I have had a Citibank Platinum Card for a couple of years and have been a good customer. I've never missed a payment and always paid more than minimum.in January's statement, there was a notice that my apr was being raised to 19.99%. My current rate is 8.6% (because of the prime rate being so low).
When I accepted the card, my apr was 12.4% and on balance transfers I got a 1.9% for 5 or 6 months. I did transfer some balances from other accounts with rates of 19.99%, 21.00% and 23.99%.
They advertised that I would pay much less in interest by using their card, so I believed them and transferred a few thousand over to them. If I thought there was a chance that they could raise my rate, I certainly would not have transferred the balances. I always read the fine print with these offers and if anything seems at all strange, I throw it away.
I remember reading about the default terms and didn't really like the any other account phrase, but I knew I wasn't going to default, so I didn't pay very much attention to it.
The last reason I heard from one of the reps was that my balance/limit ratio was too high, so I guess they figured they would help the economy by charging me over twice what I am currently paying. So, I had to refuse the new terms and when renewal time comes up, they will cancel my card and I will pay the balance off at my current rate. Or will they change my terms once again???
I was surprised to find a story on your website that could almost be my story word for word. I went through the same process, even got the same answers, although I did get one rep to admit she thought they were doing this to make up for the lowered prime rate.
Do you think Mr. Greenspan knew this was going to happen??? I will never have anything to do with Citibank again and will spread the word as much as I can.
Kasper
Cape Coral, Florida
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