Comments on: Citibank and AT&T tell me to go to hell

By: Wade Kwon

Wade Kwon — Thu, 24 Dec 2009 02:59:45 +0000

Gary,

The only 2 reasons I have credit cards: I hate dealing with cash. And I like getting a rebate with my credit card purchases.

But I agree that we are victims only to the extent we allow ourselves to be victims. Shopping for and changing credit cards has never been easier. Consumers could have the banks by the balls, rather than the other way around, if they pushed back.

By: gary clark

gary clark — Thu, 24 Dec 2009 01:19:00 +0000

Love the posts and the stories from hell. I went credit free 8 years ago and should have gone sooner. My credit score is probably “0″ but, what do I care if I am not borrowing money? I buy what I can pay for out of my own pocket. My best advise is to get all of your balances paid down to 1/2 the amount owed and then cancel the account. If every person that is tired of being kicked around by the banks would stop doing business the national banks and pick a local bank that knows you by name, it should not take the big banks long to start feeling the pain once the shareholders pockets start getting thin. Live within your means.

By: Wade Kwon

Wade Kwon — Mon, 14 Dec 2009 04:06:23 +0000

Kevin, thanks for sharing your nightmare and the resolution.

I may go shopping for a new credit card soon. Just to show the banks who’s boss (they are).

By: Wade Kwon

Wade Kwon — Mon, 14 Dec 2009 04:04:10 +0000

John, thanks for the heads up. Apparently, we are screwed no matter which path we take. Thanks, U.S. financial institutions!

By: Kevin

Kevin — Sun, 13 Dec 2009 22:03:41 +0000

Citibank has jacked me around a couple of times in the last year. After being a 20-year customer with an 800+ credit rating, they pretty much told me to go ^%$ myself. A year or so ago, they pushed me into changing my Citicard into one of the new AT&T cards (do we smell collusion?) with a 5% increase. I fought back, and they reduced it back down to my original rate. Nevermind the hassle I had to got through for auto-payments set up on my original card number.

Then, in October, they sent me the same letter, skyrocketing my rate to 14.99% PLUS PRIME!! Whiskey Tango Foxtrot?!?!?!? Knowing that the economy is poised to eventually return to better shape, I know that this will eventually equal a +20% rate. So much for credit history and loyalty.

I called them again in hopes that they might back down again. They gave me the options of:

a) accept their screwing,

b) be thankful that they were (possibly) going to reduce my now-astronomical interest rate by 1% (a drop in the bucket), if I kissed their slimy ass, asked “pretty please”, and said it with a smile, or

c) keep my current interest rate for six months at which time the would permanently close my account, and my balance would be due and payable *in* *total*!

So much for customer loyalty and credit history (which is a Cathc-22 joke: you need a credit history to get credit, and credit to get a credit history).

So I applied and easily got a new card with a lower APR. True, it does not have the limit my Citi card did, but I don’t max them out anymore (hence the 800+ rating I have now). I’ll transfer the remaining balance from Citi to the newcard to take advantage of the 0% starter rate. Both the Citi AT&T card and the Amex Blue (they jacked me, too) cards I have in my wallet will gather dust now.

The thing that the banks and credit card companies seem to have missed in the recent news is that more people shopped with *cash* this Christmas because of the economy and royal screwing that the banks & credit card companies have been perpretrating. Eventually, their profits will drop because people will just realize that they’re being smarter by *not* using the cards at all.

“Kick a man while he’s down” seems to be the order of the day….

By: John

John — Sun, 13 Dec 2009 20:45:09 +0000

There’s a good chance Rachel & her husband’s credit score would go down if they closed that old account. Happened to me. I’d ask the credit bureau. Besides, some old accounts can be useful. A very old car loan from a bought-out bank became an instant line of credit when I opened a new checking account.

By: uberVU - social comments

uberVU - social comments — Sun, 13 Dec 2009 19:42:49 +0000

Social comments and analytics for this post…

This post was mentioned on Twitter by steve_hartley: RT @WadeOnTweets Reward for good consumers? Citibank says go to hell, cancels my credit card after 19 yrs. http://bit.ly/citibank-sucks…

By: Wade Kwon

Wade Kwon — Sun, 13 Dec 2009 05:29:32 +0000

Rachel, I’ve been meaning to scan in the letter, but haven’t had time to do so. It’s very clear about the account being shut down.

The credit card companies use formulas to determine customer profitability. Once the computer decides, you’re done.

You can tell the credit report bureau to close the account on your behalf. That should take care of it.

By: Rachel @ Grasping for Objectivity

Rachel @ Grasping for Objectivity — Sat, 12 Dec 2009 05:38:54 +0000

Did they give you the option of keeping the account open if you requested so? If so, I think that is a good move for everyone involved. For instance: I check our credit reports once a year, and it bugs me EVERY SINGLE TIME that there is this random Credit card account showing open on my husband that he hasn’t had or used in at least 10 years. The thing is, we don’t have the card anymore, or really any pertinent information to get the stupid thing closed, so it just shows open. And since we’ve moved a few times, it’s not like they can contact us. I wish they WOULD close that obviously unused account.

….and I was 9 years old in 1990.

By: Wade Kwon

Wade Kwon — Wed, 09 Dec 2009 22:34:47 +0000

One solution may be to shop for a low-interest credit card with a 0-percent transfer rate good for 12 months. I suggest BankRate.com as a resource. The other is to work with your own bank to consolidate credit card debts into one payment plan.