All In One Place: Citibank Coverage

Given how much Citibank coverage there is at CreditMattersBlog.com, it’s become a necessity to put all of it in one place. During the past four weeks, I’d guess that half of my search traffic has been related to Citibank and the recent interest-rate increase that it smacked millions of customers with. I can only imagine how difficult it must be for a new reader — looking for specific information — to find what he or she is looking for. Let this blog entry, then, serve as an attempt to make life easier for those looking for information on Citibank.If you suffered a Citibank rate hike you might be able to get your APR reduced. A few of us have converted our cards, which resulted in lower APRs. Did You Suffer A Citibank Rate Jack? You May Be Able To Do Something About It—Maybe Citibank went too far with the rate jacks. Maybe too many people opted out. Citibank is sending letters to customers who opted out of a proposed rate jack — in an attempt to win them back. Unfortunately, Citibank doesn’t seem to be offering any incentives to come back.Citibank To Customer Who Opted Out Of Proposed Rate Jack: Let Us Win You Back—Citibank’s interest-rate hikes are not set in stone. Before opting out, you should give Citibank a call and make your pitch. This story tells you how to do it.Don’t Accept Your Citi Hike Laying Down—Has Citibank recently increased your interest rate? Looking for an opt-out letter to send to Citibank? This story is for you.Opt-Out Letter For Citibank Credit Card Customers—What happens if you opt out of Citibank’s interest-rate increase? How will your FICO score be impacted? What if this is your oldest account? This story looks at some of the issues that Citibank card customers will face.The Citibank Opt-Out Decision — Everything You Need To Know—CNN’s Drew Griffin took Citibank to task for its rate-jack strategy. The timing of the hike, meanwhile, came right on the heels of a government bailout. Anderson Cooper 360 video on Citibank rate jack—Citibank’s interest-rate increase impacts a wide range of customers. Some will opt out; some won’t. What I want to know, and what I aim to figure out, is what Citibank will look like down the road — after the dust settles. Citibank’s Rate-Hike Strategy — Where To From Here?—Michelle Malkin, blogger extraordinaire and Fox News contributor, highlighted one of her readers, who was miffed about an interest-rate increase she received from Citibank. In the process, Michelle used one of my stories to illustrate that her reader wasn’t alone.Citibank Tells Cardholders To Take A Hike—If Citibank is raising interest rates on 20% — or fewer — of its cardholders, why is my interest rate being doubled?Citibank To Raise Interest Rates On CreditMattersBlog.com—Before Citigroup received a government bailout, the company — and its stock price — was on the ropes. In the meantime, Citibank card customers were feeling the pain. I highlighted a number of reader comments from my site, showing the breadth and impact of Citibank’s interest-rate hike. Citigroup On The Ropes — Credit Card Customers Feeling The Pain—Citibank isn’t the only card company sending change-of-terms letters to credit-card customers. If you receive a change in terms, and don’t like the new ones, how do you reject them? That’s what this story is about.Change of Terms in Your Credit Card Agreement — How Do You Reject The New Terms?—This is the story that kicked everything off. The Wall Street Journal was the first news publication to mention Citibank’s interest-rate increase. Citibank customers, meanwhile, flocked to my site in droves. Indeed, this blog entry alone has received more than 230 comments.Citibank To Raise Interest Rates On Its Plastic—Other Citigroup/Citibank Odds and EndsA Conversation With Vikram Pandit, CEO of CitigroupShould Citi Field Be Renamed Taxpayer Bailout Field?Citibank Pulling A Large Number Of Its Credit Cards Out Of The Affiliate Marketing ChannelCartoon Of The Day: No. The Fed Will Not Give You $20 BillionU.S. Agrees to Rescue Struggling CitigroupCitigroup Plans To Cut An Additional 53,000 Jobs

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0 thoughts on “All In One Place: Citibank Coverage

  1. Haha. Thanks goodness you approve. I wouldn’t be able to live with myself if you didn’t. : )After this falls to the second page, the Citibank thing to the right will help people who find my site.

  2. Yeah, good idea on the petitions. I’d be shocked if there wasn’t a Mets petition out there already.

  3. Hey Marcus, long time no chat. I just wanted to let you know that I’m being interviewed by CNN tomorrow regarding the Citi rate-jack fiasco.I’ll let you know how it goes, any questions let me know.

  4. I turned down a CNN interview. Maybe that was a mistake…but while I am a CITI card holder (4 accounts) they are all PIF. So while this letter pi$$ed me off, it really doesnt affect me…my 10 seconds of fame faded into the distance…I am actually closing down 2 of the accounts. I was just approved for a GREAT card with a bank that appears to ‘care’ about it’s customers and with a credit line even higher, who needs Citi and their crap?

  5. Hanadarko, no worries on the interview. I did do the interview. I also did not opt out. The rate hike doesn’t affect me. As this site’s owner, CNN, I think, was interested in my connection that way.But I understand you not doing the interview. Maybe next time.

  6. Got my letter in November and the APR went from 9.99% to 24.99%. First customer service rep couldn’t offer anything else. I requested to speak to a supervisor. After a week of playing phone tag the supervisor offered 15.99% on purchases and moved by current balance using a balance transfer to a 4.99% APR (APR effective until the balance transfer is paid off). Didn’t have to raise my voice or argue… did mention the WSJ article though. Strange that this is a better offer than choosing the “Right to Opt Out”.

