.

    Hope
    Lookin' up at the 'G Fund'!!!

  14.  
  15. #8
    nnuut's Avatar
    nnuut is online now Moderator | TSP Legend Reputation: 6853
    Likes received: 1581
    Likes given: 1147
    AutoTracker

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    31,880

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by Boghie View Post
    NNuut,

    Tell your friend to CANCEL and CLOSE the credit card in writing - if she is talking about the 90 day notice of contract change. If she blew off the small print change notice a few months ago - they look very much like some small print legal document - then she is stuck. In that case, they gave her notice - and the laws in February will not change the notification requirements much.

    If she is still in the notification phase than she can close the card, continue with the existing contract, do not use the card, and pay it off.

    Hope
    Thanks I will!

  16.  
  17. #9
    Callme_CO's Avatar
    Callme_CO is offline TSP Talker Reputation: 469
    Likes received: 0
    Likes given: 0
    AutoTracker

    Join Date
    Mar 2007
    Location
    Kentucky (somerset)
    Posts
    360

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by KevinD View Post
    Me too, Callme_CO. I paid off my truck back in the summer and a personal loan in the fall. Now all I have is 1 credit card to go and I will be down to nothing but the house.

    The "dumb masses" (Bootz-ism) need to be educated but all they want is for the government to regulate the banksters. I've said before that there should be a requirement that students take and pass a personal finance class before they can get a high school diploma.

    Don't like the terms of the agreement? Don't borrow the money.
    I just paid off car 2 looking to pay off two loans in the next 3 months. After that I have Car 1 which should take probably 1.5 years from now and then i'll be debt-free but the house. I wish i had taken a financial literacy class before i left highschool i was financially an idiot before i found Dave Ramsey.
    "Live like nobody else, so later you can live like nobody else." -Dave Ramsey


  18.  
  19. #10
    Christopher's Avatar
    Christopher is offline TSP Talker Reputation: 465
    Likes received: 6
    Likes given: 11
    AutoTracker

    Join Date
    Nov 2005
    Location
    Ohio, USA
    Posts
    211

    Default Re: Credit Card interest rates, uPPPP!!

    nnutt, don't forget this one:

    6. I will vote with my feet and dump my _______ credit card (fill in the blank with the name of the commercial credit card) as soon as possible, in favor of one issued by my local member-owned Credit Union.
    If I fail, I'll fail TRYING... TSPCA: G=1% F=0% C=31% S=43% I=25% L Income=0% L2020=0% L2030=0% L2040=0% L2050=0%

  20.  
  21. #11
    nnuut's Avatar
    nnuut is online now Moderator | TSP Legend Reputation: 6853
    Likes received: 1581
    Likes given: 1147
    AutoTracker

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    31,880

    Default Re: Credit Card interest rates, uPPPP!!

    Quote Originally Posted by Christopher View Post
    nnutt, don't forget this one:

    6. I will vote with my feet and dump my _______ credit card (fill in the blank with the name of the commercial credit card) as soon as possible, in favor of one issued by my local member-owned Credit Union.
    I use a Visa from my Credit Union.

  22.  
  23. #12
    Silverbird's Avatar
    Silverbird is offline Planet TSP Reputation: 1099
    Likes received: 0
    Likes given: 0
    AutoTracker

    Join Date
    Oct 2007
    Location
    Occoquan, VA
    Posts
    2,423

    Default Re: Credit Card interest rates, uPPPP!!

    The problem with cancelling is, if that non-credit union credit card happens to be your oldest record of borrowing practices, your FICO score could go down. Just don't use it (mine hasn't been used in over two years, the begging mailings get shredded and go into the recycle bin).
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python

  24.  
Page 1 of 4 123 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P 500 (C fund)
[Chart]
1d  5d  3m  6m  1y  2y
Dow Completion (S fund)
[Chart]
1d  5d  3m  6m 
EFA (I fund)
[Chart]
1d  5d  3m  6m  1y  2y
Bonds (F fund)
[Chart]
1d  5d  3m  6m  1y  2y