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groovypeg
:)
Member since 5/05 2423 total posts
Name:
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is anyone elses's CC APR rate increasing?
my citibank card is increasing to 23%
i just had it out with a customer service rep. i have been banking with them since forever and i can't believe this increase.
is there anyway to fight this?
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Posted 11/12/09 9:06 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
The notices I received about rate increases included an opt out feature - which basically means you agree to pay off the balance but not use the card anymore.
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| Posted 11/12/09 9:12 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: is anyone elses's CC APR rate increasing?
Posted by Christine
The notices I received about rate increases included an opt out feature - which basically means you agree to pay off the balance but not use the card anymore.
Us too. DH was getting a lot of these. Then the APR went down on one of his cards 
From what I have heard, the CC companies are doing this because next year new laws go into effect restricting when and how much they can increase APR.
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| Posted 11/12/09 9:14 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
Posted by groovypeg
my citibank card is increasing to 23%
i just had it out with a customer service rep. i have been banking with them since forever and i can't believe this increase.
is there anyway to fight this?
Just got this letter from them too!
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| Posted 11/12/09 9:16 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: is anyone elses's CC APR rate increasing?
Posted by Aries14
Posted by groovypeg
my citibank card is increasing to 23%
i just had it out with a customer service rep. i have been banking with them since forever and i can't believe this increase.
is there anyway to fight this?
Just got this letter from them too!
Do not accept the new terms (close your account) and move on 
This is a sign that A. you are a risk to them and B. i can make easy money off these people
Message edited 11/12/2009 9:29:50 AM.
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| Posted 11/12/09 9:29 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: is anyone elses's CC APR rate increasing?
I have had my Amex for over 10 years. I got a letter from them telling me that the rate would go up (like 27-28%!!!!!) but they would not decrease my limit.
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| Posted 11/12/09 9:32 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: is anyone elses's CC APR rate increasing?
Posted by BabyBoy
Posted by Aries14
Posted by groovypeg
my citibank card is increasing to 23%
i just had it out with a customer service rep. i have been banking with them since forever and i can't believe this increase.
is there anyway to fight this?
Just got this letter from them too!
Do not accept the new terms (close your account) and move on
This is a sign that A. you are a risk to them and B. i can make easy money off these people
I don't agree. A lot of CC are doing it whether you are a risk or not.
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| Posted 11/12/09 9:33 AM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: is anyone elses's CC APR rate increasing?
I just got a letter like this too for my HSBC card. I've had this card for nearly 10 years and I don't think I've ever made a late payment. I carry a balance, but I'm not anywhere near my limit. Of course, if I was I probably couldn't afford the minimum payments but that's another story.
And for what it's worth, I think everyone's a risk right now.
Who can say their job is guaranteed?
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| Posted 11/12/09 9:48 AM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
Posted by headoverheels
From what I have heard, the CC companies are doing this because next year new laws go into effect restricting when and how much they can increase APR.
that's exactly why they are doing it.
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| Posted 11/12/09 9:52 AM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: is anyone elses's CC APR rate increasing?
Yes!
My Citicard is going from 14.99% to 29.99% starting Nov. 29!
I called them this weekend and was originally told that my only option to avoid the APR is to opt out and close the card. I didn't want to do that bc I've had this card for a very long time and I really enjoy the benefits (cash back). I asked to speak to a manager and she was able to switch some things around so that my balance stays at 14.99% until it's paid off. Unfortunately, aside from calling after 11/29 to see if I can get a better APR, there's nothing I can do about the 29.99% on purchases.
I'm annoyed, but in the long run it will stop me from spending on my cc.
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| Posted 11/12/09 9:52 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: is anyone elses's CC APR rate increasing?
Posted by smdl
I don't agree. A lot of CC are doing it whether you are a risk or not.
CC companies are thinking differently who to cover and not to cover based on credit trends, etc... there are a lot of factors that go into this - credit limit, on time payments, your "other" credit accounts, the economy etc..
You may think your not a risk but they do. Yes, they will give you the generic line that this is changed based of your credit report. They are just doing business different.
ex. For years, they may of been cool if you were a 700 credit score but with the type of account you have, maybe they are cool if you are at 750. Similar to car dealerships and how they have different tiers based of your credit score.
