CITIBANK sharp practices

cslayton

>:(

I have been repairing my credit for over ten years and used almost every card out there, and I will never do business with CITBANK again. Unfortunately, many of the offers that are mailed out are in fact CITIBANK issues that hide under other names.

I have had two accounts with CITIBANK and in each case, I have had my interest rate jacked up to over 20% because of ONE LATE PAYMENT on each account.

All of my other cards charge a fee for a late payment, and since I pay all cards online, and have never had more than a couple of late payments per year, I really resent this.

In the first incident, with a so-called "Platinum" account, I rolled the balance out to another card and eventually cancelled it. However, I also had a "Diamond" account (much better terms than the "Platinum," so go figure), and gave them a second chance only because their online service is very-well designed and easier to use than either Chase or MNBA.

In the last incident, I was late for an August payment (because of the delay in processing online payments) and was raised from 9.90% to 28.32%, but not until October, and without being apprised of this change. Their method of communicating this is apparently by sending out the standard bumf ("Your Rights, etc") that most people throw away, without any direct statement that says "Oh by the way, we're screwing you over on your next statement, but we hope you don't notice."

I called CITIBANK and was told that my interest rate would be readjusted back down, but that this increase was "automatic" and that I should have read my contract. Well, what my contract says is that if I go over my limit by intention or inadvertence, or if I have a history of bad performance, my interest rate MIGHT be adjusted. I do not consider two separate late payments against two separate accounts to meet either or these criteria, since I did not go over my credit limit.

I think that this is a racket; it is the credit card issuer's option to charge a reasonable fee, but anyone considering doing business with a CITIBACK credit card offer should consider how easy it is to be late on a payment and how their "automatic" response can cause an unwary billpayer to throw away a lot of money.

zcaprd7

Without wanting to sound harsh - there really is no excuse for a late payment, one must always have the minimum DD payment set up on any card (even if you only use stoozed funds to pay it) if you struggle to make the payments then one can only expect the punishment....

System

Another fool demonstrating it to all of us.

Cheers for the laugh. ;D ;D ;D

cslayton

Well excuse me for being a human being.

I had no idea these boards were only populated by perfect people whose entire life revolves aroung making sure that credit issuers were fat and happy. I'll remember being called a "fool" when I find myself in the hospital or at a gravesite, that my main concern should be that CITIBANK has their !!!!!! $50.00.

johnllew

I had no idea these boards were only populated by perfect people.

We're not all like that. I have some sympathy with your plight but you'll probably not make the same mistake again. Many of us here actually make a lot of money out of credit cards but the margins are small and we need to avoid any sort of charge/fee or extortionate interest. Perhaps that's why we're a little intolerant of people who fall foul of T&Cs.

Don't get dismayed, there's a lot of information on the site which can save you money and members, for the most part, are pretty helpful.

smartsaver

Cannot stress enough the importance of making minimum payment on time and sticking rigidly to the t&c's. If we don't - it is a loophole that allows credit cards to make money out of us....  :( In the same way that slavish attention to t&c can allow us to make money from some credit cards  ::)

This game isn't for everyone

System

I don't go for the making money line on credit cards, but good luck to those that do.

I have no sympathy for people that come on and complain about late payment charges etc, when they then go and demonstrate that it is their fault.

If a lender charges you for no good reason and you can't get a refund etc, that's when I have sympathy.

I'm nearly 24, so had a credit card for nearly six years. No charges of any sort, with card companies or other companies where you can be charged for paying late.

It's not difficult to keep on top of payments.

But feel free to keep complaining anyway.

I love to read people who complain about their own actions ;D

Robert_Sterling_3

I love to read messages from posters  telling off the newbies and extolling their own virtues.  
;D ;D ;D

System

It was actually intended to demontrate that keeping on top of things isn't exactly "rocket science".

Obviously ensuring bills are paid isn't a priority for most people. Even if it is for some, supporting someone who complains about their own mistake that's given them a problem kind of means you're in the same boat.

But I'll keep rowing away on my own. I'm not perfect - just sick of all these non-genuine problems.

Self-inflicted - not interested, I have a laugh at them

Genuinely done over by a company - definitely interested and will suggest things if I can

This site is about money saving. So pay your bills on time, or inform the company concerned if you have problems paying. Just don't start complaining when it's your own fault!

hopefulfooluk

I was recently given a key to my friends house on the proviso that I could look after it while he was away. I went in when he wasn't there and trashed the place. Now he wants his key back. How dare he!!!!! He has no right, it's MY key!

hehe

oscarhugo

Once again the lovely "daveboy" shows us what a charmer he is....