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My Credit Card Raised My Interest Rate! Here’s What to Do

Stories of credit card companies raising interest rates on just about everybody—even customers with perfect credit, no debt, and no late payments—continue to roll in.

That’s because the CARD Act takes effect this winter and will restrict credit card companies’ ability to raise interest rates on existing customers. If you thought credit card companies were committing usury in the past with APRs of eighteen, or twenty percent; you ain’t seen nothing yet. Cardholders are seeing their rates go as high as 29.9 percent; there’s even a story of man who received a credit card offer at 79.9 percent APR!

How do you know if your card is raising your interest rate? What can you do about it?

How Credit Cards Raise APRs

In general, your credit card company must notify you of any changes to your account, including interest rate increases, by mail (or electronically if you have consented to receive legal disclosures online). Unless you pay late. Most cards’ terms and conditions include a clause that allows them to raise your interest rate if you pay late or go over your credit limit; no notification required.

Manage your cards well? You’re not immune to rate hikes.

My wife just received a notification from Citi that her interest rate will jump to 23.9 percent in December. That’s on a card with a $15,000 credit limit that does not have a balance and has always been paid in full. (We use the card for joint expenses each month and pay it in full).

She received a letter yesterday detailing the change. Unlike other rate increases I have seen, however, this notice had an interesting clause. If my wife were to transfer a balance of $3,000 or more to the card (plus a fee), Citi would actually lower her rate to 9.9 percent on the balance transfer and all future purchases until 2011. Obviously, Citi is just trying to make some money off this account. Since we always pay the balance in full and the card has no annual fee, they never get a dime from us in interest.

Just be sure to watch the mail.

A lot of these credit card rate increase notices look like junk mail. But if you miss them, you may miss your opportunity to opt-out of the rate increases.

How to Opt-Out of Rate Increases

When your credit card company raises your interest rate arbitrarily (i.e., not because you paid late), they must give you the opportunity to opt-out. Usually, you must contact the card’s customer service to opt-out. If you opt-out:

  • You can pay off the existing card balance at your current (lower) interest rate.
  • When the debt is paid off, or when the card expires, the credit card will be closed.

If you don’t opt-out by the specified deadline, your rate will go up and you won’t be able to do anything about it after the fact. So if you’re carrying a balance and your credit card company notifies you of an extreme rate increase, you should probably opt-out (unless you can pay off the balance in-full immediately). This is the time to forget about whatever effect closing your credit card has on your credit and just get far, far away from this nasty interest rate.

What to Do Next

If you’re not carrying a balance on the card that raised your interest rate, there’s little point to opting-out. As long as you don’t take on debt on that card, who cares about the APR? You might, however, be so outraged with the card company that you want to stop doing business with them. Or, you might want to preserve a lower APR “just in case” you need to revolve a balance on the card in the future.

Try negotiating.

In the past, customers with excellent payment histories could often be successful just calling up their credit card company and saying “Hey, I can get a 13 percent APR with Card ABC or Card XYZ, why should I stay with your card at 20 percent? What can you do for me?”

This strategy is certainly still worth a shot, although you can expect to have a harder time getting concessions from card companies. For one, they know that it’s harder for customers to switch to a new card (due to tightened credit requirements). Second, the card companies need the money. (Not that I expect you to have a lot of sympathy). But with sky-high default rates and the new laws limiting sneaky fees and interest rates that used to make credit card companies lots of cash, they’re trying to figure out how to make money on a totally new playing field. For now, that means charging even their best customers ridiculous interest rates.

Or, get a new card.

If you have really good credit and little or no credit card debt, you’re in luck, because you can probably apply and get approved for a new credit card at a much lower APR than on existing cards you have. (Most cards are offering new customers APRs ranging from 12 to 18 percent; not great, but better than 24 or 29 percent). Your best bet is to apply with companies that are actively seeking new creditworthy applicants, like Chase and Discover. Chase Freedom has been a perennial favorite of card-critics for its simple rewards program, and the Chase Slate card provides a lower rate, albeit no rewards, for customers who want the flexibility of paying some purchases over time.