  7. I recently found out about this site. i wish i would have found it sooner. Talk about Citi group abusing our bailout money. I was doing some holiday shopping couple of days ago and tried to use my Citi Platinum card, but was declined three time. I am sure a lot of people will know how embarassing this can be. Any way I called Citi bank right outside the store only to found out that my credit limit has been decreased for whatever reason and without any prior notification to me. What does Citi have to say about that?

  8. Anon, not surprised about your situation. Card issuers have been cutting limits left and right. A few weeks ago I warned about this. I recommend that everyone check their limits before they head out shopping. http://www.creditmattersblog.com/2008/12/10-credit-questions-and-answers-at.htmlSee question six. The card issuers do not have to warn anyone ahead of time. It’s a real bummer when you’re out and you get declined. It can be embarrassing. Anyhow, stick around. There are a lot of articles on my site. Thanks for posting.

  9. Hi, just a quick question. Is Citi raising rates on ‘fixed’ or ’till paid in full’ balance transfers and/or convenience checks? (I called them and was told these were not effected by the change. I don’t believe them.) If they are, I’m bankrupt, they no longer get their over minimum payments, and they lose a good customer. Thanks –

  10. Emptybank, Citibank is telling the truth. Your ‘for the life’ of the balance deals are locked in. Unless you screw up (miss payments, go over the limit, etc.), you are fine. Promo rates are unaffected by these rate hikes. Citibank is honoring those and won’t raise the rate.

  11. I got the hike with 2 citicards,one at 6.99% and the other at 7.99%, they both are being raised to 16.99%. I am a grad student and have depended on these cards with their low rates to supplement my student loans. I have opted out of the one i used for purchases, but the transfer one, not yet. But I told Citi when I graduate and will in all probability make good money, they will never have my business and I will monitor whatever companies they have a stake in and never do business with them either. I think we need to start a revolt, backlash or something that they can feel!

  12. Sandra, while I am not closing my card, I will be making fewer purchases on the card. That’s my message to Citibank. In a perfect world, I would close the card and send a message. But in this crazy credit world that we live in, that isn’t the right move.Therefore, I will use the card sparingly, but keep it open.

  13. A lot of people need to realize as well that their transfer or introductory rates that Citi still says are good are for the ‘life of the card’ not the life of your balance. So if your card expires in 09 or 10, the new rates apply. Don’t be fooled.

  14. credit matters: why don’t you just use american express then? You have to pay your balance in full every month on the gold card,but get rewards that you can change in for purchases or travel. If the government is screwing your neighbor, but you are left alone. Are you like the Germans who said, well, they’re not coming for me? Sorry this country is corporatism and the individualism we have bought into ( I don’t carry balances, doesn’t affect me) is meant to keep us from voting for healthcare for all, etc. I am disgusted to hear that people have rates as high as 30% and even if they kept my rates at 6.99% I still wouldn’t do business with them. Your ‘message’ is meaningless. They rely on you.But wait till you lose your job and need credit to keep a roof over your head. BTW: I think you work for Citi

  15. LOL. I work for Citibank? Yes, that is why I was interviewed by CNN — so that I could hammer Citibank. Get real. With that message, I can’t even take you seriously. Why don’t I close my Citi card? It has a lot of age on it. Will you shore things up for me when my FICO score falls? Please. As sad as it is, this is an individual system that we live in. That’s the reality. Sad but true. Former Wall Street reporter here. Never, ever been a Citigroup/Citibank employee. Some of my readers know exactly who I am. They know I most certainly DO NOT work for Citi. It’s comical that you would even think that.

  16. Sorry CMB: I didn’t see you on the CNN video and don’t know who you are. What do you look like? I’ll give you my TED profile and you can see me. At least you have my real name. I googled this site, but it seems I reached the wrong place.I don’t need to be your reader. Your FICO score, nor my FICO means anything to me when a company gets a bailout and then hurts their customers that just paid for it. And I don’t care whether you take me seriously. Go ahead keep your card and your message. I am more for the masses who get the royal screw and can never get out, not for you and you’re great FICO score.

  17. Sandra, so me closing my card does what for you? Give me a logical explanation, please. Also, you closing your card does what for me? I hope you see the futility of the gesture. You think that if I recommended that everyone close their card that they’d do it? Of course they wouldn’t. I go back to what I said earlier: we live in an individualistic society. Ideally, it wouldn’t be that way. But that’s the hand we’ve been dealt. Deal with it. I am.You can see my blog site on the video. You can see plenty of posts on this site alluding to an interview that I did with CNN. If a tree falls in the forest — and no one is there — does it make a sound? Of course it does. And the sound waves would prove it. You didn’t see me on CNN, but trust me that I was interviewed by CNN. What’s more, you’ll just have to take my word for it that I didn’t have nice things to say about Citibank.Sorry that you don’t like my site. Sorry that you feel as though I am not being loyal to the world — since I will not close my Citibank card. My FICO score? I care about it. Don’t hold that against me. Again, the system — in its current form — rewards those with high FICO scores. When it doesn’t, we’ll revisit this subject again. Until then, I will continue to nurture it.

  18. Sorry CMB: My degree that I am in debt to up to my ears is in neuropsychology to help foster care kids and vets, not on wallstreet and I see many, many people that will be trampled by this, myself included, who will pay a huge price. How can any one live with limited means and pay off a 5K balance with a 30% finance charge? I agree we live in this system, but I don’t agree we have to take it. Sorry. We both have our subjective experiences. I appreciate you helping those that can do what you are doing, but what about me and my clients?

