I have a citibank credit card with a 2100.00 balance. Recently due to a late payment ( I did not put correctly setup an online payment) my interest rate was increased to24.99%. My first time ever being late. Presently I have to pay 80 dollars in interest plus the monthly payments. I do not know what to do. I have several cards that I plan to keep. I am trying to find a way to pay off this card. At this rate I think I will never pay it off. Will closing my account stop the interest payments so that I can get the account paid off or will the rate increase.
Is getting $80 that hard? Just sell something you have and don't need. Just get rid of it and be done.
No expert here but any account I ever closed you still had to pay the finance charges... they didn't stop accruing just becuase the account was closed. If you close the account then you just can't rack up any more charges, that's all..... Have you had the card a long time? One of my cards was at 17% and I called and asked them to lower it... they lowered it to 10%... maybe if you call and explain the situation, that it was just an oversight on your part, blah, blah, blah..... Ozzy.
Just my 2 cents, Citibank is not the credit card account you should close. They are one of the best banks out there along with a handful of others. Try to work something out with them. Many people out here would give anything to have a Citibank account. What type of Citibank card is it?
On my Citibank Platinum, I once sent a payment which they received one day late. They slapped me with a late charge of $29 buks. I called and complained and they removed it. Saying something to the effect "We are allowed to disregard your late payment ONE time only". Poof the late fee was gone. So if it is your first time, definately call and see what they can do. To avoid that from ever happening again, I now use their online service for payments now. Heck I use everybody's online services for all my cards. Using the online services provide you with a payment confirmation number which you can prove that a payment was made in case they ever play stupid.
No, do not close it. your best bet is to make two good payments and then threaten to consolidate it somewhere down the road with them on the phone. Tell them to give you a good rate or else you will close it. That is after you make payments on time for a while like 5 months. Remember closing an account is not good on your credit report.
IT IS A CITIBANK PLATINUM SELECT. I guess I am going to have to double payments and try to get the balance down. However it is very frustrating to increase so high with one late payment. I will never pay online again.
cc966, don't give up. Call them and explain what happened. Bring up the fact that you have been a good customer and that you will continue to be a good customer, that you were not familiar with making payments on line and it was an honest error. Just keep calling till you get a rep with a sympathetic ear. Squeaky wheel gets the grease! If that doesn't work try writing through planet feedback. Tuit
I know I had a problem when I first set up my online payment with Citi. I didnot realize that it took them 5-6 days to set it up, and then 5-6 days for the payment to be credited to my account. When I realized what was going to happen, I called them and told them. They took care of it for me - no late fee, no default rate. I don't understand why you didn't call them as soon as you realized there was a problem.
I wholeheartedly agree. I missed a payment due to missing a statement somehow to one of my cards and got a late fee, 30 day late on CR. Called them once, guy said no problem, I'll refund the late fee, don't worry, it won't be on your report. Bam, it goes on report. Call back again, explaining, I had a perfect record with them, want to keep that, the lady says we can't delete anything, you have to dispute with CRA, and it should come off. Still not satisfied, call back final time, get another guy, very nice, he says hey, no problem, not your fault, you missed a statement, let me send a letter to all 3 agencies to delete the late payment. I kept his name and extension. You just gotta keep working them. Always get a name and extension of who you talk to. The one time late fee courtesy is bs also. I have multiple fees done a few times. I always through in how I have enjoyed a good relationship with the bank, etc., grease the wheels a little, you understand... If it were me, I'd complain that you had a problem with the online payment. You are doing them a favor saving labor on their part. If you don't get anything, complain via PFB or directly to their Consumer Advocates office.
I did call but the reps did not want to hear it. The online policy is on the intranet since they updated their page. So it is my fault in the reps opinion .However I am not going to give up.
WTG! Keep trying just let that $80.00 interest charge every month be your motivation! Your next call may be your lucky one, who knows, its worth the fight! Let us know when you hit pay dirt! Tuit
