P. O. BOX 6500, SIOUX FALLS, SOUTH DAKOTA -- I have been a Citi Card member since 1998. In fact it was the first credit card account I opened as an undergraduate student. In my entire history as a card holder, I have generally carried a small balance and have never (in my recollection) made a late payment. A highly desirable Citi customer right? Apparently not!
Last month, my wife (who mails off most of our bills) inadvertently dropped the payment envelope down between the seat of her car while at the post office. Consequently, the envelope was not discovered until after the payment due date had passed. Thinking we had already made the on-time payment, we immediately called Citi Card to explain the accident and to inform the company that the payment was en route but would be late. The customer service agent was pleasant enough, waived our late fee, and made a note on our account explaining what had happened. For the record, I believe our payment was officially 8-10 late.
Today, I received a notice in the mail from Citi Card explaining that, due to the late payment, my account (OF 12 YEARS) was being closed next month. Thinking that this was simply a misunderstanding that could be resolved, I called Citi Card and spoke with 2 senior account supervisors. I was told that the Notice I received was accurate and final, that there was no review or appeal process, and that despite the fact that I have been a valued customer for over 12 years with no prior late payments (and a good excuse for my one and only late payment), that this was a business decision by Citibank.
The fact that this is my oldest line of credit and that the closing of this account will negatively affect my credit score was/is my biggest frustration. I even asked the supervisor if Citi could simply freeze my account (i.e. keep it open but not extend another dime of credit) so as to not negatively impact my credit score, and I was told no. Consequently, a check paying off the balance for that account is already in the mail, and Citibank will not be earning another penny of interest from me. Thank you Citibank...you have just convinced me to boycott any and all Citi-related product or service until the end of time, or Citibank goes bankrupt!!
I don't complain much, but this really had me scratching my head. I have a Shell card and an zExxonMobil card that were issued by Citibank. Before the flood of "why did you need two gas cards" starts, I'll answer: one was for my husband when he had to travel, and one was for me since there is a Mobil station by my school. I paid the Shell card off last October. I carried a balance on the ExxonMobil card, but the limit is low, so it's not much-a few hundred bucks.
About three months ago, they decided to raise my credit limit. OK, didn't ask for it, didn't really want it, but OK. Yesterday, I got two letters in the mail from Citibank that looked like they were typed in my 8th grade computer class (I was in 8th grade back when a computer took up a room, if that tells you anything) and photocopied. Citibank's name doesn't show up anywhere in the letter until the very end, and only once in a footnote paragraph about the identity of the creditor.
They have decided to close both accounts for various reasons: not enough credit history, too much credit history, "unknown" deliquency (??), some other contradictory junk. Whatever. Creditors nowadays do what they want, I suppose. The part that really had me mad was that the closing date is March 18. Three days' notice? This is a valid question: are there any notice requirements for closing an account?
I paid these bills. I got a credit line increase. I have a loan with Citi, and the guy in the branch calls me every six months to ask if I want to refinance and save $5 a month while extending my loan 3 years. Uh...no. So I'm just a little irritated that they decided that, for whatever reason (I can't figure it out based on the laundry list they gave me), I am no longer good enough for them and that they are dropping me like a hot rock in three days. Now my credit report is going to show that they closed my accounts, and my debt-to-credit ratio is going up.
Everyone has their own experience, so I'm not going to tell you to run screaming from Citi. Just know that, in my complacency, I had no problem with them until they blindsided me with this little business. I'll pay my loan and the balance on the gas card and skip doing any business with them in the future. They won't miss me or my money.
HILLIARD, OHIO -- So this is some really shady business practices going on. Citibank raised my interest rate on my card from 8.24% to 25.99% for no reason after I have had the account open for 18 years. I have a 765 credit score. I accepted the rate increase because I don't want them to close my account which would negatively affect my credit score, and they know that. That would allow more creditors to raise my interest rates and lower my limits.
