Citi card - opus card

pwfrome

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Citibank appear to be selling their credit card customers to Opus. I have just received an Opus card and to my horror discover that the interest rate will change from 34.9% with CITI Card to an even more outrageous 41.1% with Opus! Are they allowed to do that? Does anyone have any advice as to what my rights are?

scott_lithgows

Reject the rise,which will mean you cant use it but they cant increase the rate.
Have you thought about a balance transfer to a cheaper rate card?
Sygma cards could be an answer.

Dr_Cuckoo3

I received my Opus card today

The interest rate has increased from 31.9% to 37.1% on purchases (which makes Vanquis look good) :eek:

I dont carry a balance so the interest rate is of no concern to me - the OP does not mention whether he carries a balance

SAV Credit are also bidding for EGG http://www.cityam.com/news-and-analysis/sav-credit-and-blackstone-team-prepare-offer-egg-bank

crimson_snowflake

Are you sure these are interest rate increases by Opus?
On my statements, Citibank only ever quoted the "simple" annual interest rate (i.e. 12 x the monthly % rate), as opposed to the APR, which is calculated by:
([1 + (monthly rate/100)] to the power of 12) - 1, then x100% = APR
The APR is a higher figure because it takes cumulative "interest charged on interest" into account and reflects the real cost of maintaining a long-term balance, whereas the simple interest rate doesn't.

What is your monthly % rate?
For example, 2.908% monthly rate = 34.9% simple annual interest rate, but this also works out to 41% APR.:eek:

oracleonsun

Just received my Opus card today. Was just Googling Opus as I had completely forgotten the mail regarding this change.
Anyway, the APR for mine is 17% for balance tx and purchases, 28% for cheque and cash interest.
My card was originally a Shell mastercard operated by Citi, so that might explain the difference.
In any event I'd decided that with the loss of the Shell loyalty point scheme, it was time to find another card. Decided with little research to opt for Tesco. That also just arrived today and its got a marginally lower rate of 16.9.%

mssloan

I received my replacement Opus card today and the Standard Rate shown for Balance Transfers and Purchases is 0.00%!! The balance on my old Citi Card is a fairly low Life-Of-Balance rate which I've had for ages, gradually paying it off. As long as this doesn't go up after 21st of November I'm happy, but I'm a little wary of the 0.00% shown in the letter. Shame I can't enquire about this until the 21st.

mssloan

darkiejoe32

I too received a card from OPUS and it has a rate of 48% which is far tooo high and i don't intend to use this card.
Meantime i will continue to pay my balance on the citi card which has been apparently sold to OPUS. What is worrying me is this.. Will OPUS be able to charge me the 48% on my original balance even if i don't use their card.
I want to clear this card... by paying off each month but it will be more difficult due to this high rate if they should use it.

I thought when items were purchased on the original card at the rate at that time then no one can change this. Only items purchased at the new rate could be charged as it is stated on new card and agreed with that company.
Can someone advise me as this is a shot out of the blue and worrying.
By the way my credit score is excellent...

flyingscotno1

My rate is 22% which isn't the worst. Not intending to keep it to be honest as I have no need for it.

Interestingly what I see at the bottom is that Opus is a trademark of this CC asset management ltd., but my card and agreement are both with Bank of Scotland who are using this name under license.

misshighlander

Got my one today. APR is 22.9% on purchases. As what flyingscotno1 said, not as bad as some of the others. (Same rate if I did any balance transfers).

They say card can be used from the first day of this month. But card has to be activated first - which can't be done until 21st??????

No intention of using the card, and Opus/CC Asset Management/Bank of Scotland will be told likewise.

Former_MSE_Dan

Hi folks,

We have been in contact with Opus, who alerted us to these threads, and want to pass on some information from them, and a phone number if you wish to ask them any further questions.

1) There have been no rate hikes - Opus tell us they are now just expressing the interest as APR, whereas Citi used monthly rates. Sadly, you don't simply multiply monthly rates by 12 to get the APR, hence the confusion earlier in the thread.

If a credit card company ever does try and hike rates, you can reject them - read this full guide to that: http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

2) It is guaranteeing that all promotional life of balance deals on debts shifted to Citi cards will be honoured in full, unless you break the cards T&Cs (this is standard)

3) Any payments recently sent to Citi will be routed to Opus. Any payments made to Citi in the coming months will also be routed to Opus. Direct debit payers need take no action. Your direct debits have been automatically transferred to Opus and will continue as previously

4) If you wish to contact them, the number to call is 020 7871 0465

pluk10

Will Opus be offering the same extra features as Citi did? I had Free Experian Protection Alerts and was given 3 free online reports from my Experian Credit File as part of the card deal.

Have tried ringing their number to find out but just get a recording telling me they are too busy to take my call and to try again later.