Citibank reviews and complaints 1
View all 1058 complaintsCitibank - credit card interest rate hike
Today I recieved a notification from Citibank that my two credit cards interest rates will increase to 29.99%. This increase is basically doubling my current rate. I have been a Citibank customer for 14 years and have never been late on my accounts. When I called to speak to a representative to ask why this was happening I was told that it is an across the board increase. They said they have to increase their pricing due to the economic environment and it had nothing to do with anything I did. Needless to say I am completely shocked and honestly dont know what to do. I have a significant balance on my card and dont want to opt out of the program because they will close my account. That will tarnish my credit report. If I keep the card my monthly minimum payments are going to be so high I dont know if I will be able to afford paying it. I cant believe a company that is nearly 40% owned by the american people due to the recent economic bailout would treat its customers in such a horrible way. Furthermore, it is obvious that they are doing this rate hike now because of the new law that will go into effect in February 2010 banning such interest rate increases . Why isnt there more outrage out there?
The complaint has been investigated and resolved to the customer’s satisfaction.
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I also have an increase in my credit card interest rate and it went up to %29.99 which is INSANE! I called to ask if anything can be done about it and the answer was NO. That even though my credit and payment history was great it was because of the economic situation the banks and lenders found themselves in that they had to increase everybody's interest rate. Does anyone have a lower rate? Did the country give CitiBank some "BAIL OUT MONEY?"
http://en-gb.facebook.com/people/CitiBank-Thieves/100000444293970
i had an offshore 'gold' account with citibank. It left me bankrupt. I had all my savings in the account and they hit me with extorniate fees and strange account activity. They told me they were managing my money for me to gain better interest and they made complete mess off my finances. They lost tens of thousands of U.S.Dollars worth
I.M.H.O. I definately would NOT recommend citi bank. I have heard many simillar stories from so many people who have lost money putting they're savings with citibank.
can anyone recommend another good bank to put my savings with? i have heard HSBC has a good saing account/ Has anyone had theyre savings with HSBC?
thanks everyone for the replies
Got mine today. 14% -> 19%. Making arrangements as we speak to pay it off, but I won't close it, because that adversely impacts my credit score. I did send them a "thank you" for their stellar committment to customer service. I think it's amazing how I signed up for an account which had TERMS and, while I met all those terms required of me, they can change their rate just for the heck of it. Disgusting.
I just got my letter today too. The place to file a complaint is not with the Federal Reserve but the Office of the Comptroller of Currency. Call them at [protected] or go to www.helpwithmybank.gov. Assuming that this rate hike strategy is completely legal and within the cardholder agreement, there is not much that a complaint can do though.
The best way to fight back and let citibank know how terribly we think of this is by publicly denouncing them, pulling all money you have with citibank or any of its affiliates and let any affiliate or sponsor or advertiser associated with Citibank know that they will not be getting your business solely on the basis of their association with Citibank.
I am shocked to see so many people having the same issue. I too have had the exact same thing happen and we never carry a balance and have never been late. We all need to get together and file a complaint. Citibank is becoming corrupt and their customer service is abominable. Everyone file a complaint...that is the only way to get attention and stop the madness.
I received this letter today. For no reason my rate was raised from 10.24% to 29.99%! I was forced to "opt-out". Nothing for nothing but I would think customers would be more apt to pay off a balance on on open account rather than on a closed one. I'm considering telling them to pound salt...and not pay them for a year and then settle for a much lower amount. Yeah it hits your credit rating but lets face it...these days everything is hitting your credit rating negatively. I filed a complaint with the Federal Reserve and I urge everyone to do so. Citibank got a huge bail-out with OUR money and now they commit this fraudulent act? They should not be allowed to get away with this. Here's the website to file a complaint with the Federal Reserve. http://www.federalreserveconsumerhelp.gov/
I too received this letter. I am a Citigold customer with a lot of money sitting in my bank accounts. I have banked with Citi on two continents. I have had to research the effect of a potential FDIC seizure of Citi a couple of times so that I could tell my wife our money was safe. I do not carry revolving balances on my credit cards -- both of which I have had for more than 20 years. When I told them I was going to move my entire banking relationship over this bullsh--, they basically shrugged their shoulders. I will be glad to move my money and close my cards, and I will NEVER do business with Citi again.
we pay for them (billions in bail-out $$) to treat us like this... totally wrong. Who do we complain to - sent a memo to my senator but want to know how we raise this issue higher. btw, the banks are also getting their $$ at the lowest rates in history. Very sad we put up with this from the banks.
long time customer. suddenly 29.99%. long time customer no more.