Citibank N A Complaint - Citibank Rate Increases are Extortion
I too received one of those friendly letters from Ken Stork advising me that Citibank would be raising my interest rate to almost 30% effective November 29th. I called to see if they would reduce my current rate as there is no way I will pay 30%. When I called, I learned that is no room for discussion. I was told more than once that there is nothing anuybody can do as this was a "business decision". After being on hold and then disconnected, I called back and found out that the first representative had already logged me in as "opting out". I told the second representative that I had not yet made a decision and wanted to speak with someone in regards to lowering the rate or filing a complaint with the company. After asking for more information in regards to filing a complaint, I was told that some from the "President's" office would be calling me on the following day. Needless to say, nobody ever called back. After doing some digging, I found an 800 number to their headquarters in NY. I suggest everyone continue to call and tie up their lines. Do not take no for an answer. Today, I learned that there is another option involving converting your balance to a loan at the existing rate. This option was not available yesterday. There are other options. Citibank will be better off inf they negotiate with people so that more of us can pay down our debt and be in better positions to borrow yet again in the future as needed. Otherwise, tell Citibank that they're loosing a customer for life and find a credit union.