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Citi Rate Jacked Me from 7% to 30.99%???? Help!

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :search:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

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Sorry to hear this happened to you. You could try to call them and see if they will lower your rate, but they may not. Are there any cards you can BT to? How are your scores? Can you get a new card?

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :rolleyes:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

"PUT IT BACK TO 7% or I WILL HAVE NO CHOICE BUT TO STOP PAYING

 

Not paying is the last thing I want to do but you forced me into defaulting"

 

(assuming that is a factual statement)

 

What happend to your OPT-OUT offer???

Edited by GEORGE

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :rolleyes:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

 

You should've expected it with "maxed" credit cards, and with the new card law.

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :rolleyes:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

 

You should've expected it with "maxed" credit cards, and with the new card law.

MAKING IT HARDER TO PAY HELPS WHO???

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :rolleyes:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

 

You should've expected it with "maxed" credit cards, and with the new card law.

MAKING IT HARDER TO PAY HELPS WHO???

 

Nobody, but it helps the company a little should the account go bad in the future.

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Nobody, but it helps the company a little should the account go bad in the future.

 

and it almost certainly guarantees that many accounts will go bad. It's almost like they want to force people to either pay off the accounts or default, so they can sell /write off the debt.

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Dear Fellow CB'ers -

 

It's been a while since I've checked in. Between keeping my job and making ends meet it's been a rough year.

 

So today I logged into my citi online and noticed 2 out of my 3 citi cards were rate jacked to 30.99%!!! :rolleyes:

 

The two cards are my Diamond Preferred MC & my Professional MC. Both cards util are pretty maxed since they were my 2 cards with lowest apr at 7%. I've never missed a payment and all of a sudden I"m getting default rates???

 

Am I the only one experiencing this? Should I call them and ask them wtf?

 

Any advice is appreciated.

 

Thank you!

 

What's your score now? maybe you have other options.

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WHAT HAPPENED TO YOUR OPT-OUT RIGHTS

 

:rolleyes:

 

Hi George, what opt-out rights? Should have I gotten something in the mail?

 

Breeze -

 

I think my scores are somewhere in the the mid 600's due to high util. I don't have any derogatory accounts. Mortgage never late, car payments never late. Score is shot due to high util...I think I'm at 70% util.

 

I can't get a card for the life of me. Originally my util was at 40% but CLD's happened one after another and it jacked my util....

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WHAT HAPPENED TO YOUR OPT-OUT RIGHTS

 

:dntknw:

 

 

That is likey an option to stop the APR jack, but who wants to (be forced to)close a positive account?

 

I thought about closing our 2 Citi cards when they went up to ~18%, but figured the TL was worth it to pay the extra interest and gives me a better reason to pay it off faster. <_<

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WHAT HAPPENED TO YOUR OPT-OUT RIGHTS

 

<_<

 

Hi George, what opt-out rights? Should have I gotten something in the mail?

 

Breeze -

 

I think my scores are somewhere in the the mid 600's due to high util. I don't have any derogatory accounts. Mortgage never late, car payments never late. Score is shot due to high util...I think I'm at 70% util.

 

I can't get a card for the life of me. Originally my util was at 40% but CLD's happened one after another and it jacked my util....

 

 

Sorry to hear that. I know exactly what you mean. It's happened to almost everyone. Try calling them, maybe they will help you out. At that rate, almost none of your payment goes towards the debt.

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WHAT HAPPENED TO YOUR OPT-OUT RIGHTS

 

<_<

 

Hi George, what opt-out rights? Should have I gotten something in the mail?

 

Breeze -

 

I think my scores are somewhere in the the mid 600's due to high util. I don't have any derogatory accounts. Mortgage never late, car payments never late. Score is shot due to high util...I think I'm at 70% util.

 

I can't get a card for the life of me. Originally my util was at 40% but CLD's happened one after another and it jacked my util....

 

 

Sorry to hear that. I know exactly what you mean. It's happened to almost everyone. Try calling them, maybe they will help you out. At that rate, almost none of your payment goes towards the debt.

 

I am pretty sure the minimum on many Citi Cards is 1%+ interest, but it does seem like a waste to pay more in interest than in debt off.

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WHAT HAPPENED TO YOUR OPT-OUT RIGHTS

 

<_<

 

Hi George, what opt-out rights? Should have I gotten something in the mail?

 

Breeze -

 

I think my scores are somewhere in the the mid 600's due to high util. I don't have any derogatory accounts. Mortgage never late, car payments never late. Score is shot due to high util...I think I'm at 70% util.

 

I can't get a card for the life of me. Originally my util was at 40% but CLD's happened one after another and it jacked my util....

You should have a RIGHT TO OPT-OUT of APR JACKAGE

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Sorry OP. Maybe a phone call might help to work something out. This is another reason why I would never let a balance revolve on any account other than a more trustworthy Credit Union.

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thanks guys, i'll call them tomorrow and see if they can help. I mean it sucks, I have all of my products with Citi....

 

I'll report back my findings.

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You should have gotten a letter than gave you the option of closing your account. That opt out would keep your interest rate where it is at before the rate jack and you can make payments till you pay it off. Closing a postive account and an account with balance does not lower your score. It is a myth that closing an account with balance lowers your score and a closed postive account stays on your report for 10 years.

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OP, don't worry...like one poster mentioned it's happened to MANY of us. Heck it even garnered me my 15 minutes of fame on Anderson Cooper from my very own kitchen...!

 

Starting on Monday they will have to give you a 45 day notice before the rate jackage.......

 

My advice call, speak with a supervisor, Planetfeedback maybe.....whatever it is that you might do though....be prepared to maybe meet a brick wall in their opposition towards helping you.

 

Then you need a plan if they decide they don't want to change things.

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This just happened to us as well! Never late on a payment and they jacked the rate from 6.25% to 29.99%. They never sent us an opt out letter either. I will be calling them.

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I've mentioned this in another thread.

 

If you "never received" you letter in the mail and just 'happened across' the increased APR while reviewing your account, call and let the front line CSR know.

 

Then speak with their supervisor and let them know.

 

Then speak with the supervisor's supervisor and tell them the same thing about never receiving your rate jack notice. This third person will reverse it.

 

 

Cheers

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I've mentioned this in another thread.

 

If you "never received" you letter in the mail and just 'happened across' the increased APR while reviewing your account, call and let the front line CSR know.

 

Then speak with their supervisor and let them know.

 

Then speak with the supervisor's supervisor and tell them the same thing about never receiving your rate jack notice. This third person will reverse it.

 

 

Cheers

 

tried the highly effective 'Mikey DOESN'T like it' method above and received a letter from citi confirming the 29.99 RJ had been restored to previous rate, less than a week after calling- 20 pt APRD

 

Mike SIU rools! :(

 

Good luck OP, they are getting their last jabs b4 the law change it seems, definitely OPT out if possible -you can always get another good acct with them or elsewhere a little later on.

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