Thursday, October 29, 2009

Credit Card Vampires Out for Blood

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?