  19. Sandra, I wish that I could pay that debt off for you. That’s how much I care for my readers. But, alas, clearly I cannot. That said, I try and help my readers any way that I can. I will give you the best advice that I possibly can. Given your situation, I would absolutely opt out of these rate increases with Citibank. That’s the smart play. And it’s the play that will allow you to live to play another day. I’m not suggesting that we have to take it. But I am suggesting that we pay that debt down. We don’t keep balances on our cards. We don’t allow the Citibanks of the world to get their meat hooks into us. If you’re in debt, I can’t undo that. But I can tell you the obvious. Pay it down. Stay out of debt after that. I never would have advised you to get into debt in the first place. But that is neither here nor there. We must deal with the reality you are facing.Get those balances paid down. Opt out of the increases. Pay in full after you’ve got yourself out of debt.

  20. CMB: I appreciate your site, but education costs a lot of money (which I think will be the next crisis) and I am in no position to pay down anything at this point as I am, let me repeat, a student and had great FICO scores, which is why I got my rate increases the day before citi increased my limits because of what a great customer I am. They need people like me with balances. I am happy you can pay off yours, but I decided what I wanted to do with my life and it costs money and people make a killing off it. Perhaps you can suggest I use private school loans to pay off citi? Anyway its wrong and I wish more people would get mad for everyone. Don’t think I don’t care about my FICO, but I want to care about people that don’t even have one.

  21. Sandra, like you, I am in school as well (law school). This is a second career for me. Yes. I am fortunate. I was able to sell my home before law school. It has allowed me to enjoy the freedom I have. You and I are not different. We both have debts. Mine are monthly. Yours are more long term. Same difference. Pay what you can. Don’t miss payments. After you graduate, you can pay down the debt in chunks. We deal with your situation as we find it.Please don’t misunderstand me. I am not callous to your situation — or to anyone who received a rate hike. In fact, I also received the Citi rate hike. I am in the same boat as you, Sandra. The difference is that I was not carrying balances when the rate hike occurred. If I had been, I would have opted out. Just like you.Listen, I have no idea what you do for a living (or what you plan to do), but whatever it is, I imagine that you’ll be great at it. You’re clearly a passionate person who cares about people. We need more people like you in the world.I hope you don’t think that I don’t care about people simply because I won’t close my Citibank card. You’d be wrong. I care. But the reality is that my closing or leaving the card open will not unring the bell that Citibank has sounded. Sigh.

  22. Ok CMB I am willing to take this conversation off your blog as it is personal now if you wish, but given that i did tell you neuropsychology and formerly a forensic expert, my question again is this. If I opt out right now, my credit rating is gets hit, so my opportunity to get a private student loan to pay off citi is also impacted, oui? Thus what do you suggest? trying to get the PSL and just pay them off and keep my scores? I assume you have some info on student loans if you’re in law school. Do they also impact FICO?Thanks!

  23. Sandra, if you opt out now, your card remains open until it expires. Additionally, your card will continue to age — until it falls off your credit report in ten years (roughly). Therefore, no harm, no foul there. Where we need to worry is in your utilization ratio. Because your card will ultimately get closed, the limit will no longer be factored into your score. This will give you less room to maneuver. You’ll have to utilize less of your other cards. Also, when do you plan to get those private loans? Soon? Before the Citi card is closed? If you get those student loans before your card is closed, you should be fine. As for using student loans to pay off credit card debt, not something that I recommend, quite frankly. You’re taking unsecured debt and moving it to something that is a lot more secure (student debt). Also, your private loans will have a higher interest rate than your Citi cards. So, I would opt out of the cards, lock in your low APR, and pay off the cards with other sources of income. If you must, get a job while you are in school. Whatever it takes to pay down the card.Student loans generally do not impact your credit score, believe it or not. It’s installment debt and it’s but a small part of the FICO equation.

  24. Sandra did that after your first post accusing me of being a Citibank employee. Since then, we’ve had a great dialog. Unfortunately, that comment on my blog is coming from my Twitter account. Can’t delete it.

  25. Well CMB I sincerely apologize. I saw your advertisers on FICO scores and knew that Citi depends on people not opting out as to not hurt their FICO scores, as it indeed does, so I made a regretful leap in logic. I am assured you don’t work for citigroup and wish you the best with your studies. Best and happy new year!

  26. Sandra, no worries. No hard feelings at all. To accuse me of being a Citi employee, though, is as bad as it gets. LOL. It was like saying ‘your mama’ on the playground. Call me whatever you’d like, but don’t say that I work at Citibank. Haha.

  27. Sandra….wow. Just wow.LOL@CM working for Citi – you would be the WORST employee ever to have…well, after me, naturally!

  28. …but for serious..do you think Citi is hiring? …yea couldn’t even keep a straight face typing that.I’ll be your friend, Josh :)

  29. We are all friends here. Always will be. Citi should do some hiring in the customer service department. So it can handle all of the irate calls.

