Anyone have a Citi credit card?

[e1000]

http://www.latimes.com/business/la-f...,876064.column wow.

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[Gullwing]

I knew a douche bag about six years ago. One of his many credit cards was at 39.99%

[MB Guy]

lol 30 percent interest for paying on that. WTF is that. Good thing I give them my middle finger by paying them off every month.

[e1000]

Here's my question, why? Why is Citi doing this? We all know the outcome. Cardholders will either payoff and cancel or default. I wouldn't worry if this was being done by a smaller bank but this is Citi. They don't have the largest credit cardholder numbers by far, but still, it's a bit suprising. BTW, there are also articles stating that Citi issued gas cards have been canceled recently as well.

http://www.cbsnews.com/stories/2009/...n5402319.shtml

[ZEEK]

yes i do, i paid that pos off, had no choice. Had a gas card through citi as well which was recently closed FOR NO REASON. I plan on using the one that i paid off again to just buy gum :p

[e1000]

Originally Posted by ZEEK

yes i do, i paid that pos off, had no choice. Had a gas card through citi as well which was recently closed FOR NO REASON. I plan on using the one that i paid off again to just buy gum :p

perfect credit right? Never late or missed a payment

[vraa]

Originally Posted by e1000

Here's my question, why? Why is Citi doing this? We all know the outcome. Cardholders will either payoff and cancel or default. I wouldn't worry if this was being done by a smaller bank but this is Citi. They don't have the largest credit cardholder numbers by far, but still, it's a bit suprising. BTW, there are also articles stating that Citi issued gas cards have been canceled recently as well.

http://www.cbsnews.com/stories/2009/...n5402319.shtml

Because Citi has been insolvent for a while
http://globaleconomicanalysis.blogsp...w-to-know.html
http://www.nakedcapitalism.com/2009/...s-selling.html

[revstriker]

Originally Posted by e1000

Here's my question, why? Why is Citi doing this? We all know the outcome. Cardholders will either payoff and cancel or default. I wouldn't worry if this was being done by a smaller bank but this is Citi. They don't have the largest credit cardholder numbers by far, but still, it's a bit suprising. BTW, there are also articles stating that Citi issued gas cards have been canceled recently as well.

http://www.cbsnews.com/stories/2009/...n5402319.shtml

Because that is exactly what they want. The customers that they are targeting are the ones that they are not making any money off of. So for them to leave citi is actually a plus to them. And if they do have a balance and pay it off, well, even better.

But something doesn't smell right about this story and others. The CC companies can't respond about specific cases without passing along private info, so they can only issue general statements. So what we're left with is somebody's word that they were never late, etc. And then there are people like me who are never late (my stuffs on auto), and I pay off my balance every month so no interest, and I have not had anything happen from Citi or any other company.

[Bollywood]

The lady and I have a Citi card which we pay in full every month, I will see if they raised our rates at all. I know for a fact they aren't making anything off us.

[vraa]

Originally Posted by revstriker

Because that is exactly what they want. The customers that they are targeting are the ones that they are not making any money off of. So for them to leave citi is actually a plus to them. And if they do have a balance and pay it off, well, even better.

And instead of complaining and crying, people should just drop Citi and move to another company
That's how the market is supposed to work
Implementing regulations to make things "fair and balanced" would actually solidify these silly practices and prevent smaller businesses (that are competiting with Citi) to make any progress (profit wise, market share wise, etc)

From e1000's link:

"If we ran our bank the way Citi runs theirs, we wouldn't be in business," Myska said. "Our clients wouldn't put up with it -- and they shouldn't have to. Fees and rates should be fair."

So this guy from a smaller bank says things should be fair. So if the government steps in and regulates 'fairness' how does that help competition/the marketplace?
Or let's look at this lady

In fact, her credit report shows that she had seven active cards at the time Chase decided to play rough, with a combined balance of less than $7,000.

Who the hell has seven cards? I only have 2......? Someone please tell me why anyone would have more than 2 cards (one primary one emergency)

I'm so confused, why are American companies and American public so dumb

[Bollywood]

Originally Posted by vraa

Or let's look at this lady

Who the hell has seven cards? I only have 2......? Someone please tell me why anyone would have more than 2 cards (one primary one emergency)

I'm so confused, why are American companies and American public so dumb

She might have like store cards?

I have three CCs, One combined card with the lady, my personal CC, and my Best Buy CC.

[Chappy]

Originally Posted by Bollywood

The lady and I have a Citi card which we pay in full every month, I will see if they raised our rates at all. I know for a fact they aren't making anything off us.

Your retailer pays transaction fees that are built-in to the goods and services you buy.

[Bollywood]

Originally Posted by Chappy

Your retailer pays transaction fees that are built-in to the goods and services you buy.

I understand that, but they dont make any interest off us.

[Jon2007E63P30]

Not sure I understand. The annual number jumped from 17% to 36% on the June statement, but the daily periodic and nominal APR did not change at all.

[Chappy]

Originally Posted by vraa

Who the hell has seven cards? I only have 2......? Someone please tell me why anyone would have more than 2 cards (one primary one emergency)

I'm so confused, why are American companies and American public so dumb

Are we including 'store' cards? I've got both Lowe's and Home Depot cards. Zero balances, but I like the flexible terms (6 or 12 months same as cash) on larger purchases - new carpet ($4500) or Washer/Dryer ($1800) and/or 10% off in some cases.

