Citibank
Life-of-Balance Transfer Promotion Rate Changed, No Paper Proof

Earlier I received a purchase and/or balance transfer promotion rate of 2.99 for the life of the balance. I took advantage of it and used $9000. On December 12, I received a notice letter that says my promotion will expire October 1. I immediately contacted Citibank about the matter and asked customer service why my balance transfer rate had changed. No explanation was given, except they told me to provide proof of the promotion.

The rep also indicated that they found the promotion in their system, but there is no documentation that I have it, therefore I need to fax a proof of the promotion letter. I acknowledged that I don't have the promotion letter; I shredded it after my transaction was completed. Big mistake on my part; I should have kept it. Anyway, the rep told me that she will give me a better rate of 1.99% for 2 years and that I should contact them if the balance was still not paid off, and they will extend it for me. This time I requested a letter from the rep and I received it within 5 business days.

Today, which is December 23, I contacted Citibank customer service, which forwards calls to Asia, and requested an extension. Mr. Joe, in Asia, told me that I cannot get an extension, however he suggested another offer which lasts 6 months at the rate of 13.9%. Unbelievable, my credit worthiness is an excellent 760. I immediately requested to speak to a supervisor. Jason, the supervisor, told me the same thing, and when I asked why the promotion rate is higher than my APR, the supervisor said, "Your APR rate will change to 17%, you should have received a notice letter." Why? The consumer default rate is high, therefore, we change our rates for all our customers.

Can you believe this? This is outrageous; my APR is changing because of the consumer default rate. This is wrong and the US Government should have done something about it; they are stealing millions from us Americans. After 14 years as a loyal customer, I'm planning to close my accounts with Citibank and transfer the remaining balance of $3600 to my Capital One card. I will never do business with Citibank again.

Company: Citibank
Country: USA
State: South Dakota
City: Sioux Falls
Address: P.O. Box 6500
Phone: 8006337367

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