  30. I will be very honest. I hate Citi, I hate them with a passion. But if they offered me a job today I would snatch it up so quickly. I like to tell myself it is so I could destroy them from the inside….and I would at least make a manager’s life hell…but lets be real – the job market sucks around here. LOL

  31. Citi cut my rate this morning by .75% I doubt it matters but this is my profile as a Citi customer: Have had card less than 5 months with a CLI @ 4 months. Citi cash returns is my only card other than being AU on an Amex. Limit on the card is not even close to huge @ $4k. All the stuff that used to be either debit card or cash goes through the Citi card and I pay on-line at least 3 times during the billing cycle. I PIF and usually before the balance cuts. During the month I use between 5 and 25% of the limit but I did go almost 50% once but paid before the statement cut.

  32. Jake, yup. You continue to benefit from the Fed rate cuts. Just keep taking care of that account.

  33. When citibank started offering 4% on its ultimate savings account (market best was around 3%), you know they were desperate for cash and the end was nigh.

  34. Andy, absolutely. This is a bank with little in the way of deposits. It needed them — and needs them — desperately.

  35. is it a good idea to do a balance transfer to another credit card? if so, which card is best? i’m trying to pay this off as much/quickly as possible.

  36. Ryan, if you could do a balance transfer (BT), that might be an option for you. If would allow you get some breathing room at a lower interest rate. As for which card to BT to, that’s impossible for me to say. If you do a BT, just know that the new creditor will look at your overall utilization, the amount of inquiries you have, how many new accounts you’ve opened this past year. Stuff like that.If you have a solid score, and you’ve been keeping your inquiries, new accounts, and utilization on the low side, you should be ok for a new card. If a card issuer perceives you as desperate (as you look tapped out), I wouldn’t count on getting approved.Good luck!

  37. I have a Citi, US Bank, and a Chase card. US Bank has not increased rates (yet, hopefully). My Chase card APR jumped 4%, which was palpable. My Citi card, however, jumped from 6.4% APR to 24.99% — how’s that for palpable? That’s not the average 3%, that’s 4x the APR; what a great way to force people out. I called and quickly opted out and the funny thing is Citi just sent me a new card, giving me an additional two years until my account is closed with the old rate. If I had called before they mailed off my new card, my account would have been closed at the beginning of next month. But it’s not like I’ll be charging or using this card anymore…

  38. I have two Citibank cards and got the notice on one, but never on the other. I carefully looked for the terms change with my statements since a was aware of this happening. Much to my amazement, the one I did not get the notice on rate went up with the statement closing on 2/1. Any suggestions on what I can do now?

  39. I’d advise that anyone who didn’t get the proper notice call and say as much. I imagine that Citi has been hearing about customers not getting noticed properly.

  40. So I just got an Alert from MyFico. Citgroup closed a card I had open for a few years, but haven’t used in about a year. The alert says my equifax fico went from 787 to 793. I’m surprised that closing this account actually raised my score! I thought it would do the opposite. Perhaps because it’s a relatively young account (2006)?

  41. John, I figured it would be neutral. Nice that you were able to get some points out of it.Because you had not used it for a year, it’s possible that your creditor had stopped updating the record. If that did happen, then the utilization portion of the account would have been removed from the FICO scoring model. Closing the card, then, shouldn’t have had any impact on FICO at this point. The card continues to age even while closed, so there wouldn’t be a negative impact there. But gaining 6 points? I’ll take it.

  42. I’m amazed at at some of the things I see on my credit report in general. For example, I have a JCPenny’s card since 1986. Last Fall, they lowered the limit from $500 to $240 (at one point it was 1 or $2,000 I think). I have about 100k in credit card limit, I use my cards frequently, but carry 0 balance month to month. I basically have no other debt than my mortgage, yet they lower the limit from $500 to $240? How is that possible?? What’s the point? Insane: I buy a few pairs of socks and my utilization is at 50%. These credit card companies boggle my mind. One gives me a 25K limit, another thinks my $500 limit is too tempting and lowers it before I can max it out and default.

  43. Anon, exactly. They’re all doing it now. Citibank was just ahead of the curve. Thanks for the comment.

  44. Or just use the cards and pay the balance off each month in full. There is always more than one way to skin a cat.

  45. Don’t ask how I ended up here.’…has been related to Citibank and the recent interest-rate increase that it smacked millions of customers with.’I suck @ writing, but I would’ve written: …has been related to Citibank and it’s recent interest rate increase that smacked millions of customers.You might have to fire your proofreader or seek the services of a better copy editor.Wait a sec, they’re one and the same. Give yourself a severe tongue lashing after you call yourself on the carpet…

  46. Anon, stick to your day job. ‘It’ refers to Citibank.What you’re trying to do is make a possessive of the reference to Citibank. And, unfortunately, you got that wrong as well. The possessive for Citibank would be ‘its.’ Not ‘it’s,’ which is a contraction for it is or it has.By the way, Anon, if you ever want to test out the word ‘it,’ all you have to do is substitute the word that it is replacing. In this particular case, the word ‘it’ referred to Citibank, which was the subject.So, the sentence would have read: ‘…has been related to Citibank and the recent interest-rate increase that Citibank smacked millions of customers with.’See how that works?

  47. Human nature can be so predictable. You pounced on that bone as if you were a homeless man finding a fin.In general a preposition should come before the noun it modifies. Your ending of the sentence, ‘…customers with.’ lacks polish. This syntax, by collective comparison, casts a shadow of doubt over you otherwise fine reporting skills as possibly exhibiting too much informality. You know where I’m coming from.