What about you? Have your credit card interest rates gone up? How high? What have you done about it? Please share your story in a comment.

Published or updated on November 10, 2009

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About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.


We invite readers to respond with questions or comments. Comments may be held for moderation and will be published according to our comment policy. Comments are the opinions of their authors; they do not represent the views or opinions of Money Under 30.

  1. celia says:

    I am FURIOUS with American Express. March 10, 2015 I received a letter stating that they were raising my APR from .99 to 14.24 % > Reason because my rate was lower than average rates on similar cards in the market[place for customers with similar credit profiles. WHAT? This is so unfair . I earned this rate and they are just taking it from me. I’ m Furious and I feel helpless and kicked to the curb. I don’t feel like a valued customer . I’ve been with AMEX a long time and I wish I could defend myself. This is GREED in action.

  2. Brian H says:

    Capital One raised my interest rate from 12.9% to 22.9% after 3 years and i didnt recive notice let me know before hand. if this happend to you my attorney is on it and we are forming a class action lawsuit send me an email with your contact info and i’ll have my attorney contact you by phone put capital one in the subject line my email is tentop34@aol.com

  3. Janie S. says:

    Can someone PLEASE clarify something, I’ve read two contradictory things about this and I’m very concerned…

    I have been diligently paying down my credit card balances, and never missed a payment in all the years I’ve had credit, but some of my card balances are still uncomfortably high on VARIABLE interest rate cards.

    I have asked my creditors if I could convert them to fixed rates, but they were unwilling to do this and implied that my EXISTING balances (I have not charged anything in two years now) will be subject to all prime rate increases. However, I have also read that the 2010 Credit Protection changes ensure that EXISTING balances can not incur an increase in APRs.

    So which is correct?

    And is OPTING OUT still an option to avoid paying higher rates on large balances.

    Please list your sources via links so I can save this very important information.

    Thanks very much!!

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  5. Linda Montgoemry says:

    What can I do if I missed the notification (probably thrown out with junk mail). My rate went from 9.9 to 24.9%. I can’t make 400/mo payment with half of that being interest! I’m too old. I will die before I get it paid . I don’t have the option of transferring to another card either.

    • laura Cervantes says:

      Linda, did you get an answer to your question, this also happened to me and had not choice but to stop paying and now I am in colections. Please forward me any response you gotten to your question.



  6. gerald says:

    Mark, they’re not criminals, they’re brilliant self printing atm machines for themselves.
    WE THE PEOPLE are idiots, we not only allow the behavior from banks, we BLESS them by depositing our payroll checks, savings, and that support for the banks makes them richer and richer. TARP welfare bailed out banks raised everyones interest rates, lowered credit limits, took huge bonuses in 2009 and we actually found a way to increased our deposit base with those same banks by an additional “on average” 20%. If all of us would leave our LOANS at the tarp banks, and MOVE our deposits and savings to a credit union or community bank, those TARP banks would panic and the FDIC couldnt save them this time around. But, this is the new “America”, we punish these big bad banks by saying meany weeny things on a benign forum or two. Ewwww, we’re so effective, that’ll teach those banks a thing or two. trust me, BANK CEO’s are LAUGHING OUT LOUD.

  7. Mark says:

    Capital One CC holder for around 10 yrs. Never late, always good credit. Rate jumped from 8.9% “fixed” to 15.9% I can understand the min payment hikes, but not coupled with these huge interest rate hikes.
    This is the thanks we get as tax payers for bailing them out – Meanwhile, absurd bonuses continue. Talk about stickin it to the little guy – Criminal!