I have a business VISA card, two personal VISA cards (with different companies - one is branded Mercedes-Benz card, the other is a Citi) and a joint AMEX Delta Sky Miles card that we use for basically everything. I rarely use the Citi, but get 5X points when my cars get serviced or I purchase anything at an MB dealer using the MB-branded card. I've redeemed a few hundred dollars in pre-paid gas cards, just by using that MB Visa instead of cash or the AMEX at the dealer. I also have a separate, low-limit VISA I use strictly for ebay/paypal or other online purchases.

We'll be flying to Vegas next spring - First Class - courtesy of Skymiles, again, just for floating with their money for a few weeks each month. Discipline is needed when using these tools.

The key is to pay everything off every month and never pay late, ever.

[Chappy]

Originally Posted by Bollywood

I understand that, but they dont make any interest off us.

Point taken.

[Chappy]

Originally Posted by Jon2007E63P30

Not sure I understand. The annual number jumped from 17% to 36% on the June statement, but the daily periodic and nominal APR did not change at all.

Call them and ask for an explanation. That 36% may be the max default rate.

[Bollywood]

Originally Posted by Chappy

Point taken.

Yeah, the lady wont EVER let us be late or pay the minimum balance.

Originally Posted by Chappy

Are we including 'store' cards? I've got both Lowe's and Home Depot cards. Zero balances, but I like the flexible terms (6 or 12 months same as cash) on larger purchases - new carpet ($4500) or Washer/Dryer ($1800) and/or 10% off in some cases.

I have a business VISA card, two personal VISA cards (with different companies - one is branded Mercedes-Benz card, the other is a Citi) and a joint AMEX Delta Sky Miles card that we use for basically everything. I rarely use the Citi, but get 5X points when my cars get serviced or I purchase anything at an MB dealer using the MB-branded card. I've redeemed a few hundred dollars in pre-paid gas cards, just by using that MB Visa instead of cash or the AMEX at the dealer. I also have a separate, low-limit VISA I use strictly for ebay/paypal or other online purchases.

We'll be flying to Vegas next spring - First Class - courtesy of Skymiles, again, just for floating with their money for a few weeks each month. Discipline is needed when using these tools.

The key is to pay everything off every month and never pay late, ever.

wow, you sound like and do the same like my parents to the T!!!!!!

[revstriker]

Originally Posted by vraa

And instead of complaining and crying, people should just drop Citi and move to another company
That's how the market is supposed to work
Implementing regulations to make things "fair and balanced" would actually solidify these silly practices and prevent smaller businesses (that are competiting with Citi) to make any progress (profit wise, market share wise, etc)

From e1000's link:

So this guy from a smaller bank says things should be fair. So if the government steps in and regulates 'fairness' how does that help competition/the marketplace?

I agree. If you don't like the service, move to another company. If your credit is so good, it should be a breeze to transfer your balance if you are carrying one.

Who the hell has seven cards? I only have 2......? Someone please tell me why anyone would have more than 2 cards (one primary one emergency)

Lots of people do. I have at least 7. Lots of reasons why someone has this many including balance transfers, and getting different cards for different reasons. For instance, I have a 3 different CCs which rack up airline miles on different airlines when I use them.

[e1000]

Originally Posted by revstriker

Because that is exactly what they want. The customers that they are targeting are the ones that they are not making any money off of. So for them to leave citi is actually a plus to them. And if they do have a balance and pay it off, well, even better.

But something doesn't smell right about this story and others. The CC companies can't respond about specific cases without passing along private info, so they can only issue general statements. So what we're left with is somebody's word that they were never late, etc. And then there are people like me who are never late (my stuffs on auto), and I pay off my balance every month so no interest, and I have not had anything happen from Citi or any other company.

Still seems odd to me that it even happened. I'd agree with you but there seems to be a pretty large number of people that were affected by this rate hike.

[Chappy]

Originally Posted by e1000

Still seems odd to me that it even happened. I'd agree with you but there seems to be a pretty large number of people that were affected by this rate hike.

AMEX did the exact same thing about a year ago.

[rockjock]

I just got this notice over the weekend-I'm going from 4.24% to 19.99% on Nov 30th. I promtly called, paid it off, told they lady on the phone its not her-but the company she reps can **** off and remove me from all future mailings and calls.
chase FTW!
FYI-Wife and I never missed a payment-never went more then 50% at a time avail vs used-near "perfect" credit for both of us.

[Eurosport]

couple good reads...
http://www.huffingtonpost.com/eva-no..._b_327709.html

http://www.cbsnews.com/stories/2009/...n5402319.shtml

[audi_guy]

Originally Posted by e1000

Here's my question, why? Why is Citi doing this? We all know the outcome. Cardholders will either payoff and cancel or default. I wouldn't worry if this was being done by a smaller bank but this is Citi. They don't have the largest credit cardholder numbers by far, but still, it's a bit suprising. BTW, there are also articles stating that Citi issued gas cards have been canceled recently as well.

http://www.cbsnews.com/stories/2009/...n5402319.shtml

I had Home Depot/Commercial credit card because of the nature of my work and about a month ago I got a letter that they will be closing all home depot accounts....

[rockjock]

Mines still open-no notices. Havent used it in over a year-but I haven't rcvd anything about closing them.....