  48. Anon, I will say this: it’s a blog. And informality is, for the most part, the rule around here. Moreover, it’s just me. Even I can use an editor. Indeed, I’ve had an editor all of my career. But thanks for showing me the error of my ways. :) Seriously, though, thanks for commenting.

  49. My APR was at around 12%… by Oct/Nov 08 it actually dropped to 9.9%… then in December they jacked it to 16.99… I emailed them the first week of April and they lowered it down to 14.99%So for those of you who still stuck with them.. there’s still a shot..

All In One Place: Citibank Coverage

Given how much Citibank coverage there is at CreditMattersBlog.com, it’s become a necessity to put all of it in one place. During the past four weeks, I’d guess that half of my search traffic has been related to Citibank and the recent interest-rate increase that it smacked millions of customers with. I can only imagine how difficult it must be for a new reader — looking for specific information — to find what he or she is looking for. Let this blog entry, then, serve as an attempt to make life easier for those looking for information on Citibank.If you suffered a Citibank rate hike you might be able to get your APR reduced. A few of us have converted our cards, which resulted in lower APRs. Did You Suffer A Citibank Rate Jack? You May Be Able To Do Something About It—Maybe Citibank went too far with the rate jacks. Maybe too many people opted out. Citibank is sending letters to customers who opted out of a proposed rate jack — in an attempt to win them back. Unfortunately, Citibank doesn’t seem to be offering any incentives to come back.Citibank To Customer Who Opted Out Of Proposed Rate Jack: Let Us Win You Back—Citibank’s interest-rate hikes are not set in stone. Before opting out, you should give Citibank a call and make your pitch. This story tells you how to do it.Don’t Accept Your Citi Hike Laying Down—Has Citibank recently increased your interest rate? Looking for an opt-out letter to send to Citibank? This story is for you.Opt-Out Letter For Citibank Credit Card Customers—What happens if you opt out of Citibank’s interest-rate increase? How will your FICO score be impacted? What if this is your oldest account? This story looks at some of the issues that Citibank card customers will face.The Citibank Opt-Out Decision — Everything You Need To Know—CNN’s Drew Griffin took Citibank to task for its rate-jack strategy. The timing of the hike, meanwhile, came right on the heels of a government bailout. Anderson Cooper 360 video on Citibank rate jack—Citibank’s interest-rate increase impacts a wide range of customers. Some will opt out; some won’t. What I want to know, and what I aim to figure out, is what Citibank will look like down the road — after the dust settles. Citibank’s Rate-Hike Strategy — Where To From Here?—Michelle Malkin, blogger extraordinaire and Fox News contributor, highlighted one of her readers, who was miffed about an interest-rate increase she received from Citibank. In the process, Michelle used one of my stories to illustrate that her reader wasn’t alone.Citibank Tells Cardholders To Take A Hike—If Citibank is raising interest rates on 20% — or fewer — of its cardholders, why is my interest rate being doubled?Citibank To Raise Interest Rates On CreditMattersBlog.com—Before Citigroup received a government bailout, the company — and its stock price — was on the ropes. In the meantime, Citibank card customers were feeling the pain. I highlighted a number of reader comments from my site, showing the breadth and impact of Citibank’s interest-rate hike. Citigroup On The Ropes — Credit Card Customers Feeling The Pain—Citibank isn’t the only card company sending change-of-terms letters to credit-card customers. If you receive a change in terms, and don’t like the new ones, how do you reject them? That’s what this story is about.Change of Terms in Your Credit Card Agreement — How Do You Reject The New Terms?—This is the story that kicked everything off. The Wall Street Journal was the first news publication to mention Citibank’s interest-rate increase. Citibank customers, meanwhile, flocked to my site in droves. Indeed, this blog entry alone has received more than 230 comments.Citibank To Raise Interest Rates On Its Plastic—Other Citigroup/Citibank Odds and EndsA Conversation With Vikram Pandit, CEO of CitigroupShould Citi Field Be Renamed Taxpayer Bailout Field?Citibank Pulling A Large Number Of Its Credit Cards Out Of The Affiliate Marketing ChannelCartoon Of The Day: No. The Fed Will Not Give You $20 BillionU.S. Agrees to Rescue Struggling CitigroupCitigroup Plans To Cut An Additional 53,000 Jobs

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0 thoughts on “All In One Place: Citibank Coverage

  1. Haha. Thanks goodness you approve. I wouldn’t be able to live with myself if you didn’t. : )After this falls to the second page, the Citibank thing to the right will help people who find my site.

  2. Hey Marcus, long time no chat. I just wanted to let you know that I’m being interviewed by CNN tomorrow regarding the Citi rate-jack fiasco.I’ll let you know how it goes, any questions let me know.

  3. I turned down a CNN interview. Maybe that was a mistake…but while I am a CITI card holder (4 accounts) they are all PIF. So while this letter pi$$ed me off, it really doesnt affect me…my 10 seconds of fame faded into the distance…I am actually closing down 2 of the accounts. I was just approved for a GREAT card with a bank that appears to ‘care’ about it’s customers and with a credit line even higher, who needs Citi and their crap?

  4. Hanadarko, no worries on the interview. I did do the interview. I also did not opt out. The rate hike doesn’t affect me. As this site’s owner, CNN, I think, was interested in my connection that way.But I understand you not doing the interview. Maybe next time.