  8. Lee says:

    Same as above have had the same card for from providian to chase have had 8.99% since 2006, i noticed it’s now 12.24 still not to bad but what the hell. I called as well and just said I could have opted out when it happened. My next move was to open a credit card with my credit union at 6.9% apr for 6 month then 9% which they say hasn’t gone up ever transfer whats there and to hell with you chase. 14 years on the chase card = closed account now

  9. J. Crawley says:

    I have had a Chase card for YEARS. Always paid my bill, Always paid more than was due. I had a fairly high credit limit but never used more than 20% of it at any time.
    They slapped me with a 29.99% interest rate last month. I was shocked!! How can they do this to customers who have been with them for years and never gave them any problems? This is just purely outrageous!
    Needless to say, I’ve paid them off this month and won’t use the card again. They lost a customer of a very long time because they are punishing us for other people’s mistakes and have no grattitude or respect for their good customers. That’s a deep insult and they’re gonna lose a lot of good business because of it.

  10. Gerald says:

    Another very quick tactic we could all use to annoy Chase bank wouldnt be difficult to implement, and might be fun.

    Jamie and Chase bank “compartmentalize” all functions. Bank branches are front and center to real humans and customers. Much different than his rude obsessive collection call centers in India and Texas. Jamies assumption is we’ll only deal with the offshore call centers and stay clear of his precious cash cow physical branch locations.

    We can ALL pick a single branch, publish the phone number right here, or on any and all blogs. All of us, call the same branch to “discuss” our credit card rates, limits, drama, etc. In mere days, maybe in mere hours, that branch goes insane just as we all are. THey will change their phone numbers, we’ll do it again. THose “pampered” branch employees get to experience the real “Jamie Dimon”, the real “Chase Bank” and the stress and anxiety Jamie “DUMPED” on India call centers goes EXACTLY where it belongs. TO REAL CHASE EMPLOYEES who screwed America.
    Just a thought.

    Would love to be one of the thousands calling a branch until they go insane. Let me know America . TOGETHER—-WE CAN TAKE OUR LIVES BACK.

  11. Kristie says:

    I’ve had my WaMu visa for over 10 years with never an issue until this last 2 years when things got tight and we used it to buy food for the house and pay medical I was only late with one payment in 10 years and now my rate went from 8.5% to 19,9% and we are suck we can’t pay it off and the monthly payments are killing us… the payments are more then our house payments with less on the card.????

    • Gerald says:

      WaMu No More. Chase now owns WaMu. CEO is Jamie Dimon, you are now in a very bad place. Jamie Dimon is the Websters definition of greed. I feel bad for you, he hs olicies and people in place to destroy the world you once knew. This guy found a way to foreclose on homes owned by wamu and chase credit card default customers. Even if they were current on their homes, yet charged off on their credit cards, he foreclosed on a loophope paragraph in your Chase card agreements. Please understand, Jamie Dimon is the most “unpatriotic” American in this country. He has seriously done mare harm to America than any terorist organization in a “financial” sense. He would probably use lethal force if the law allowed. Even worse, Americans are exactly as Cahse marketing execs describe. Lazy, borderline socialist, and no chance they move theior deposits from Chase to a safer, more reliable community bank or credit union. You are dealing with a fraud so brilliant, you almost have to admire them. The more pain and suffering Chase and Jamie Dimon causes families in America, the more deposits we give them. Its priceless.
      My favorite Chase Bank response is “what recession”? What bailout? What are you talking about? We’re Chase, we didnt even want the money, we only took tarp because Hank Paulson forced us. LMAO, I wish someone would force me to take 10 Billion Dollars Jamie. Or, better yet, call me “Gerald Bank and Trust” and give me daily access to taxpayers fed treasury overnight funds at a stupid .25% (1/4) percent rate. Jamie is precious. A true American Hero.

  12. Hfs says:


    Well done. A constructive post giving others specific actions to take, to put the predatory banks out of business. You should take it a step further and create a forum of some sort to harness your knowledge and passion for “righting” the wrongs within our broken capitalistic system. And trying to generate a response regarding societal apathy. People too easily give their power away and need someone like yourself, whom is well spoken and knowledgeable to “lead the way”.

