Credit Card Companies Suck, Part Infinity

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.

 

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

 

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

 

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.

 

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.

 

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

 

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.

 

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.

 

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

Jesus H. McGillicutty.

 

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

 

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

 

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.