  5. Got my letter in November and the APR went from 9.99% to 24.99%. First customer service rep couldn’t offer anything else. I requested to speak to a supervisor. After a week of playing phone tag the supervisor offered 15.99% on purchases and moved by current balance using a balance transfer to a 4.99% APR (APR effective until the balance transfer is paid off). Didn’t have to raise my voice or argue… did mention the WSJ article though. Strange that this is a better offer than choosing the “Right to Opt Out”.

  6. I recently found out about this site. i wish i would have found it sooner. Talk about Citi group abusing our bailout money. I was doing some holiday shopping couple of days ago and tried to use my Citi Platinum card, but was declined three time. I am sure a lot of people will know how embarassing this can be. Any way I called Citi bank right outside the store only to found out that my credit limit has been decreased for whatever reason and without any prior notification to me. What does Citi have to say about that?

  7. Anon, not surprised about your situation. Card issuers have been cutting limits left and right. A few weeks ago I warned about this. I recommend that everyone check their limits before they head out shopping. http://www.creditmattersblog.com/2008/12/10-credit-questions-and-answers-at.htmlSee question six. The card issuers do not have to warn anyone ahead of time. It’s a real bummer when you’re out and you get declined. It can be embarrassing. Anyhow, stick around. There are a lot of articles on my site. Thanks for posting.

  8. Hi, just a quick question. Is Citi raising rates on ‘fixed’ or ’till paid in full’ balance transfers and/or convenience checks? (I called them and was told these were not effected by the change. I don’t believe them.) If they are, I’m bankrupt, they no longer get their over minimum payments, and they lose a good customer. Thanks –

  9. Emptybank, Citibank is telling the truth. Your ‘for the life’ of the balance deals are locked in. Unless you screw up (miss payments, go over the limit, etc.), you are fine. Promo rates are unaffected by these rate hikes. Citibank is honoring those and won’t raise the rate.

  10. I got the hike with 2 citicards,one at 6.99% and the other at 7.99%, they both are being raised to 16.99%. I am a grad student and have depended on these cards with their low rates to supplement my student loans. I have opted out of the one i used for purchases, but the transfer one, not yet. But I told Citi when I graduate and will in all probability make good money, they will never have my business and I will monitor whatever companies they have a stake in and never do business with them either. I think we need to start a revolt, backlash or something that they can feel!

  11. Sandra, while I am not closing my card, I will be making fewer purchases on the card. That’s my message to Citibank. In a perfect world, I would close the card and send a message. But in this crazy credit world that we live in, that isn’t the right move.Therefore, I will use the card sparingly, but keep it open.

  12. A lot of people need to realize as well that their transfer or introductory rates that Citi still says are good are for the ‘life of the card’ not the life of your balance. So if your card expires in 09 or 10, the new rates apply. Don’t be fooled.

  13. credit matters: why don’t you just use american express then? You have to pay your balance in full every month on the gold card,but get rewards that you can change in for purchases or travel. If the government is screwing your neighbor, but you are left alone. Are you like the Germans who said, well, they’re not coming for me? Sorry this country is corporatism and the individualism we have bought into ( I don’t carry balances, doesn’t affect me) is meant to keep us from voting for healthcare for all, etc. I am disgusted to hear that people have rates as high as 30% and even if they kept my rates at 6.99% I still wouldn’t do business with them. Your ‘message’ is meaningless. They rely on you.But wait till you lose your job and need credit to keep a roof over your head. BTW: I think you work for Citi

  14. LOL. I work for Citibank? Yes, that is why I was interviewed by CNN — so that I could hammer Citibank. Get real. With that message, I can’t even take you seriously. Why don’t I close my Citi card? It has a lot of age on it. Will you shore things up for me when my FICO score falls? Please. As sad as it is, this is an individual system that we live in. That’s the reality. Sad but true. Former Wall Street reporter here. Never, ever been a Citigroup/Citibank employee. Some of my readers know exactly who I am. They know I most certainly DO NOT work for Citi. It’s comical that you would even think that.

  15. Sorry CMB: I didn’t see you on the CNN video and don’t know who you are. What do you look like? I’ll give you my TED profile and you can see me. At least you have my real name. I googled this site, but it seems I reached the wrong place.I don’t need to be your reader. Your FICO score, nor my FICO means anything to me when a company gets a bailout and then hurts their customers that just paid for it. And I don’t care whether you take me seriously. Go ahead keep your card and your message. I am more for the masses who get the royal screw and can never get out, not for you and you’re great FICO score.

  16. Sandra, so me closing my card does what for you? Give me a logical explanation, please. Also, you closing your card does what for me? I hope you see the futility of the gesture. You think that if I recommended that everyone close their card that they’d do it? Of course they wouldn’t. I go back to what I said earlier: we live in an individualistic society. Ideally, it wouldn’t be that way. But that’s the hand we’ve been dealt. Deal with it. I am.You can see my blog site on the video. You can see plenty of posts on this site alluding to an interview that I did with CNN. If a tree falls in the forest — and no one is there — does it make a sound? Of course it does. And the sound waves would prove it. You didn’t see me on CNN, but trust me that I was interviewed by CNN. What’s more, you’ll just have to take my word for it that I didn’t have nice things to say about Citibank.Sorry that you don’t like my site. Sorry that you feel as though I am not being loyal to the world — since I will not close my Citibank card. My FICO score? I care about it. Don’t hold that against me. Again, the system — in its current form — rewards those with high FICO scores. When it doesn’t, we’ll revisit this subject again. Until then, I will continue to nurture it.