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| Posted 11/12/09 9:58 AM |
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groovypeg
:)
Member since 5/05 2423 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
my credit score is in the upper 700's so i dont see why that would affect my APR. i do notice that it seems to be happening with my higher balance card.
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| Posted 11/12/09 2:30 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: is anyone elses's CC APR rate increasing?
Posted by KGools
Yes!
My Citicard is going from 14.99% to 29.99% starting Nov. 29!
I called them this weekend and was originally told that my only option to avoid the APR is to opt out and close the card. I didn't want to do that bc I've had this card for a very long time and I really enjoy the benefits (cash back). I asked to speak to a manager and she was able to switch some things around so that my balance stays at 14.99% until it's paid off. Unfortunately, aside from calling after 11/29 to see if I can get a better APR, there's nothing I can do about the 29.99% on purchases.
I'm annoyed, but in the long run it will stop me from spending on my cc.
yep...same for my- I have hard this card since 1998
I do all my banking with citi- business and personal
I told them to beat it...I am not paying that
Capital one was more then happy to give me a card at 0% till Nov 2010
I am paying the citi one off at about 14%- but I have 5% till Jan- I had 9 months at 5% - that I worked out with them months ago to save this card from being closed- since it was my oldest one - should have taken the 0% for a year and closed the card (my other offer)
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| Posted 11/12/09 2:39 PM |
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DayDay
Livin' the Good Life....
Member since 9/06 5939 total posts
Name:
Dayna
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Re: is anyone elses's CC APR rate increasing?
I got a letter from American Express telling me they were raising my APR the following month.. I got the bill the next month and the APR went up to 27%!!! So I transferred the balance to a fixed 8.9% card and I am closing it.
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| Posted 11/12/09 2:45 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
join the Debtors Revolution
I saw this woman on Suze Orman and it was very interesting.
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| Posted 11/12/09 4:17 PM |
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Re: is anyone elses's CC APR rate increasing?
I have gotten increases. I was going to opt out but I have not found the time to actually do anything about it. My parents have had credit since the late 1960s. They use their cards but they have never carried a balance. They have paid off a mortgage and some cars. Their credit scores have to be immaculate. They just got a notice that one of their card rates is going to 24%. They don't care because they do not carry balances but that is a crazy thing to do to people who have perfect credit. The banks do not make much money off them as card carriers but too bad! I am thinking of closing accounts even though I may be better off leaving them opened. I just do not want a lot of open credit anymore.
My own suspicion is that there may be a class action lawsuit on the rise and some people will get back money that they paid in interest and fees. These rates and fees are usury! Don't take this as a guarantee that it will happen but it is my hunch.
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| Posted 11/12/09 4:47 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: is anyone elses's CC APR rate increasing?
Posted by BabyBoy
Posted by smdl
I don't agree. A lot of CC are doing it whether you are a risk or not.
CC companies are thinking differently who to cover and not to cover based on credit trends, etc... there are a lot of factors that go into this - credit limit, on time payments, your "other" credit accounts, the economy etc..
You may think your not a risk but they do. Yes, they will give you the generic line that this is changed based of your credit report. They are just doing business different.
ex. For years, they may of been cool if you were a 700 credit score but with the type of account you have, maybe they are cool if you are at 750. Similar to car dealerships and how they have different tiers based of your credit score.
I am not sure if this is true.
I just received the same letter in the mail about a rate increase and I do not have a balance nor have I ever had a balance and I do not even come close to spending the maximum credit available to me. Additionally, my credit score is in the high 700s.
I think they just want to make more $$ off of everyone.
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| Posted 11/12/09 5:47 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: is anyone elses's CC APR rate increasing?
yes. but i pay my cc's in full so it doesn't really affect me.
it SUuCKS though...
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| Posted 11/12/09 5:53 PM |
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Athee
I believe in miracles!
Member since 8/07 2462 total posts
Name:
A
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Re: is anyone elses's CC APR rate increasing?
i JUST called them yesterday and I cancelled... I went from 9.99% to 29.99 without missing any payments and was a customer for years....
Their excuse was "because of the economical crises"... s crew you CC's!!!! 
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| Posted 11/12/09 5:58 PM |
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