  13. Venus says:

    Just though I would share a quick bit of my story (albeit, it’s been stated 1,000 times all over the internet). This is how it goes…

    24, married 1 year, been with my now wife for almost 10. Went to college, got a degree, started working for corporate america, bought a house, the whole nine yards. the makings of “The American Dream” are underway. Credit score nearing 800. Assumed some debt, almost 10k, accepted it for what it was and budgeted to have it paid off in about 6-7 months. Though all was peachy. Well then I got that bastard mailer. The ugly little peiece of paper that I had to readt, literally, a dozen times before I thought to myself, “This is legit. they are really doing this to me.” Not only did we bail out the banks, credit card companies, etc. once before. we are basically doing it again. I went from a 9.24% interested rate on my Citi Platinum Select,which migh I add, previously has always been paid up on and kept current, to 29.99%. My payments more than tripled in a month. This whole situation just seems to have been the straw that broke the camels back so to speak, because shortly after that, my wife has been laid off, and now my job is being threatened as well. Good bye blue house, white picket fence, and my 2 1/2 kids. Fun while it lasted…

  14. Hfs says:

    Dearest Gerald,

    To assume that I am a socialist is nothing short of ignorant. I am going to extend to you a more pleasant tone than you did to all of us so called ” whiners”.
    I HAVE moved all of my balances, which most of is already paid off, and have opened an account at a local credit union. Why don’t you offer people advice and not NEGATIVITY. Nothing good comes from verbally berating people; whom are justly and validly upset that the banks are trying to screw us once again. Nothing good ever comes unless people band together and look for the positive and ensure that legislation is passed “by the people and for the people” to protect us from this predatory practice of jacking up our interest rates.
    I do agree that, “voting with your feet” or in this case “voting with your money” and taking our funds to another lending institution, is a good point for those whom have not figured that option out already. If you took the time to read most of the posts you would see that we are fed up with these arrogant banks and are never doing business with them again. We just have to be careful and not close our accts or we will suffer a blow to our credit ratings. So, we are being smart, moving our balances elsewhere and or paying them off in full.
    So grow up, and extend people the benefit of the doubt. No one wants to hear NEGATIVITY coming from a pontificating narcisscist!

    • Gerald says:

