Credit card client parries rate hike
Nov 11, 2002, 12:54 pm
#1
Original Poster
Join Date: Apr 2000
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Credit card client parries rate hike
LAZARUS AT LARGE
Credit card client parries rate hike
http://sfgate.com/cgi-bin/article.cg...10/BU46904.DTL
Credit card client parries rate hike
http://sfgate.com/cgi-bin/article.cg...10/BU46904.DTL
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Norman Shopay of Benicia is the credit industry's worst nightmare: a customer who pays attention to his bills, files away supporting documents, takes copious notes and has the chutzpah to push his point even when a greedy card issuer insists that he's wrong.
As it turns out, Shopay was correct to stick to his guns. And more than a few other consumers would be smart to follow his example.</font>
As it turns out, Shopay was correct to stick to his guns. And more than a few other consumers would be smart to follow his example.</font>
Nov 14, 2002, 11:31 am
#2
Join Date: Apr 2001
Posts: 117
You think that’s bad? I was looking at my citibank statement two days ago when I found out that my interest rate had jumped from 8.65 to 24.90. Rather puzzled I called citibank. They said that my payment was 10 days late. I pay my card online. It seems that my payment made in September did not go thru, and when I paid my October bill it credited my September bill. I explained this to the gal and she said that’s not our problem. I mentioned to her that I've had this account other citibank AAdvantage card accounts with them over 3 years and that this is my first late payment. And that it was all in error. I was told to wait six months and they can look into it. I sent a written letter via certified mail and I'm waiting on a response back now. I could certainly understand if they raised it to maybe 12 or 15, but 24.90 for something that was late for 10 days. I am about to have a heart attack as this credit card has a really high balance.
Nov 14, 2002, 3:55 pm
#3
Join Date: Apr 2002
Posts: 2,949
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Hints4You:
[B]You think that’s bad? I was looking at my citibank statement two days ago when I found out that my interest rate had jumped from 8.65 to 24.90. B]</font>
[B]You think that’s bad? I was looking at my citibank statement two days ago when I found out that my interest rate had jumped from 8.65 to 24.90. B]</font>
Nov 14, 2002, 9:14 pm
#4
Join Date: Jan 2000
Location: Ashburn, VA (IAD/DCA/BWI)
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by TTT103:
This is unreal! I would cancel and take your business elsewhere. A few years ago my grandparents decided that they were being overcharged by a merchant. Instead of calling the card company (AT&T Universal) they decided not to pay the bill thinking that it would effect the merchant--not AT&T. Low and behold I get a call from my grandmother the following month complaining about the penalties and interest assessed by AT&T. I figured that I would not win a battle with AT&T, but opted to call them anyway. They straightened the whole thing out and waived penalties and interest. Now, that's the way to run a company.</font>
This is unreal! I would cancel and take your business elsewhere. A few years ago my grandparents decided that they were being overcharged by a merchant. Instead of calling the card company (AT&T Universal) they decided not to pay the bill thinking that it would effect the merchant--not AT&T. Low and behold I get a call from my grandmother the following month complaining about the penalties and interest assessed by AT&T. I figured that I would not win a battle with AT&T, but opted to call them anyway. They straightened the whole thing out and waived penalties and interest. Now, that's the way to run a company.</font>
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Nov 15, 2002, 6:42 am
#5
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Location: Pennsylvania
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by TTT103:
This is unreal! I would cancel and take your business elsewhere. </font>
This is unreal! I would cancel and take your business elsewhere. </font>
Nov 16, 2002, 10:22 pm
#6
Join Date: Apr 2001
Posts: 117
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by pdhenry:
But if you're not already paying the highest interest rate, pay off the balance before you cencel; otherwise you will be paying the highest rate unitl it's paid off...
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But if you're not already paying the highest interest rate, pay off the balance before you cencel; otherwise you will be paying the highest rate unitl it's paid off...
</font>
Nov 20, 2002, 2:41 pm
#7
Join Date: Feb 2001
Posts: 792
Unless you're; wedded to the card for some other reason; have a poor credit score and can't get another card; or like being abused - I'd apply for another card with a 0% balance transfer option and a low follow-on rate, move the balance and then close the account rather than be charged 24+%.
Nov 21, 2002, 9:14 am
#8
Join Date: Jan 1999
Location: ORD
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Posts: 624
Hints4You,
Fire up a nice letter explaining situation that occured by PlanetFeedback.
The website address is: http://www.PlanetFeedback.com
I have seen a lot of people getting MUCH better results going to the TOP of the company then just simply argue with the rep. Your PlanetFeedback letter goes directly to the CEO, etc office, going beyond rep and supervisors heads.
In addition Citibank is known for prompt reply for all the PFB letters - often with great success.
I say give it a try!
[This message has been edited by Damian (edited 11-21-2002).]
Fire up a nice letter explaining situation that occured by PlanetFeedback.
The website address is: http://www.PlanetFeedback.com
I have seen a lot of people getting MUCH better results going to the TOP of the company then just simply argue with the rep. Your PlanetFeedback letter goes directly to the CEO, etc office, going beyond rep and supervisors heads.
In addition Citibank is known for prompt reply for all the PFB letters - often with great success.
I say give it a try!
[This message has been edited by Damian (edited 11-21-2002).]
Nov 21, 2002, 11:58 am
#9
Join Date: Nov 1999
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Posts: 3,489
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Hints4You:
I pay my card online.</font>
I pay my card online.</font>
Bob
Nov 21, 2002, 8:46 pm
#10
Join Date: Apr 2001
Posts: 117
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by AZ_MISMAN:
Check and see if you bill payment service has a guarantee. Most of them do. They can get the late charges waived (or they reimburse you) and can also help get the rest of the mess straightened out. I have had good luck with mine when the payments didn't make it in time.
Bob
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Check and see if you bill payment service has a guarantee. Most of them do. They can get the late charges waived (or they reimburse you) and can also help get the rest of the mess straightened out. I have had good luck with mine when the payments didn't make it in time.
Bob
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I got a letter today from citibank, it stated that they were sorry I had chosen to close my account. blah blah blah. The lady said that should would leave my account open that way I can check back in six month for a lower apr. I called and this gentleman answered the phone. Very nice guy. I asked why was my account closed when they had said they would leave it open. He said they closed it and then reopened it. I explained to him what was going on and also offered some more info regarding the payment in question. He said let me put you on hold. He came back about 45 seconds later and said I have to advise you something. One more late payment no matter what and it will revert back to 24.9. I said so you got it lowered? He said back to 8.65. I thanked him about a million times and wrote to citibank to give him a compliment.
About getting another creditcard, even though I have good credit my debt to income ratio is rather high. So I was declined for the last 2 credit cards I applied for. In any case thanks for the advise.
Go Citibank!