A third of all credit card users have been penalized by a credit card company, according to a new survey from Credit.com. Consumers say card issuers have imposed one or more of the following changes:
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HIgher interest rate 15%
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Larger minimum payment 11%
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Earlier due date 9%
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Lower credit limit 8%
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Reduced rewards program 8%
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Closed account 7%
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1 response so far ↓
1 mario frangella // Oct 17, 2009 at 10:37 pm
Hi, Asa. I enjoy your TV spots. My aunt Teresa today received a notice from Citibank increasing her interest rate from 14% to 29.99%. They did not state a reason, and when I called them, they stated that they do this randomly to a percentage of all cardholders. I am still in shock.
My aunt Teresa has been a cardholder for 25 years, and never been delinquent with any payments. Is this the way they treat a good customer. They should be ashamed of themselves, targeting a senior citizen on a fixed income. My aunt feels terribly about this. Is this being done so that Citibank CEO can get a big bonus?
The only option the Manager on the phone gave us was to opt-out. That is, not use her card, pay the balance prior to the account expiration date, next March, and close her account.
I know my aunt can get another card with another bank, but I feel strongly that this is unfair, and other people should know about Citibank’s callous practices towards their good customers. Therefore, I felt compelled to write to you. Thanks. (If you want details, please write back.)
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