May 18, 2009
The Daily Poverty Post.
The other day Bossy’s husband was looking at his latest Citi MasterCard statement, when he noticed his interest rate was bumped from 9.9% to 14.99%. This made no sense according to previous credit card guidelines, for instance Bossy’s husband pays the bill on time, every time.
So he got on the phone with Citi’s customer service and explained all of this and more, way more, and then the representative told Bossy’s husband the best rate she could do was 12.99%.
Bossy’s husband says no way, except he uses more words like, “Cancel the card and send me a final bill,” and the representative transfers the call to the account manager.
The account manager explains that notices were sent to all Citi users, detailing that Citi itself has to pay a higher interest rate, and that the raising of rates is global, and affects everyone with Citi accounts, and accept these new terms or else.
And so Bossy’s husband said the equivalent of, “Or else,” except using way more words, most of them polite.
She then left the line to check to see if a lower rate was available and returned to say the best she could do was 6.99% for six months, which is their current promotional rate.
Bossy’s husband accepted the offer, resolved to waste another hour on the phone with a representative when the six-month offer expires — but in the meantime, due to the whole debacle, Bossy’s Citi MasterCard interest rate dropped 3%.
Sheesh. Keep your eyes open, dear Council!
If I didn’t hate the telephone so much, I would give this a try. Thanks for the heads up, Bossy.
Fan-freaking-tastic! Put an extra cookie in bossy’s husband’s lunchbox today!
Capital One did the same thing except it was more along the lines of 21%. Painful.
I can’t stand how big companies try to constantly screw the consumer !
Don’t get me started on Verizon, our telephone company!
ours were raised too and I think that it was the final kick in the rear end that I needed to stop using them with the promise to send an extra check on top of what I usually pay and start getting rid of them once and for all.
So this is what Bossy’s President O’Boyfriend has been talking about lately! Maybe you should send him a link to this post. Maybe he will use you as an example in his next speech. Or maybe he will leave a comment on your blog. Now how stinkin’ cool would that be?
Same card – same problem…only we didn’t get anywhere on the phone. If anyone hears about a card with a better rate that doesn’t charge to do a balance transfer shoot me an email!
I have no debt. It took a long time in the making but no mortgage, credit card debt, car payment, noth’in. I called my phone company and cancelled my land line and they said, we’ll give it to you for $30 instead of $90 if you keep it. Lousy rotten you know whats. Then I called my email provider to cancel it. Then THEY said, we’ll give it to you for $9 instead of $25. Lousy rotten you know whatevers. Then I called my satellite TV provider to cancel b/c I live way in the woods. They gave me $20 off. Then I called my cell company to cancel and they cut my personal service in half. They don’t call you when they can give it to you cheaper, but look out when there’s a hike. I had so much money left over in savings I got satellite internet b/c I live way out in the woods and good thing they just fixed the Hubble b/c you’ll need it to find me.
For some reason, that never works for me. They raise my interest rate for no reason at all. I call. They say, Gee we’re sorry, that’s the best available rate we have for you. I argue. I always pay, on time, every month. I get a supervisor. The supervisor says, Gee were sorry, that’s the best available rate we have for you. Please send Bossy’s husband to help me. Thank you.
I once threw an absolute fit over an interest jacking, threatened to pay the bill in full (terrorism to cc companies and I never could have actually paid it) and got 0% for two years.
whatever you do, do NOT cancel your card. this will F up your credit.
I had heard that companies were doing this. Some were even lowering credit lines.
Aaaahhhh….. And that is the reason we shouldn’t keep balances on credit cards in the first place, folks. Because the credit card companies can do whatever they want and we owe them money.
I had my rate jacked the month I was fortunate enough to be able to pay off my credit card balance and I vowed to never carry a balance again. I’m 4 months into that vow. So far, so good.
This is why we dropped our big corporate cards and went with our local Credit Union Card, through our own bank. And we’ve got six percent.
Also? Pay it off every month. Then that # won’t matter.
They have to pay for all those bad home loans some how…
Sucks that the people who do the right thing are now getting screwed for it…
Funny thing is Citi is saying they need even more bailout $$$ and still may go belly up. So now we are paying more , the govt is going in more debt for them and 80% of the economists say they’ll end up bankrupt anyway… Nice huh.
Bossy’s husband is my kind of guy.
Bastards.
Go Team Bossy!
They all suck you in with low interest, but the fine print usually tells you that after the introductory time limit, they can and probably will raise the rate.
I paid off all credit cards before retiring. If I can’t afford to pay cash, I don’t buy it.
And guess what….it’s not only the big companies and banks (and I’m no fan, believe me), but it is also the little guy.
I see it constantly…everyday people trying to scam the system. Insurance, car rentals, food stamps, on and on and on. Sickening….both extremes.
This is why I keep all my money in my mattress.
I should say, BOTH my money. And I don’t really have any. But if I did?
Mattress. Buried in the back yard.
During my hiatus from employment I was offered a credit card with a $250 line of credit and $179 in fees.
I hope you properly thanked Bossy’s Husband for his perseverance. And by “thanked” I don’t mean “told him you just married John Cusack/some woman’s hairstyle/the drummer in that band/a pair of shoes.”
It may be too late, but by law, when your cc company increases your APR, you can tell them that you want them to freeze your previous interest rate, which they are obliged to do so, with the caveat that you can absolutely NOT put anything else on the card (effectively closing your account.) They should have already taken a position out to cover your balance at whatever APR they were charging you before, so the increase in their cost of credit has absolutely, positively nothing to do with you.
Oh, did you just read how credit card companies are moving to start charging their customers who always pay off their balances on time, since they aren’t making money off of them? I see a scissors and some shards of plastic in my future if this comes to pass.
I have a Citi card and they did the same thing to me. I called and the lady told me I had the right to refuse the 14.99% rate. I was told I could go back down to 5.99%, but when my card expired Citi would not renew it. So, I have two years to find a new card.
Which reminds me, I got to get on the horn and do this, too. Thanks for the tips, Bossy! As usual, you rock.
I was getting ready to drop my Citibank card for other reasons. This just steels my resolve.
I’m musing about 6/Carson’s suggestion to send this to B. O’bamafriend and then O’B would personally comment on this blog… Except none of us would really believe it was him!
Good for him for staying on top of the company! Squeaky wheel gets the grease. I have posted what I think is a fun little craft project for making a CREATIVE, budget-friendly, appreciated gift for your girlfriends to help the poverty party sisterhood. Here’s a link: http://ungirdledpassion.blogspot.com/2009/05/have-happy-period-really.html Hope you have fun with it!