      Well, I appreciate the negative comments on my post, at least someone has a pulse. Some quick facts: Citi, Bank of America, Chase, and Fifth Third Bank released earnings recently. All the major banks have seen an increase in customer deposits, Fifth Third Bank boasts a 20% increase. Thats a record increase.
      The facts remain the same. The banks are assuming, and they are absolutely statistically correct, that American Citizens are too lazy, complacent, or actually do back a socialist agenda. 9000 bank brands Nationwide, only 30 or so “banks too big to fail”. Yet, Americans “INCREASED” their loyalty to the very corrupt, greedy, and mismanaged banks that they whine about. Banks dont care what you think, what you post online. They laugh out loud as they review their newfound riches in customer deposit performance. Additionally, a recent poll found that 53% of Democrats prefer socialism over Capitalism, and 17% of Republicans prefer socialism over capitalism. My remarks sound negative and insulting, but text often omits the ‘tone”.
      The absolute data, the absolute loyalty backed by real data, unimpeachable deposit figures simply underscores America’s desire and willingness to live a financially crushing life under a corrupt banking system and less than genuine political system. We cant “quickly” vote incumbents out of office, we’re stuck with the worst leadership in my lifetime for the moment. However, we can force banks out of business. We can financially DESTROY “ANY” bank perceived as too big to fail. If a bank has no deposit base of customers, no amount of illegal, unethical, tarp/talf funding can save that banks brand. if we all put just “ONE” large bank out of business by taking our deposits elsewhere, trust me, the likes of Chase, BAC, Wells Fargo would be frightened beyond any scope a forum could describe. Our interest rates would plummet, they’d loan, oh, they’d loan again out of fear of being the next bank all of us decide to make an example out of. BTW, unemployment would be under 4% in less than a single quarter with all the new capital available to small business. I’d start with Chase, then Citi, Then a toss up between Bank of America and Fifth Third Bank. Bear in mind, that still leaves the citizens with 8996 other bank brands to choose from. I chose Chase bank as the first to remove our precious deposits from based on the volume of complaints I see on that bank. Our totally honest government says they are too big too fail, yet they ask Chase to merge with Washington Mutual to make an already government labeled too big to fail an even larger bank. Now thats just funny. Thats not forum chat, or a bad mood rant, thats our sincere government tackling the problem of “banks too big to fail” Worse, Jamie Dimon is so anti-American, this guy actually has the audacity to open and expand a massive call center in India using OUR OWN MONEY to TAKE USA JOBS from very desperate unemployed families in America. Dimon is “concerned” about Unemployment, yet this turncoat CEO opens a massive call center in India? The irony and hypocricy is astounding. Maybe not the smartest guy in banking either. Wonder how many Chase credit card users now unemployed, could have paid Mr. Dimon had he shown a SHRED of decency and hired Americans instead of India citizens? Mr. Dimon is a stout supporter of Barack Obama, deeply entrenched in the Chicago power and political circles. Guess that explains his ability to justify India, and his 29.99% rate hikes without backlsh from Mr. Obama and crew. Hey Republicans???? When you bank at Chase, YOU SEND DOLLAR AFTER DOLLAR TO Nancy, Harry, and yes, Mr. Obama. After Chase, we should all take our money out of Citi. Vikram Pandit couldnt tell the truth if his life depended on it. Citizens with credit scores of 750 to 800 are paying Citi 29.99% interest now.
      Of all the zombie mismanaged jokes of a bank, Citi by far the worst management. Have doubts? look at their balance sheet, and yes, their 3.00/share stock price. Anyway, DONT deposit your paychecks or savings into Citi. As Vikram sees the run on his bank, he’ll fedex all of you a letter reducing your interest rates back to a manageable 8 or 9%, and would probably be forced by “you the people” to return your previous credit limits . Please understand, you the people, have absolute control right now. One by one, simply deposit your funds elsewhere. No laws to change, no ballots to decide on, no politicians insulting your intelligence and constitutional rights. LEAVE your mortgages where they are. LEAVE your debts where they are. Leaving debts with a Citi or a Chase and removing your deposits are a double whammy of a financial magnitude neither Jamie Dimon or Vikram Pandit can solve.

      “You The People”
      You have so much power.

      I’m in my late forties, I am deeply ashamed of myself and my generation so I hardly speak from a position of strength or arrogance. The “WW2” Generation before me, left my generation with a free country, small government, realistic and fair banking system, unprecedented employment opportunities. We have left my children and grandchildren 2 wars, government backed banking system breaking your backs and disenfranchising the youth, debt so immoral, I cant even think about it without vomiting in my mouth. So no sir, i’m hardly narcissistic.

      I will formally apologize on behalf of any American between the ages of say 40 and 70 for all of the pain and misery our selfish, cowardly, and spend like there is no tomorrow attitude has caused your generation. I can only hope and Pray your generation forgives us, fixes the mess we left you, and good luck with that.
      We really made a mess of this Country.

      At 23 yrs old I purchased my first home with a VA loan made possible by my previous generation. I chose between 4 or 5 great job offers. My credit card interest rates were all below 10%. My government didnt take a trillion dollars from the common citizens and donate it to banks to use those same funds to crush the spirit of my “then” youth with loan shark interest rates and fees. We owe this generation of today our deepest sympathy and our most heartfelt apologies. We elected GW Bush, Nancy Pelosi, Harry Reid, Barney Frank, Chris Dodd, and as a result, we really hurt our children and their American dream.

  15. gerald says:

    All of you are socialists at heart. Sure, you whine and complain, but all communist whine. The fact that you people still deposit your checks into a Chase, Fifth Third, Citi, etc is not only an endorsement and socialist vote, you donate hard cash to their cause. They loan 8 to 1 on near zero govt money available to them. Stop complaining, the banks know your true hearts. They are fully aware you will blow hot air and feed them money week after week after week. 8000 other bank brands and credit unions that arent too big to fail, and you people do business with the very institutions that abused the citizens. You people are really the bottom of the bottom. I hope these communist banks pass a law sticking everyone like you people with a 50% APR. You all deserve it. What, are you too lazy to move your deposits to a credit union or community bank?
    Jamie Dimon of Chase and Vikram Pandit of Citi, Steven Kabatt of Fifth THird thinks so. BTW, they’re right, you people are absolutely pathetic . I hope your kids arent as lazy and dependent on big banks.