  17. Sorry CMB: My degree that I am in debt to up to my ears is in neuropsychology to help foster care kids and vets, not on wallstreet and I see many, many people that will be trampled by this, myself included, who will pay a huge price. How can any one live with limited means and pay off a 5K balance with a 30% finance charge? I agree we live in this system, but I don’t agree we have to take it. Sorry. We both have our subjective experiences. I appreciate you helping those that can do what you are doing, but what about me and my clients?

  18. Sandra, I wish that I could pay that debt off for you. That’s how much I care for my readers. But, alas, clearly I cannot. That said, I try and help my readers any way that I can. I will give you the best advice that I possibly can. Given your situation, I would absolutely opt out of these rate increases with Citibank. That’s the smart play. And it’s the play that will allow you to live to play another day. I’m not suggesting that we have to take it. But I am suggesting that we pay that debt down. We don’t keep balances on our cards. We don’t allow the Citibanks of the world to get their meat hooks into us. If you’re in debt, I can’t undo that. But I can tell you the obvious. Pay it down. Stay out of debt after that. I never would have advised you to get into debt in the first place. But that is neither here nor there. We must deal with the reality you are facing.Get those balances paid down. Opt out of the increases. Pay in full after you’ve got yourself out of debt.

  19. CMB: I appreciate your site, but education costs a lot of money (which I think will be the next crisis) and I am in no position to pay down anything at this point as I am, let me repeat, a student and had great FICO scores, which is why I got my rate increases the day before citi increased my limits because of what a great customer I am. They need people like me with balances. I am happy you can pay off yours, but I decided what I wanted to do with my life and it costs money and people make a killing off it. Perhaps you can suggest I use private school loans to pay off citi? Anyway its wrong and I wish more people would get mad for everyone. Don’t think I don’t care about my FICO, but I want to care about people that don’t even have one.

  20. Sandra, like you, I am in school as well (law school). This is a second career for me. Yes. I am fortunate. I was able to sell my home before law school. It has allowed me to enjoy the freedom I have. You and I are not different. We both have debts. Mine are monthly. Yours are more long term. Same difference. Pay what you can. Don’t miss payments. After you graduate, you can pay down the debt in chunks. We deal with your situation as we find it.Please don’t misunderstand me. I am not callous to your situation — or to anyone who received a rate hike. In fact, I also received the Citi rate hike. I am in the same boat as you, Sandra. The difference is that I was not carrying balances when the rate hike occurred. If I had been, I would have opted out. Just like you.Listen, I have no idea what you do for a living (or what you plan to do), but whatever it is, I imagine that you’ll be great at it. You’re clearly a passionate person who cares about people. We need more people like you in the world.I hope you don’t think that I don’t care about people simply because I won’t close my Citibank card. You’d be wrong. I care. But the reality is that my closing or leaving the card open will not unring the bell that Citibank has sounded. Sigh.

  21. Ok CMB I am willing to take this conversation off your blog as it is personal now if you wish, but given that i did tell you neuropsychology and formerly a forensic expert, my question again is this. If I opt out right now, my credit rating is gets hit, so my opportunity to get a private student loan to pay off citi is also impacted, oui? Thus what do you suggest? trying to get the PSL and just pay them off and keep my scores? I assume you have some info on student loans if you’re in law school. Do they also impact FICO?Thanks!

  22. Sandra, if you opt out now, your card remains open until it expires. Additionally, your card will continue to age — until it falls off your credit report in ten years (roughly). Therefore, no harm, no foul there. Where we need to worry is in your utilization ratio. Because your card will ultimately get closed, the limit will no longer be factored into your score. This will give you less room to maneuver. You’ll have to utilize less of your other cards. Also, when do you plan to get those private loans? Soon? Before the Citi card is closed? If you get those student loans before your card is closed, you should be fine. As for using student loans to pay off credit card debt, not something that I recommend, quite frankly. You’re taking unsecured debt and moving it to something that is a lot more secure (student debt). Also, your private loans will have a higher interest rate than your Citi cards. So, I would opt out of the cards, lock in your low APR, and pay off the cards with other sources of income. If you must, get a job while you are in school. Whatever it takes to pay down the card.Student loans generally do not impact your credit score, believe it or not. It’s installment debt and it’s but a small part of the FICO equation.

  23. Sandra did that after your first post accusing me of being a Citibank employee. Since then, we’ve had a great dialog. Unfortunately, that comment on my blog is coming from my Twitter account. Can’t delete it.

  24. Well CMB I sincerely apologize. I saw your advertisers on FICO scores and knew that Citi depends on people not opting out as to not hurt their FICO scores, as it indeed does, so I made a regretful leap in logic. I am assured you don’t work for citigroup and wish you the best with your studies. Best and happy new year!

  25. Sandra, no worries. No hard feelings at all. To accuse me of being a Citi employee, though, is as bad as it gets. LOL. It was like saying ‘your mama’ on the playground. Call me whatever you’d like, but don’t say that I work at Citibank. Haha.

  26. We are all friends here. Always will be. Citi should do some hiring in the customer service department. So it can handle all of the irate calls.