Needless to say, I am not ever going to use a credit card with a 25.99% interest rate if it will EVER carry a balance. But now that it has a $0 balance, if I don't use it somewhat regularly, they will close it for inactivity. So I get a letter in the mail yesterday that I can sign up for this "new program" where they will "reward me" with 10% of my finance charges back in the form of a statement credit if I pay just the minimum balance each month. How crazy are they?
So, hypothetically, say I have a $5,000 balance. Before they raised my interest rate I would have paid about $34.33 a month in interest (8.24% / 12 * $5,000). My minimum payment is $68.00 a month on a $5,000 balance. But now with their "new reward program" and the friendly interest rate increase, I pay about $108.29 in interest every month (25.99% / 12 * 5000). My minimum payment is still $68.00 a month. But if I pay just the minimum, they will "reward me" with 10% of my finance charges back. So I will get a statement credit of $10.83 a month. Woo hoo.
So by paying just the minimum, I get to give them $98 a month in interest and my balance will just continue to grow and that $98 a month will grow exponentially. Unfortunately there are probably many people that think Citibank is giving them a great deal. They are desperate. They should be imprisoned.
POOLER, GEORGIA -- It is so different from read about all the credit card companies (Citibank) creating this mess to being involved in the mess. I made my payment in March on my Feb. statement. I paid over the min. limit. Like many of you out there, I am carrying a balance. It came up to and just over the limit. I paid the statements min. payment plus extra. This brought the amount below limit.
Now other charges came through, in March, after I received my statement. These charges were then applied to the current statement that I had just paid. Like I said, after I received my statement these new charges then put me over the limit, they raised my interest to 29.90%. The service people, 2 of them, could not understand why this happened.
My understanding is that any charges incurred after the statement is sent are then put on the next month's statement. If then I do not pay the amount on that statement, I will then have my interest raised. Obviously it did not happen fast enough for Citicards so they raised it themselves. I wish I could change the rules mid-game, then I too could become rich and get stupidly large bonuses for bad decisions.
All I asked was a simple question, "What did I do wrong?". I have never received an answer. It will be paid within the month. I just can't believe that these institutions are making the people pay for there inept management and ill advised decisions, (sub-prime mortgage mess).
I also have a car loan with Citi Auto Financial. Not by choice, they bought it out from the original bank, AmTrust. Now after almost a year I receive a letter today, Apr. 19, 2008. It states that I need to provide them with proof of collateral insurance protecting their investment. The letter was dated Apr. 07, 2008. It also states that I have "15 days from the date of this request". Here is the fun part, the letter was date stamped Apr. 15, 2008 - 12 DAYS AFTER IT WAS PRINTED!!!
Today is Saturday, oh but the insurance companies are closed. I will have 1 day to see this matter resolved. I will do it by internet (**). Gee "service unavailable". If I do not prove insurance, they will provide it and charge me $3823.00, tacked onto my current loan, not including bodily injury or property damage liability.
Oh yes I very much would like to hear from this company regarding this matter. But gee, all I can talk to is an automated answering service. I can understand this because they know that they are screwing the people. They refuse to talk.
DES MOINES, IOWA -- Citibank made me an offer to settle my account balance of $7131.35 for approx. $2100. Citi Bank sent me the agreement for 3 separate payments. Citibank proceeded to charge my account 3 weeks prior to my agreed payment date. I then demanded my money be refunded as it caused me overdraft fees as I was not ready to make their payment yet.
Once they refunded the money due to their mistake, they terminated our agreement stating I broke the agreement by having my money refunded, which I was not told when my money was being returned. On top of that, they added the refunded money of $1000 to my credit card balance, making my balance approx. $8100.
This company has been not pleasant, leave you on hold for 10-20 minutes while they check with "management". Then they tell you that they have done nothing wrong and it is all your fault. They lied about our agreements, essentially stole my money by taking it out of my account without authorization and are very defensive when I call. Citibank actually breached our verbal contract, which they also put in writing and mailed to me. Citibank uses dirty and unethical tactics to hurt people already in a difficult economic time.