  16. CEW says:

    Fifth Third raised our rate from 3.99% to 24%. We chose to stop paying. I mean, we were the perfect customer. Low balance, didn’t even use the card for the last year, always paid on time and paid more that the minimum. Then we get this Bullshit letter telling us that we had 2 choices. A) Close our account (which screws your credit rating) or B) except a 21% hike. So I chose (C). They will not get one more dime from me.
    We all know what is going on here. They are trying to recover their losses on the backs of those of us who are still above the water line. Well…SCREW them. Now they get nothing!!

  17. Big D says:

    CitiBank offered us a very 0% balance transfer option for 6 months. Then it moved to 14.9% which was still doable. Then last November, for absolutely no reason they increased our APR to 31%. We have flawless credit and a balance of 22K on this card. Now the interest is killing us. So, I contacted my companies credit union to roll that balance into a personal loan at 10% over 7 years (it will be paid of in one) and Citibank can be sure that they will never see another dime of my money so long as I am alive.

  18. Brenda Smith says:

    US BANK and FIFTH THIRD BANK all raised my rates with Perfect Credit, they ignored what I signed for a fixed rate. They REFUSE to do anything about it, I was greeted with RUDE people and ones that has not one ounce of decency. So my next step will be bankruptcy, I gave up trying to negotiate, trying to get them to drop the rate. They could care less.

  19. Dawn says:

    Chase just raised my card to 14%. Told me they sent a letter during the summer. They probably did but why didn’t they just put it in with the statement and not disguise it as junk mail. I owe a lot on this card. Can’t pay it off. I’ll have to give what I can. This is ridiculous.

  20. Rebecca says:

    Be careful about paying on the due date if you live on the west coast. I paid after 1pm via the internet using a debit card. I was notified that the bank (CHASE) has a disclaimer that they conduct business on EST!!! They are raising my rate and I am a good costumer. I even called them and they would give grace. I am currently talking to my local Chase banker to help me out. This money was a balance transfer offer, which means I paid a fee for it for a certain time. We never carry much but this was to pay an emergy medical bill. Chase has not been a very agreeable credit company to deal with all along. This is the topper. goodbye Chase.

  21. Lynn says:

    Mine just went up to 29.9% as well. I lost my job in August and I can’t afford it. I agree for what one person said about the credit card companies getting our tax payer bail out money and then sock it to us. Unfortunately I am left with no choice but to file bankruptcy. :(

  22. Mark Jacobs says:

    I had a Citibank diamond card with a $40,000 limit. Never missed payment. Never late. I float around $5k-$7k on it. It’s for business and I don’t mind since the interest is tax deductible. Got a letter last month that my credit line was reduced to $5k. Today got a letter that my APR went from 10% to 29.99% starging Jan 1 ’10. No help on the phone.

  23. Regina Duran says:

    i have been a customer of chase for moore than 10 years.my business credit card with chase was 8.99% in less than 6 month my rate when up to 23.99%. i called chase to lower rate
    they told me no. what they offered me was to close the credit card and they wiil give a lower rate.
    if i close my credit card will that afect my credit?
    my credit is excellent(813), never late in none of my credit card.
    i dont want my credit mess up .
    what can i do

  24. H. S. says:

    I have been a customer of Citibank for 15 years.I have excellent credit ratings. I just got a notice that my interest rates are going up to 20%!!!! I called customer service to see if they could lower it back to my lower old rate. They basically said “no”. So, I will opt out and then pay off my card and NEVER do business again with citibank. I feel it is criminal for them to have taken my tax payer $$ to bail them out, and now they are slamming their best customers…Where is the logic in that? I know of a relative with the same card and they got a 30% rate notice. I can assure you that once I pay off my balance i will NEVER do buiness with a regular bank again. I am joining a FDIC insured credit union. To hell with the banks. Nice way to treat loyal and honest customers with excellent credit.

