For the past three weeks, I’ve been hearing from people who’ve been hit with the 29.99% rate increase. Most are people who pay their bills in full, have had their cards for many years, and previously had low interest rates. I fall into the same category as many of these people, and yet, I still haven’t gotten my rate increase letter.
Now, I don’t use my Citi card. The APR is high, the rewards are lackluster, and I’ve already given them enough money via TARP, though haven’t we all. My problem, however, is that I want the letter. I want them to raise my rate. And I want to leave my card open and never use it.
Fact is, I would have closed my Citi account a long time ago. The only reason I keep it open is the fact it is one of the older accounts in my credit history and I don’t want to hurt my credit score. Yet, when I open my mailbox and find no letter, I grow evermore scared that they will attack me in a different way: with an annual fee.
Now, I have nothing but sympathy for everyone who has been hit with a rate increase. Many people who have written in are enviable positions: they don’t owe Citi money. However, many others do owe them, and some owe them quite a bit. Hopefully, they will be able to use another balance transfer credit card to take advantage of a 0% APR so they can pay down debt. However, many will have to opt out, which could hurt their credit scores.
Nevertheless, as a Citi credit card customer who has not received a rate increase letter, I’m beginning to think that Citi will soon send out annual fee notices to people like me. Since they know they can’t sqeeze me with a high interest rate, they surely will find another way to get cash from my wallet. And an annual fee may be the next topic we discuss on this forum, not only for Citibank credit cards, but for all credit cards.
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Tags: Increase, Rate Increase