A few months ago, I was informed my APR would be raised to 29.99%!!! I was shocked, and made plans to pay off the card as soon as possible and then close the account. Unfortunately, as these things go, I haven't been able to pay off the balance and I'm still stuck with the card.
The other day, while paying my card online, I noticed a "late payment warning" link (I was paying my card online a week before the due date, as is typical for me). I clicked on it for the heck of it, and it said if a payment is received late, that could result in my interest rate being raised to the "penalty APR" of 29.99%. Well, isn't that funny? I'm at the penalty APR but haven't ever been late with a payment, AND I've had the card since 1995! As soon as I can get rid of this card, I will!
THE LAKES, NEVADA -- My husband and I were in Home Depot and a floor manager asked us to sign up for a Home Depot Mastercard. In exchange, he gave the small purchases we had in our cart free. A year or so later, we tried to use the card and it didn't work. We had a small balance and made our payments on time. I called the number on the credit card bill and it turned out to be Citibank… yes, the same Citibank that has received vast federal government giveaways.
The woman told me that Citibank decided to discontinue all of the Home Depot credit cards. She would not give me an answer as to why. I called Home Depot and spoke to a manager; she said “it was a corporate decision” and that the local managers were not privy to why. I called the corporate office. The customer service person didn't know why either, but she said she would call me back.
I probably will never know why. I only had two cards…Discover, which I can't use in a lot of places, and this card. Now, back to the drawing board…try to get a card that won't cancel low interest cards, won't raise interest rates, and won't do whatever else they decide to do to make it hard for consumers. I can't recommend doing business with Citibank or Home Depot.
I just got off the phone with a Citibank collections department manager. Several days ago my Mom called in on my behalf about a card I had canceled after I moved that was being charged late fees on a credit protector charge that was placed after I had canceled the card. They said she had no right to call them. The next day, my family was prank called five times by Citicard. We knew this because caller ID identified them and each time they answered the phone they'd hear a click. My family thought it was sort of funny but I was furious that Citibank felt it was acceptable to let an employee harass my family.
I called in today to find out information about the employee and file a complaint. After being transferred several times, I spoke to this manager who told me she could not give me any information about the employee and that the calls were not in fact "prank" calls but that they were caused by a phone system that automatically calls a house and if it doesn't think someone is on the line, will hang up on them.
She told me I couldn't file a complaint because this was just an innocent automated calling happening and there was nothing to complain about. Tell me this is not completely absurd! I'm at the point where I am just going to pay whatever is left on my statement (although completely fraudulent charges!) to finally put an end to my Citibank experience.
Citibank raised my interest rate to 29.99% for no good reason. This all happened just before the Obama Credit Card Act passed and went into effect. I was a long-term good customer and paid each month on time and more than amount required and had a rate of 12.99%. A little high but, oh well, I paid. Then for no good reason, they raised my rate and closed my account. The only reason they will give me is that I am a "potential risk".
So I refuse to pay anything at all to them (!!) and have told them so!!! My credit is borderline anyway because of them. They call me every other day asking for payment and I tell them 'no way' until I have in writing a better rate than 29.99%. So far no one from Citibank will help me. It's outrageous that banks can get away with this. A lot of good the Credit Card Act did consumers. It just gave the credit card companies the time which they used to review and raise rates.
Be careful in using Mastercard for paying your foreign currency transaction, because you don't have idea how much they will charge you in your country rate. I have charge about Rp 8,995 per SGD 1. I have never known that SGD will be so high. In my experience the exchange rate always Rp 7,000 something. I did 2 transaction in same time, for 1 transaction was using right rate (about Rp 7,138) but the other with Rp 8,995.
How come the rate fluctuated about Rp 2,000 in a few minutes? I called Citibank but I didn't satisfy with they answer. They said I can't complain about the exchange rate. I have to just received whatever they charge. So with the experience, I think I will never use Mastercard again for all my foreign exchange transaction. It's kind of I buy something without knowing how much they will charge me.