  25. jestfied says:

    I negotiated a 8.9% interest rate last month with Citibank. Today I came home to a letter stating that they were going to raise that rate to 29.9%. When I inquired why I was told that Citibank was doing raising everyone’s rate regardless if I was told last month that my new rate was 8.9%. I immediately opted out but the women told me my new rate is now 11.9%. What happened to the 8.9% I asked. She said I couldn’t have it. Sounds very predatory to me.

    • gerald says:

      Citi is insane. Total chaos.
      If you dont mind trashing your fico score for a year or so, stop paying citi or chase bank. after you go 62 days late, they’ll offer you a payoff of 41% of the balance. CHase a bit more greedy, Jamie Dimon (CEO of Chase and a HUGE LOYAL OBAMA FAN) is more strict at offering only 65% payoff of balance. One other downside to a trashed fico score is that they may or may not 1099 you for “earnings” on the balance reduction in next years tax season. But, if you charged home improvement goods, education, or moving expenses, you can equalize that. No moral hazard at this point, the taxpayers bailed them all out, banks themselves set a terrible example by saddling the govt with their bad debts. Many also walked away from multi million/billion dollar commitments. Not paying your citi or chase accounts at least gets you some of the bailout/stimulus money back into your families nest egg. You’re not stealing, you and your children are paying for the bailouts, stimulus over the next 30 years and then some. Higher taxes, inflation, trust the economists, you are all paying for the fraud committed by citi, fifth third bank, chase, bank of america. Most importantly, you the people are loaning banks money (via the Fed treasury) which belongs to you, at a current .75% rate. Some of you are happy with a 9% credit card rate, dont be. they are making 1000% margins on us all. How significant is bank greed? using your money, at their profit margins, if a Ford or a Chrysler for instance had that greed available to them, a Ford F150 pickup truck would cost 150k dollars, and thats not for the 4 X 4 model. 1000% profit margins are hidden by the banks as they pay their execs onerous salaries and conceal real margin activity. Ever notice how every employee at a bank is a VP title except for tellers? Granted, most are associate vp’s, or assistant vp’s, but they certainly diluted the value and perception of any industry sector well deserving employee who actually earned a VP title.
      Good Luck with Citi, even Wall Street largely views Citi as a three ring circus. In my experience with Citi, they define incompetence, chaos, and demonstrate corporate bipolar disorder. One day Vikram Pandit (Citi CEO)boasts consumer foreclosure assistance, next day Citi stitches up American families with 29.9 % interest rates, then a moratoriam on debt, then back to 29.9% rates. A real zoo over there at Citi. Maybe Pfizer or Merck drugs will get FDA approval on a bank prescription pill that fixes greed, bipolar behavior, fraud, onerous fees, and while a huge stretch, maybe this same new pill will instill main street values once again into our now corrupt banking system. The good news? Jamie Dimon, Vikram Pandit, all the welfare banks we assist made billions and billions trading stocks, with our taxpayer dollars, thanks to the stock market run up last 12 months. Oh wait, I thought speculating caused the bailouts in the first place, whewwww, these crazy loco insane bankers just never learn. I wonder how Jamie Dimon, Vikram Pandit, Ken Lewis, I wonder if we could have a citizens vote to strip those crooks of their status as American citizens would fare? I vote to jail them, but they own our politicians for the moment so that wont happen. But, wouldnt it be nice if we could as a “people” label them as unamerican, as harmful to our society, as too risky to trust (similar to child sexual predators who are publicly labeled). Wow, if we could label them as who they actually are, the damage they actually caused, our children and grandchildren will truly have a shot at some reasonable future in the USA. Future bankers wouldnt risk committing the same atrocities as Dimon, Pandit, Fuld, etc if they knew we as a people would remove them of their citizenship. I can fantasize.

