Citibank Interest Rate Hike
Author: Judy
Posted: Tue Aug 19, 2003 5:28 pm
Post subject: Interest Rate Gripe-Citibank!
I am so upset. I have a credit card with Citibank. They are deducting my credit card payment directly from my checking account. For the last year my payments have been on time. I found out that they pulled my credit report. On my report I have been late a couple of times with other creditors. A representative from Citibank told me that even though I was not late with them they increased my interest rate to 28% because there was something negative on my credit report and because there is a possibility I will be late with them.
I asked a Citibank representative what did you find that was negative - they would not tell me. Now They deducted 198.00 from my bank account and the finance charge was 197.00.
1 dollar went to pay my 8,000.00 credit card bill.
Author: Asia
Posted: Thu Aug 21, 2003 7:51 pm
Post subject: reading the fine print
O.K. here's how it works,
When you apply and accept credit from practically all banks nowadays they have a clause that allow them to decrease your line of credit and raise your interest rate if they find out you are late paying your other creditors, your use of credit, or maxing or nearing your credit limit. It is desirable to keep all payments on time and at least pay the minimum to all of your creditors instead of chosing one over the other (how is a bank to know that oneday you might not like them anymore and stop paying them on time?). It is not a good idea to have your amount of debt that you owe spread out on having too many credit cards. Read some of the other post on this site the guys like [b]Verne, Ira and Eugene are very well knowledged in this and have given some very valuable information that has helped me and others in this area. Good luck!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Aug 19, 2003 5:28 pm
Post subject: Interest Rate Gripe-Citibank!
I am so upset. I have a credit card with Citibank. They are deducting my credit card payment directly from my checking account. For the last year my payments have been on time. I found out that they pulled my credit report. On my report I have been late a couple of times with other creditors. A representative from Citibank told me that even though I was not late with them they increased my interest rate to 28% because there was something negative on my credit report and because there is a possibility I will be late with them.
I asked a Citibank representative what did you find that was negative - they would not tell me. Now They deducted 198.00 from my bank account and the finance charge was 197.00.
1 dollar went to pay my 8,000.00 credit card bill.
Author: Asia
Posted: Thu Aug 21, 2003 7:51 pm
Post subject: reading the fine print
O.K. here's how it works,
When you apply and accept credit from practically all banks nowadays they have a clause that allow them to decrease your line of credit and raise your interest rate if they find out you are late paying your other creditors, your use of credit, or maxing or nearing your credit limit. It is desirable to keep all payments on time and at least pay the minimum to all of your creditors instead of chosing one over the other (how is a bank to know that oneday you might not like them anymore and stop paying them on time?). It is not a good idea to have your amount of debt that you owe spread out on having too many credit cards. Read some of the other post on this site the guys like [b]Verne, Ira and Eugene are very well knowledged in this and have given some very valuable information that has helped me and others in this area. Good luck!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 9:13 PM
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