I thought CITI Group went bankrupt !
We helped them with their bail out but they refuse to help us the people who are holding them up !
This is not a surprise, as many card issuers are doing this baloney before Feb 2010, when new rules go into effect on credit card accounts.
What you can do, is if you have good enough credit, open a new credit card with a lower rate, and transfer your balance from Citi to that card. Or, you can call Citi, and tell them if they do not revert back to the old interest rate, that you will be closing the account and demand they put the interest back where it was and you will pay off the card at that interest rate.
Citi group is filing for reorganization, equivalent to a Ch 13 personal bankruptcy. They aren't liquidating their assets, they are reorganizing their debt to pay off their creditors. One way to do that is to extort as much money as possible from their credit card holders so their share holders don't lose their money.
All CC issuers are jumping the gun before the new law takes effect (preventing this type of activity).
You might be able to close your account to new purchases and retain the old interest rate. See the fine print.
Wouldn't it be wonderful if EVERYONE stopped using credit cards and went to CASH only (except for cars and mortgages). The banks would lose $billions in interest and extortion fees and the FICO scoring system would collapse.
Well they are trying to get every dime they can. Bank of america is also doing the same thing. From what I heard obama is putting a stop to this. It use to be that you only got that kind of interest rate if you were past due. It's no wonder why people can't pay there bills. The company's are making people go bankrupt.
your only option is to close the account within the 30 days. You don't have to pay it in full then. I think you have up to 5 years to pay it off.
I agree they are robbing us blind. They will continue to do this until people break their dependency on credit cards and close their accounts.
They are increasing the rate because they will not be able to increase it after the new law gets in to effect.
You need to rip up the card. Look online for cards that don't rape you.