      • Melissa says:

        Did you have a citi card? Is that how you know that they offer you the pay off of 41%? I have one and the interest is crazy high and I can’t keep paying but I’m scared that they will try to sue me or something

        • Gerald says:

          Melissa, they’ll sue you.
          But, don’t fret, as in the end you will save alot of money. If you value your credit score, disregard my post. My experience reduced my fico by 70 points so following me does have negative consequences.

          If, and this is a big IF. If you dont need credit for the next 18 to 24 months, simply stop paying Citi.
          They’ll call you repeatedly, they’ll harass you, but thats all they can do initially. Between 90 days and 120 days after refusing to pay, you’ll be a “chargeoff”, and debt sold or handled by a collection agency or low life bottom of the barrel washed up collection lawyer.

          They’ll call you, and they’ll send threatening mail. DO NOT ignore the certified mail, answer it. Better yet, at that point, hire a lawyer to handle citi and/or the collection lawyer scumbag. ALWAYS remember, Citi received 45 billion in aid from the taxpayers, PLUS a stunning 5 years of time to get back on course. Their thanks to the country? Gouge us all with high interest!!!! THEY DESERVE this melissa, they are crooks, theives, looters.

          Settle the debt with the collection lawyer. They’ll accept between 35% to 50% of the balance as a settlement. BE CAREFUL HERE. They will want that 35% to 50% to settle in one lump sum. If you feel that you cannot raise that cash before say 4 to 6 months from now, DO NOT do this Melissa.

          Courts ALWAYS side with big banks, and, there is not anything REMOTELY close to fair in civil matters when you are fighting a bank. Banks OWN the system, dont be naive.

          if you cannot raise enough money to settle at the reduced 35% to 50% of the balance, the collection scumbag lawyer and the scumbag court will make your life miserable. You lose, and the collector has almost unlimited power.

          THe lawyer for citi will garnish your checking account or savings accounts, if that fails as in you dont keep money in a bank, they’ll garnish your wages.

          Stakes are very high in a game loike this Melissa. YOU WIN easily if you can settle this for 35% of the balance, moneywise, its worth it. If you CANNOT settle with a lumpsum, your life becomes hell. Always understand; A collection lawyer is bitter, unsuccessful, and perpetually depressed their career led to one of the worst law fields in existence. A lawyer doesnt attend college to become a collection lawyer. They end up in collections because they failed. They can and do take out their failure in LIFE on people like you.

          Dont bother negotiating a lower interest with Citi, Chase, or Bank of America. We the “people” bailed them out, and they raised interest rates as a “thank you”.

          Character is defined by how one or how a business behaves in the bad times. I think everyone can agree, banks have NO CHARACTER.

          At some point Melissa, the PEOPLE will get revenge. We need only to take our deposits to small banks or credit unions. We can ALL close these banks in less than a year if we would ALL just remove our deposits from tarp banks. No cursing, no violence, no anger, just professionally move our assets to small banks and leave our liabilities with the big banks. Its SO SIMPLE and effective.

          My dream?
          Jamie Dimon, Vikram Pandit, Moynihan, all CEO’s of the major banks behind bars for LOOTING. But, that wont happen so our only real solution is STOP depositing money in their proven corrupt/greedy firms.

          We owe it to our children and grandchildren. Our country a BETTER place in the future without Chase, BAC, Citi, etc.

  26. I recently had my Chase credit card credit limit lowered from $10k all the way down to $1k even though I have perfect credit and have never had a late payment so I recently applied for and was approved for the American Express TrueEarnings Costco Card.

  27. Honey says:

    One of my credit cards went from a fixed rate (6.9%) to a variable rate on purchases – but I don’t use that card, so it doesn’t really matter to me. I have a second card at 8.9% that I use for everyday purchases and pay off every month (so again, the interest rate doesn’t matter). My third card has the remaining balance, but that one’s at 7.9% except for about $1100 at the bottom which is a cash advance at ~20%. But I have less than $4K left to pay off and soon the bottom balance will get paid off first, which will be wonderful! And I have enough in savings to pay that one off in full at any time if they raise the rate on me.

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