Ever think that even though the credit card companies are going after everyone else, they won’t come for you? I used to believe that too until I received the following notice in the mail. But these vampires came after the wrong blogger, and I am fighting back!
Check out the following notice that arrived in an unremarkable, non-descript envelope. I almost threw it out without looking at it.
Citibank informed me that they intended to jack up my rate to 29.99% unless I opted out. Bear in mind that I have had this credit card since 1990 and make payments on it every month, usually every two weeks. They offered me a chance to be eligible for a payback of 10% of my interest as long as I paid once a month, making the rate essentially 27%. If I turned down the terms, the card would lapse on its expiration date, which in my case is November 2010.
So I called them to opt out. Their representative informed me of the “opportunity” for the 10% interest payback, which did not sway me. Then his manager got on the line to offer me a “special” deal: a rate of 27.99% for six months, after which the 29.99% would become effective. When that didn’t work, he offered me a “super” deal: 25.99% for the first six months. None of that would make me put down the garlic.
So I asked him why I was targeted. He admitted that I was “an excellent customer” with “zero chance of default,” but claimed that Citibank’s lenders were raising their interest rates, causing the bank to pass them on to customers. So a pair of fangs is buried in Citibank’s neck, driving them to search out the tender necks of others.
Back, forces of evil! I opted out despite the “special” and “super” deals, but only because I was lucky enough to open the envelope. Otherwise I’d be a nightwalker myself.
Can’t anyone stop the relentless march of the undead?
Thursday, October 29, 2009
Credit Card Vampires Out for Blood
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2 comments:
Citibank's lenders are raising rates? The taxpayer owns a third of this company and recently converted preferred stock to common thus massively reducing their interest expense. These bastards are totally shameless. Talk about a special place in hell!
The other story here is that the credit card companies have us between a rock and a hard place. Responsibly maintaining a credit card since 1990 is great for your credit score. Closing that account is not. Opening up another account is also not good for your credit score, so we're told. So in the spirit of competition, if you want to punish one bank by closing your credit card account and opening an account elsewhere, you pay a price on your credit score. And how much? Sorry, that's an industry secret not to be shared with consumers. Oh, but you will know if you're denied for a mortgage or a loan perhaps.
Mike Rauck
Bowie
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