Did anyone else get the change in terms insert in the mail (new APR is 19.99%). I know this (Citibank Sony card) is an affinity card and these types of cards have higher than normal interest rates, but 19.99% is too much. I hope this isn't the start of a new trend of hiking the rates on affinity cards.
I have received my change as far with citibank,and at&t universal cards.This is mainly risk related,and dosn't really affect me because these changes are geared at people going into defualt with their creditors,any creditor no matter who they owe!Here is what my change is,and it says that if i was to go into defualt with my card account they would charge a defualt rate of 19.99% margin plus the current prime rate currently 24.74%.My regular APR's would remain the same just as along as i am in good standing with them.My purchase APR is 8.65%,and my cash advance is 19.99% wouldn't pay this rate to begin with.Also it does allow you to reject the terms but i am not rejecting them because i am very responsible with my credit,and these changes don't affect me at all,it is just normal amendments to a card holders agreement warning them what would happen if a person would defualt their card account with citibank,and at%t universal cards.
Steve, Yes, the charge in terms notice came with my Citibank statement and I paid it off by autopay. So it doesn't afftect me a bit. Ron.
I got the change in terms too, but it only applies to the default rate and the cash advance rate, not the purchase apr.
1a*This is mainly risk related, and doesn't really affect me because these changes are geared at people going into default with their creditors, 1b*any creditor no matter who they owe! 2*I am very responsible with my credit, and these changes don't affect me at all. 3*it is just normal amendments to a card holders agreement ble103 ============================== 1A*They can change reporting, credit files, & scores any time for any reason so it does or could affect you. 1B* This is another way to fleece folks. 2*When they make and change the rules at will it doesn't make any difference how responsible one is. Why do you think they change the rules?-to affect you of course. 3*Normal people shouldn't sign adjustable term contracts! LB59
Term is called REPRICE. By law banks can raise the rates on you for ANY reason so long as: 1) You're given 30 days notice (Most banks are sneaky and will slip the notice into a 3 X 5 card hidden behind the ads w/your statement) 2) You're given the option to close your card and keep the rate unchanged. However, if you want the card to remain open - rates change. Citibank is known to reprice everybody at once, those with good payment history will either remain untouched or will see a lower rate (Mine was lowered from 19.99 to 13.99 to the current 11.99), those with questionable payment history/close to the limit will get higher rates. Banks will throw every reason for why they do it. There's really only one: $$$
