I recently took Citibank up on a balance transfer deal of 3.9% for a year. I paid off two credit cards and mailed those checks along with my payment to Citibank. The payment was also due in two weeks. All of my creditors received payment and my balance transfers went through. Somehow Citibank did not receive my payment, or they chose not to cash the check. This ruined my entire balance transfer. They raised my APR to 56% on standard purchases and 29% on my average purchases! That is higher than it was before I did the transfers!
When I contacted them, they said my account was delinquent for missing that payment. I fought and argued, but they did nothing for me. This is not the first time credit card companies have done this to me. It happens only when I am doing a balance transfer, and it is always the same thing: they did not receive the payment. I usually pay my bills online. Now I know that is the only safe way to do it.
This company should not be allowed to raise rates like this. It is a joke! I really think they chose not to cash my check, knowing that would ruin my APR, so they can now get rich off of me. I am in a bind because the minimum payment is now 445.00 because of the balance and the huge APR. I hope someone can check this out. I am getting nowhere with Citibank. I am done with them. Please help!
Thank you.
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