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Credit Card Companies Suck, Part Infinity

Discussion in 'Anything goes' started by McPoyle, Oct 20, 2009.

  1. McPoyle

    McPoyle Guest

    I'm sure we've have myriad credit card threads before. Allow me to add my story.

    Customer of several years, in good standing, never been over the limit or late. Limit raised many, many times because of good credit history, etc. Pay just 7% interest, which has to be among the lowest rates.

    Today I was just informed that Citi is jacking up the interest rates on all customers effective Nov. 30 (the day before the new laws are scheduled to take effect, IIRC). So my rate has gone from a beautiful 7% to a horrible 29.9%. They said it was to allow me to still keep the account, not to subvert the new laws. I told them to piss off and closed the account. Then I called my Congressman.

    Just a warning out there if you are a Citi customer: Be sure to check your mail. If you don't reply, those changes will take effect automatically.
  2. mustangj17

    mustangj17 Active Member

    If you pay off your card on time and are never late, why does it matter what your interest rate is?
  3. Armchair_QB

    Armchair_QB Well-Known Member

    Got the same letter yesterday. The people running Citi need to die.
  4. imjustagirl

    imjustagirl Active Member

    Because what happens if an emergency hits? He builds up all that good equity with the company, working his ass off to NOT have an interest rate like I have...and now he just gets fucked?

    Sorry to hear it, McPoyle.
  5. McPoyle

    McPoyle Guest

    Because what about when I might need it for an amount I can't pay off right away? I'm not a homeowner so quick lines of credit are not an option.

    You think I should have just accepted a quadrupling of my interest rate for no reason? Sorry, but my backside is an exit only.

    EDIT: Thanks, IJAG.
  6. Ace

    Ace Well-Known Member

    So then I guess it's OK for the companies to do that. Thanks for the perspective.
  7. RickStain

    RickStain Well-Known Member

    Absolutely it's okay. If you don't like it, don't sign an agreement saying they can do it, which I'm sure he did.

    Save money ahead of time. It's hard, but it's way better than relying on credit anyway.
  8. Ace

    Ace Well-Known Member

    Geez, I don't want to live in a country were we can't rant about a credit card company wanting to jack up someone's interest 23 percent just because they can.
  9. McPoyle

    McPoyle Guest

    I'm glad I have Rick here to give me and my family sound financial advice.

    Jesus H. McGillicutty.
  10. spnited

    spnited Active Member

    Relax, McP, and listen to Rick.
    He has all the answers and the stats/charts/probabilties to back them up
  11. Runaway Jim

    Runaway Jim Member

    Christ. Can you post one freaking comment that doesn't make you sound like an insufferable douchebag?
  12. RickStain

    RickStain Well-Known Member

    I'm sorry. I was under the impression that people who post things on public message boards are expecting others to comment on them.

    Unsecured debt is a blight on this country. The only good thing to come out of this financial crisis is that credit cards are being exposed for what they are.
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