Citi card

BigCraigJohn

Strangely no letter but they have just given me 6 months interest frozen, zero charges and about 50% required min payment. Wierd as I asked a year ago and was declined outright but they rang and offered as they noticed I was struggling to make repayments.
Funny thing was they rang me, I refused to confirm my id as he called from a blocked number, asked him to prove who he was and he stated my full name, address and dob. Talk about data protection breach.
:think:

Guess i'm classified as a good customer what with all the charges they get from me, time to get my claim ready for when the 6 months is up.

INT1

I got the letter-it came 2nd class post.

Not really assed about the transfer, my account is currently in credit by a couple of quid.

The theory of citi then of utilising the egg card was right, they can make £12 a year off each of the cash back card customers.

I don't use this card, so will see what the new card looks like-if it is pretty I will keep it otherwise I will close.

One less temptation to spend on it.

INT1

Eeewwww
http://www.savcredit.co.uk/
Aqua card-yuk!

Think I will be closing this, especially with their typical APR charge for new customers being 39%

It wouldn't effect your credit rating but I see no incentive to keep the card.

Mrs_Ryan

I got the letter as well - mines an ex-EasyJet Mastercard but has been on my DMP since about last June. Not too concerned - they can do what they like with mine but I can see why everyone else would be concerned....

INT1

It wouldn't effect your credit file in any way having this card, you could have a card managed by Mickey mouse but as long as they are reporting you paying it off on time every month you will get a 0 status on your credit file.

It probably comes down to a status and snobby approach as to whether you want to hold a credit card that essentially is normally associated with a person having a questionable history of repaying their debts back.

PercyPig

I have received the same letter - my account is a Platinum card and I am paying off around £7,500 on a 5.9% fixed for life deal. I must admit I was worried when I got the letter but from what I am reading it seems that CCAM won't just be able to cancel the 5.9% life of balance deal will they?

It seems to me that when you are trying your best to pay off your debts, companies just try every which way to make it harder for you.

Percy

dc

Got letter, little used Platinum card in credit, to be closed on 12th May.

The Irish CCAM don't like people who are not in debt?

Seems like they bought the whole UK Citi Card portfolio.

Advisors have an interesting name, Slaughter and May

http://www.slaughterandmay.com/news-and-recent-work/recent-work/recent-work-items/2010/sav-credit---acquisition-of-citi-card-portfolio-in-the-uk.aspx

PTM2

It seems the opinion is that CCAM may not be able to interfere with the promotional interest rates, however, I expect that they can mess around with the minimum monthly repayments.

Chef1980uk

Got the letter today. Was worried about it being a DCA and checking here it is indeed one. Had a feeling it would be sold after November and December i hadn't paid enough off both months by £2 (my mistake for not noting the minimum payments in the statements).

Currently paying/can afford £50pm for £1500 (minimum payment is £42).

How is this company likely to proceed with managing my account? Can they force a higher minimum repayment?

never-in-doubt

PTM2 wrote: »

It seems the opinion is that CCAM may not be able to interfere with the promotional interest rates, however, I expect that they can mess around with the minimum monthly repayments.

No they can do no such thing. The existing terms of your original agreement become what is known as "variable" which means that they remain the same unless you agree to them. If you agree to them, it could be in the way of signing something or using the card again.

If you reject the variable agreement, then this means you cannot use the card again, the account becomes repayment only (on the same existing details) and will be closed once repaid.

Make sense?