I have had my Citibank Visa for over 6 years. My APR is 11.9% which is already too high to use for purchases. I just received notification from them that they are changing my APR to Prime+11.99%. Which right now is 18.74%. Are they out of their mind? I called, but the rep said he couldn't tell me why they are making the change. He said most customers received the same notice, but if I wanted to know why, I need to write to the address listed. He said they pulled equifax. I have a copy of my Equifax report, and there are no negatives (I've never had any to begin with). My score is 688 as of July 12. He even verified that my account has always been in good standing all these years. Are they trying to drive away good customers? Why are they doing this to me? 18.74 is insanse. I guess that card goes in a drawer never to be used until that rate gets down around 8-10 %.
Sorry to hear this, TheOther, especially since I've just established credit relations w/ Citi. What type of Citi Visa do you have? Do they currently have lower APR products to which you can convert? Don't let'em get away w/ it. Ask to speak w/ a supervisor till you get to the bottom of this. I'd expect this behavior from Fisrt USA or Fleet, but not from Citi. Also may be worth posting on http://www.shitibank.com Saar
What the hell is to stop them from charging what they want? They have George Bush paid off. When one CC company raises rates, the other dozen or so follow suit. Funny, how interest rates are at an all time low (as far as I can remember anyway), yet APRs are rising....hmm. Is it because they are barely making money? HAHAHAHAHHAHA. No.
Perhaps they're not making any money off of you. Sounds like you've paid off your account in full each month. Could that be it?
I have the platinum select. I have a balance of about 9800 on the account with a limit of 16,700. It is a balance transfer at 4.9% until February 2002. I did speak with a supervisor. He was the one that told me that the computer would not give him any other details other than the decision was based on my credit report. He said if I wanted the reasons, I would need to write a letter.
This is very disappointing, but when I get answers that don't make sense, I call again to speak w/ a different rep/supervisor, and on the second time they usually get it right. If I were in your position, I'd definitely call again, and if you get the same crap you should also speak w/ Retention. Saar
FIRST USA AND NEXT CARD ARE DOING THE SAME THING...I DON'T ACCEPT THE NEW TERMS...THEN THEY CLOSE THE ACCOUNT FOR YOU...
I have heard of citibank upping people's apr's if they think they have too much debt reported on their credit report. meaning if you owe allot of money they may incrase youre apr. It could also be that citibank received and incorect credit report from equifax. try sending citibank a copy of the credit report you have along with a letter saying there is no reason they should have increased the apr. because there is no n egative info on this report. they may be able to change the apr back to what you had if you send them a copy of the report.
Anything over 10% APR is insane, but Citibank Choice is charging me 13.9% APR fix. I am still using it because I am getting 19.47% APR from CreditWorks. www.creditsense.com
