Complain about a product or service

Citibank

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Bret of Dallas, TX October 23, 2009

Like most everyone else, I've received the letter stating my 13ish% interest rate is being raised to 29.99% as of November 30. I have been a cardholder for 16 years and never ONCE have missed a payment in all those years. My credit is excellent-790 as of a month or so ago. However, like many, this year has been rough financially and I do carry a balance so the interest rate hike is alarming to me to say the least. This is not only infuriating, but I feel this is disgusting corporate policy and outright extortion. How dare his company take taxpayer dollars, and then penalize its best customers!!

I called Customer Service sometime last week and after getting nowhere with the agent requested a tranfer to a supervisor. The 'best' she could do was to cap my rate at 22.74%. We all apparently have until the end of November to decide to opt out of this. I fumed for a few days trying to figure out the best course of action. I don't want to cancel my card as that will impact my credit score--so they have me.

And then today....I get a NEW letter from Citibank touting my glowing record as a cardholder and offering me a 13.24% interest rate!!! I immediately called back to customer service, bypassed the agent and spoke to another supervisor. I very nicely but firmly explained how widly inapprorpiate this situation is--I can't get less than a 20% interest rate, but the same company's computer models deem me suitable for a 13% rate? What gives?! I don't know if they've been flooded with calls over the last few days, but the supervisor did say she was able to cap the rate at 14.99% for six months starting December 1. That's something. And it's a heck of a lot better than 29.99%!! I intend to pay the balance off prior to the six months and never have to deal with this situation ever again. But to those out there experiencing the same thing, it might be worth another call.

ROHINI of NANAIMO, BC October 22, 2009

Honestly all I have to say is Citibank does not care about it's customers at all. Citibank has very rude employees working for them maybe they are underpaid who knows. I had a bad experience with them 6 months ago when my account was shut down without any notice. I was shopping at the mall and purchasing some electronics and the store manager gave me a funny look, and would not tell me what happened, and she took my card away from me, I mean how embarassing is that. I am the cardholder and I don't even know what's going on but the store manager got my information.

Now I keep getting phone calls that I still owe is crappy Citibank money. I have had enough. No one in my family will be dealing with these individuals ever again.

Jim of Alexandria, VA October 22, 2009

Like everyone else we received the letter "to continue to provide our customers with access to credit, we have had to adjust our pricing" raising our APR to 29.99%. Our credit rating is above 740. We pay the entire balance amount every month. We were late twice in the past 15 years by two days. I can't think of a good reason to stay with Citicards in light of their business model trying to recover their losses on the backs of unemployed people who cannot afford this outrageous hike in rate. We will be cancelling our cards with citibank.

Vicki of New Castle, PA October 22, 2009

This company sends convinence checks to your address at least 2-3 times per month then when you go to cash one they send it back unpaid. They tell me that my acct. was in default. To them I was approximately 3-4 days late with a payment. The they do not notify you of the status but they do keep sending the checks. Then they sent a letter insinuating I was not going to pay my bill. I have every intention of paying the bill and closing the acct with them. 11 bank charge

Charlotte of Lancaster, CA October 22, 2009

Much to my astonishment when I received a similar letter to many of Citibank credit card customers incresing my interest rate from 11.90% to 29.990%. I have been a customer of Citibank for maore than fifteen years and was guaranteed my interest rate as long as I made payments on time. Just prior to this letter I received an offer of 10% or 20% of my account if I signed up for Ern interest back if I made a minimun payment on time or if I made the double payment I would receive 20% off.

Pam of Troutdale, OR October 22, 2009

I too received a letter from Citibank informing me that my APR would increase to 29.99% effective 11/30/2009. I have been a cardholder in goodstanding since 1990. I had my balance paid down to about 5K when I received a balance tranfer offer of 8.99%. I can't believe they can get away with this!!!

Denise of Machiasport, ME October 21, 2009

I have a Citi credit card & have been paying on time every month since 2003. I had an interest rate of 9.24% & I just received a letter telling me my interest rate is going up to 29.99%!! Is this legal?

Randy of Ruston, LA October 21, 2009

Sears MasterCard raised my rate from 12% to 25.24%. Have had card since 1985. Never been late in 24 years. FICO score of 780. I will never shop at Sears again. Will just not use card. Pay cash are do without.

Kevin of Brighton, MA October 21, 2009

I received the "dreaded" letter stating that my rate will increase from 12% to 29.99%. Also like many, I called customer service and was given two options: accept the new rate or close the account. I received the programmed empathetic response. I am simply astounded that a rate can increase so dramatically even with absolutely no history of late payments. Hopefully enough complaints will matriculate and someone can intervene in this madness.

Ruth of Springfield, IL October 20, 2009

Well here is a kicker. I received a letter from Citibank stating that my Purchase APR was going form 9.64 to a whopping 29.99% effective November 30, 2009. It stated you have the right to OPT out. When I called, I ask what the reasoning was for this. The woman totally avoided my questions and simply reiterated what the letter said. I told her I had never been late, missed a payment or anything and did not understand how they could do this and get away with it. She continued with the same song and dance. At this point, I told her we would be opting out. She placed the request and told me the account was being closed and that the card would no longer be active. I would continue with the current rate until it was paid off.

Thinking about it the next morning, I called the customer service area of Citibank and spoke to a very nice woman there. I first wanted to make sure that I could continue making my payments online even with this being closed. She stated no problem. I then ask who regulated Citibank. She did not directly say, but being in banking myself, I knew it had to be the FTC. I told her I planned on filing a compliant that I thought this was just totally off the wall and I cannot believe, we the card holders was being strong armed into paying for Citibank's mess.

She told me to write a letter to the Office of the President, Citibank/Citigroup, and P.O. Box Sioux Falls, S.D. 57117. She believes addressing this directly to the president of the company would have a better effect then filing a compliant. I intend to do both. This is very unfair to people that are already struggling to make ends meet when so many are being laid off. If I am right, most of them had an increase made to their line of credit without their request only making it easier to get further in debt. With incomes being affected, some had no other choice. They still cannot even OPT out. Can's even make a regular payment.

Citibank jumped in to get some of that available money that was handed out by the Government to get them out of muddy waters, buy planes and give their top dogs bonuses. Now they are rate mooching the poor consumers into bankruptcy. This cannot nor should not be allowed. They should be driven out of business and forced to reimburse the consumers they are cheating. The government should also be held accountable. We will pay for that decision as well.

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