  27. I will be very honest. I hate Citi, I hate them with a passion. But if they offered me a job today I would snatch it up so quickly. I like to tell myself it is so I could destroy them from the inside….and I would at least make a manager’s life hell…but lets be real – the job market sucks around here. LOL

  28. Citi cut my rate this morning by .75% I doubt it matters but this is my profile as a Citi customer: Have had card less than 5 months with a CLI @ 4 months. Citi cash returns is my only card other than being AU on an Amex. Limit on the card is not even close to huge @ $4k. All the stuff that used to be either debit card or cash goes through the Citi card and I pay on-line at least 3 times during the billing cycle. I PIF and usually before the balance cuts. During the month I use between 5 and 25% of the limit but I did go almost 50% once but paid before the statement cut.

  29. When citibank started offering 4% on its ultimate savings account (market best was around 3%), you know they were desperate for cash and the end was nigh.

  30. is it a good idea to do a balance transfer to another credit card? if so, which card is best? i’m trying to pay this off as much/quickly as possible.

  31. Ryan, if you could do a balance transfer (BT), that might be an option for you. If would allow you get some breathing room at a lower interest rate. As for which card to BT to, that’s impossible for me to say. If you do a BT, just know that the new creditor will look at your overall utilization, the amount of inquiries you have, how many new accounts you’ve opened this past year. Stuff like that.If you have a solid score, and you’ve been keeping your inquiries, new accounts, and utilization on the low side, you should be ok for a new card. If a card issuer perceives you as desperate (as you look tapped out), I wouldn’t count on getting approved.Good luck!

  32. I have a Citi, US Bank, and a Chase card. US Bank has not increased rates (yet, hopefully). My Chase card APR jumped 4%, which was palpable. My Citi card, however, jumped from 6.4% APR to 24.99% — how’s that for palpable? That’s not the average 3%, that’s 4x the APR; what a great way to force people out. I called and quickly opted out and the funny thing is Citi just sent me a new card, giving me an additional two years until my account is closed with the old rate. If I had called before they mailed off my new card, my account would have been closed at the beginning of next month. But it’s not like I’ll be charging or using this card anymore…

  33. I have two Citibank cards and got the notice on one, but never on the other. I carefully looked for the terms change with my statements since a was aware of this happening. Much to my amazement, the one I did not get the notice on rate went up with the statement closing on 2/1. Any suggestions on what I can do now?

  34. I’d advise that anyone who didn’t get the proper notice call and say as much. I imagine that Citi has been hearing about customers not getting noticed properly.

  35. So I just got an Alert from MyFico. Citgroup closed a card I had open for a few years, but haven’t used in about a year. The alert says my equifax fico went from 787 to 793. I’m surprised that closing this account actually raised my score! I thought it would do the opposite. Perhaps because it’s a relatively young account (2006)?

  36. John, I figured it would be neutral. Nice that you were able to get some points out of it.Because you had not used it for a year, it’s possible that your creditor had stopped updating the record. If that did happen, then the utilization portion of the account would have been removed from the FICO scoring model. Closing the card, then, shouldn’t have had any impact on FICO at this point. The card continues to age even while closed, so there wouldn’t be a negative impact there. But gaining 6 points? I’ll take it.

  37. I’m amazed at at some of the things I see on my credit report in general. For example, I have a JCPenny’s card since 1986. Last Fall, they lowered the limit from $500 to $240 (at one point it was 1 or $2,000 I think). I have about 100k in credit card limit, I use my cards frequently, but carry 0 balance month to month. I basically have no other debt than my mortgage, yet they lower the limit from $500 to $240? How is that possible?? What’s the point? Insane: I buy a few pairs of socks and my utilization is at 50%. These credit card companies boggle my mind. One gives me a 25K limit, another thinks my $500 limit is too tempting and lowers it before I can max it out and default.

  38. Don’t ask how I ended up here.’…has been related to Citibank and the recent interest-rate increase that it smacked millions of customers with.’I suck @ writing, but I would’ve written: …has been related to Citibank and it’s recent interest rate increase that smacked millions of customers.You might have to fire your proofreader or seek the services of a better copy editor.Wait a sec, they’re one and the same. Give yourself a severe tongue lashing after you call yourself on the carpet…

  39. Anon, stick to your day job. ‘It’ refers to Citibank.What you’re trying to do is make a possessive of the reference to Citibank. And, unfortunately, you got that wrong as well. The possessive for Citibank would be ‘its.’ Not ‘it’s,’ which is a contraction for it is or it has.By the way, Anon, if you ever want to test out the word ‘it,’ all you have to do is substitute the word that it is replacing. In this particular case, the word ‘it’ referred to Citibank, which was the subject.So, the sentence would have read: ‘…has been related to Citibank and the recent interest-rate increase that Citibank smacked millions of customers with.’See how that works?

  40. Human nature can be so predictable. You pounced on that bone as if you were a homeless man finding a fin.In general a preposition should come before the noun it modifies. Your ending of the sentence, ‘…customers with.’ lacks polish. This syntax, by collective comparison, casts a shadow of doubt over you otherwise fine reporting skills as possibly exhibiting too much informality. You know where I’m coming from.

  41. Anon, I will say this: it’s a blog. And informality is, for the most part, the rule around here. Moreover, it’s just me. Even I can use an editor. Indeed, I’ve had an editor all of my career. But thanks for showing me the error of my ways. :) Seriously, though, thanks for commenting.

  42. My APR was at around 12%… by Oct/Nov 08 it actually dropped to 9.9%… then in December they jacked it to 16.99… I emailed them the first week of April and they lowered it down to 14.99%So for those of you who still stuck with them.. there’s still a shot..

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