Citi Platinum Mastercard Rate Up

Discussion in 'Credit Talk' started by madison, Aug 31, 2003.

  1. madison

    madison Active Member

    I just got a notice that Citibank is raising the rate on my Platinum Mastercard to prime plus 10.99%. This makes the current rate 14.99%. I don't usually pay much attention to the rate since I never carry a balance and use this card only when I travel.

    Should I be concerned with my rate increasing when even though I never carry a balance? I know something unexpected could happen in the future that would require me to use this credit card to cover expenses. I just would hate to apply for additional credit when I don't need it.
     
  2. GEORGE

    GEORGE Well-Known Member

    WHEN THEY OFFER PRIME + 1.90%...WHY IS IT PRIME + 10.99%???

    Did you call and ask WHY???
     
  3. RichGuy

    RichGuy Well-Known Member

    This is a test. They're disrupting the affairs of millions of account holders, just to see who doesn't care enough to complain.
     
  4. thetravele

    thetravele Well-Known Member

    Heck I am at Prime + 2.90%.
    I need to call and get a better rate.
     
  5. willgator

    willgator Well-Known Member

    citi plat prime +1.99
    citi plat dividend prime +3.99
    prime+10.99 =closed account
     
  6. thetravele

    thetravele Well-Known Member

    Funny will.

    Or a sock drawer until they lower it.
     
  7. willgator

    willgator Well-Known Member

    :)
     
  8. GEORGE

    GEORGE Well-Known Member

    I HAVE PRIME + 3.90% (7.90%)

    Last time I called I asked for PRIME + 1.90% and was told FLAT OUT NO!!!

    One time I called I was also told that they DON'T OFFER THAT---BUT MY BUDDY HAS THAT---"OH HE MUST BE MISTAKEN"
     
  9. GEORGE

    GEORGE Well-Known Member

    STUPID THING ABOUT THE PRIME + 3.90% IS I AM ON
    A BT RATE OF 4.90%...(PRIME + 0.90%)

    SURE THEY CAN'T GIVE ME PRIME + 1.90% ON PURCHASES!!!
     
  10. madison

    madison Active Member

    I just called Citi and the CSR that I spoke with said that because they just raised my rate that they couldn't lower it. Of course this is bull. Maybe she couldn't but they certainly can.

    She said that there were few people who had rates lower than prime + 7.99% and most of these were introductory rates. She then said that these low rates were mainly for low credit lines, which doesn't make any sense to me. She said that I might be able to get one of these cards but might have to lower my limit of $20,000.

    I kept on her that I new there were much lower rates available, but she said that she didn't know of them and offered to transfer me to the department that approves applications. She transferred me, but they were closed for the holiday.

    Anyone have a good number to call at Citi? I certainly should be able to get my rate lowered substantially. My FICO is somewhere in the high 700's, maybe 800. I have zero debt. No negatives. I've been with Citi since 1990. Lots of good credit lines. I think I deserve a low APR.

    Even though I know that I can get lower rates from other banks, I've haven't really shopped around because it really hasn't been necessary, since I pay off my cards every month. I figure why get the inquires, but I guess they won't really have much of an effect on me.
     
  11. GEORGE

    GEORGE Well-Known Member

    Re: Re: Citi Platinum Mastercard Rate Up

    I HAVE $20,000+ 4.90% BT WITH GO-TO PRIME + 3.90%...AND IT IS OVER 1.5 YEARS OLD...
     
  12. catnap1972

    catnap1972 Well-Known Member

    Re: Re: Citi Platinum Mastercard Rate Up

    Did she say 7.99% or prime + 7.99%? The latter is ridiculous...the go to rates on most of their cards (new app) are 9.99%.

    So does this mean I should expect my 8.99 to be jacked up soon?
     
  13. madison

    madison Active Member

    Re: Re: Citi Platinum Mastercard Rate Up

    She said prime + 7.99%. I guess she figured this was better than what they are giving me so I should be happy. I looked on their website and for new accounts the rate is 9.99%.

    I have a BT offer of 3.90% until paid off. So obviously they like me for BTs but not for purchases. Like I said previously, I don't carry a balance so they see no need to give me a good rate, but want to entice me with a cheap BT.
     
  14. GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Citi Platinum Mastercard Rate Up

    Since I have UNITED VISA and AMEX DELTA for mileage...I don't need CITIBANK for PURCHASES...or any other card for that matter!!!
     
  15. Mist

    Mist Well-Known Member

    Re: Re: Re: Citi Platinum Mastercard Rate Up

    I just received my rate increase letter, too. They are raising mine to Prime + 8.99%. All of my credit scores are 765 and above with no negs and few INQ's. At the bottom of the notice you can elect to not accept the rate change and if I have read it correctly, it says you can write and tell them that you do not accept it and your present terms will be in place until your expiration date at which time they will close the account. My expiration date is several years from now so this is the route I have chosen. Despite the fact that I only have a small balance on my account I am simply too insulted to not protest. It is an arrogant move and I hope many, many, people write to NOT accept the new terms. Otherwise this type of treatment will continue and probably get worse.
     
  16. catnap1972

    catnap1972 Well-Known Member

    Re: Re: Re: Citi Platinum Mastercard Rate Up

    So they can jack the remainder once the BT isn't paid off (assuming it isn't paid off).

    Sounds like I should be receiving one of those letters any day now...
     
  17. Hedwig

    Hedwig Well-Known Member

    Re: Re: Re: Citi Platinum Mastercard Rate Up

    I just called about a new balance transfer and was offered to change my card to one with a lower rate. I think it was the 9.9%. Then she realized I don't use this card for purchases and said "I guess you don't really care about the rate anyway, since you don't have any purchases." I told her to leave it for now, and I'd inquire later. I figured the new one might have an annual fee or something, so I just left well enough alone. They always have some offer, so I'll worry about it later.
     
  18. nickpaige

    nickpaige Well-Known Member

    I have Prime+1.90 - BUT I cannot get a CLI!

    4 years and no CLI! I've been told to get the increase they want to see regular balances on the account.

    I've used this card to pay for car repairs and other major purchases - and always pay it off - so I don't get CLI according to their internal scoring system.
     
  19. Calypso

    Calypso Well-Known Member

    Hey Madison--

    There are a couple of threads on this subject that were started last week--

    You are not alone. It seems as if the recipients of the increase are cardholders with 760+ scores, who rarely (or never) carry a balance.

    Punishment? Retribution? We must not be adding to their bottom line.

    I agree that it is an arrogant, unappreciative move ( I don't carry a balance, but I DO use my Citi cards-- or should I say DID??

    Calypso
     
  20. catnap1972

    catnap1972 Well-Known Member

    Maybe there's some calculation that they came up with recently (customer revenue must >= $XXX per year or else jack rate up such that said revenue will be realized).

    I'll be sure to tell them where to go if they pull that crap on me...
     

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