Thieves

I just went to the citibank website to pay my credit card bill for the month. After submitting my payment I happened to notice that my APR doubled, for no apparent reason. That’s it citibank, no more money from me. Luckily I carry a zero balance, if not you jerk-offs would have been effective in stealing more of my money. If you have a citibank card I suggest you check for an unannounced increase in your APR.

9 responses to “Thieves

  1. This is definitely sucky, but it’s actually a rational response to their earlier excesses. Oh crap, we extended a whole mess of credit to people who actually shouldn’t have had it!

    Now it’s time to rein it in. But it’s gonna be one painful adjustment for the economy to adjust to a new level of consumer spending that’s not fueled by crazy credit or asset bubbles.

  2. One month ago, they probably sent you a miniature pamphlet announcing their new right to sporadically multiply your APR by ten that was typed in infinitesimally small font and sealed in an envelope that looked like junk mail. I got something like that. Fortunately, I no longer have any credit card debt and had just let that particular account remain open with the zero balance to improve my credit score.

  3. Yeah, I saw this too. Unfortunately, it was when I paid my bill online yesterday….one day after the due date. FUUUUCCCKKKKK. The $39 late fee is really insult to injury.

  4. Greedy mo-fos. Yeah, if it affects you or annoys you that much, you’d be good to take your business elsewhere. I am a firm believer in the power of the consumer! (or at least trying to have some power)

  5. Whoa, rereading my comment I was pitching just a tad outside.

    I didn’t mean to imply that you have bad credit or deserve to have your rate increased. Sorry about that JP.

    Jacking up APRs on cards might be rational by the companies, but it’s also essentially usury. Clearly they’re just trying to extort as much money as they can from people who will pay, in order to prop up the losses they’re gonna take from their previous extravagent extension of credit to anyone with a pulse.

    Jamming down credit limits is also happening, and is perhaps less distasteful, while still serving to reduce the companies’ risk. But it feels wrong in a number of ways too.

  6. Nat, I understood that you meant that the first time. I understand that banks have to do something to make money now but I don’t see how these practices help them in the long run. They end up alienating customers. I’ve had it with Citi and the result of all of this has been that I have learned that my local credit union does all the things that CitiBank does but at better rates. They just don’t advertise it so I didn’t really know. Now I do and now I also know where I will take my business when it comes time to get a new credit card (done already) or to but that plug-in hybrid (just waiting for them to come out!!).

  7. buy, not but!

  8. Ok, good. I was worried I was temporarily infected with Ladenitis.

    The only argument the big banks seem to have for personal accounts is wide ATM access. Beyond that, their main business for a number of years seems to have been extracting as many fees as possible from their customers. We’re definitely looking into the town co-op bank, and the local savings bank has some excellent CD rates. Since I’d like to have that FDIC insurance on our emergency savings, rather than the usual money market fund.

  9. We’ve got an account with our credit union too. We prefer to use the citi card because of the cash back, but that may change if they don’t remove the late fee next time I call to ask. And we’re definitely planning on using the credit union for our next car loan, once we figure out what the heck we want to buy. Hmm, blog post topic?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s