CITI is ripping us off

the1 · Oct 29, 2009

I owe $140 on my C credit card. Regardless of whether they raise my rate or not I will pay this off when the bill comes in and I'll never use this card again. I will never go business with C ever again. What criminals!

Quote from taipan77:

Well just some food for thought my credit line was over 30K anyways just close it now and pass it on to everbody else to we can all make a statement. Anyways they are tying up funds that could be used by other healthier banks that don't have the same deal to lend out to new ideas.

spinn · Oct 29, 2009

i wish the sheep would start pulling their money out of that bank but it wont happen........

spineless people deserve this treatment, when will people start pulling out cash?

I wish i had a checking account there, so I could close it.

taipan77 · Oct 30, 2009

Quote from spinn:

i wish the sheep would start pulling their money out of that bank but it wont happen........

spineless people deserve this treatment, when will people start pulling out cash?

I wish i had a checking account there, so I could close it.

It starts here and now we can do something about it. I'm doing my part and letting everybody else know what needs to happen. If each of us does our part and close their account and pass on the news maybe we can make a difference.

Fractals 'R Us · Oct 30, 2009

Quote from taipan77:

Remember everybody to pass on to everybody to close there account to a bank that is surviving on welfare. This is the only way that the weak will die, so the strong can take over because at status quo the govt will do keep it afloat.

I stopped paying all the cards about 3 years ago, no more credit, no payments, no headaches...CITI was the one I hated the most, I burned them for about $8000.... never bothers my conscience the least bit. Once you get rate jacked like that it's war really...

spinn · Oct 30, 2009

Quote from taipan77:

It starts here and now we can do something about it. I'm doing my part and letting everybody else know what needs to happen. If each of us does our part and close their account and pass on the news maybe we can make a difference.

next month I will be leaving them and using Discover for all of my purchases after citi was my primary card for two years.....

I will not be closing the account as that will hurt my fico, but i do plan to call them and tell them why i will not be using them any more.

RangeBar · Oct 30, 2009

Quote from jprad:

My wife and I are the same way, paid in full each month.

Problem is, folks like us that use a credit card as a debit card with a lagged debit are going to be in for a rude awakening after they've dispatched those who maintain a balance.

The next wave is compounded interest from the date of purchase in addition to an annual fee indexed in some absurd way to maximize their risk-free profit margin.

IMHO, the big box retailers are smacking their lips at the thought of the ultimate consumer lock-in; a resurgence of discounts tied to affinity cards, lay-away, christmas clubs, etc.

You are possibly correct about this and I dread the day it happens. When and if it does I will stop using the cards and turn to cash and checks. (My wife handles alll of the bills and I swear I haven't written a check in over 6 years: I'll have to re-learn that skill.)

I'm hoping it doesn't come to that because they do get about 2% transaction fee out of each credit card charge. Also, I would be willing to pay a $25-50 per year membership fee if necessary.

Scataphagos · Oct 30, 2009

Perhaps a CC through Costco and American Express... haven't seen any such actions by Amex/Costco.

gwb-trading · Oct 30, 2009

Quote from RangeBar:

It should not make one bit of difference whether they charge you 3%, 30%, or 300%.

If you aren't paying off the FULL BALANCE every month then you are mis-using your credit card. Force yourself to pay off the full balance every month (or pay in cash only) and you will find yourself wasting a lot less money and have more cash at the end of every year.

Even this won't help you. The annual fee went from $0 to $89... these clowns are going to get you event if you pay your balance off every month and have a credit rating above 800.

the1 · Oct 30, 2009

All you did was shoot yourself in the foot. Good luck trying to get a job (if you ever need to) with a delinquent balance or a possible judgment on your record.

Quote from Fractals 'R Us:

I stopped paying all the cards about 3 years ago, no more credit, no payments, no headaches...CITI was the one I hated the most, I burned them for about $8000.... never bothers my conscience the least bit. Once you get rate jacked like that it's war really...

the1 · Oct 30, 2009

Then get rid of every card you have except your best one. Call each bank and whichever offers you the best deal take it and close everything else. So what if your FICO drops because of that. Banks think they have people by the balls because of that damn FICO. Fuck your FICO. I don't care if mine goes from 845 to 700. If they start charging me $89 on each card I got then I know a real easy solution to get rid of that.

Quote from gwb-trading:

Even this won't help you. The annual fee went from $0 to $89... these clowns are going to get you event if you pay your balance off every month and have a credit rating above 800.