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February 5th, 2009 at 07:28 pm

Ok, maybe that's being dramatic. ; )

I decided to call Citi about my interest rate jumping from 6% to a whopping 24% on a card I've never payed late ever. I had learned about this a week or two ago (there's a blog entry about it, too lazy to go check out the date) when I logged in to pay the bill that our interest rate went up. We owe thousands and thousands on this card... *sigh* The jump from 6% to 24% was just huge and added over 100$ that we DO NOT have in any way, shape or form. So needless to say, I was upset.

I decided not to call them when I was upset. I was looking at the Door O' Bills and decided I had to call them to see what was up. I warned my husband before the call that things might not work out my way and I'd be in a bad mood the rest of the night.

So I called, asked what was up with the interest rate. I was shaking because I was so nervous and expecting rejection, them telling me that my credit is bad so they're not going to lower the rate, blah, blah, blah. BUT NO! The girl on the phone said something about some letter I was supposed to get in the mail and I could reject the change of terms to the account. Well, I honestly open and read every single piece of mail that we get here. No foolies. I do not remember anything of the sort. I thought that now we were REALLY screwed because I didn't get some letter in time and that we were now doomed with a 24%+ interest rate.

There really was no thinking about it. I know closing (or whatever they did... I think she said I could use the card until it's expired, which I don't use anyway) the account is a hit to the credit report, but my credit probably is crappy now anyway. And 24% vs 6% on a card where we owe so much on, there wasn't much to think about.

So the only caveat is that this month I have to pay the higher minimum payment. I have no clue how that's going to happen... but at least next month it will be back down to the 6% minimum payment. It's a HUGE load off my shoulders.


6 Responses to “VICTORY IS MINE!”

  1. Broken Arrow Says:

    Hehe, I love that line from Stewie.

  2. creditcardfree Says:

    That's great news! It seems this has been happening to quite a few people. I'm glad it will work out for you.

  3. ceejay74 Says:

    Hooray! Good for you for following up on that. I bet you've saved thousands of dollars.

  4. frugaltexan75 Says:

    You may want to get it in writing that the account was closed by you, and not by the creditor. Make sure it's written that way on your credit report too.

  5. lizajane Says:

    I read this when you posted it originally, and then guess what....same thing happened on my card!!! It was so familiar when she said there was the offer that they sent that I could opt out of. (But I admit that I don't remember seeing the offer.) Anyhow, I did the same thing, had them give me back my rate and I will only have the card until it expires. She said there would be an adjustment to my info within 2 days, and to check back before making a payment, since the payment amount would change also. I HOPE I don't have to pay the huge monthly payment, even if it is for one month.

    I just saw something on the news about this tonight too. They just pick a group of people based on similar characteristics and raise the rate, even if those people have never been late and are faithful customers. Crazy!

  6. Personal Finance Student Says:

    A similar thing happened to me several months ago with the same solution; what a relief! Although, they just said I was be prohibited from charging more, they didn't say I had to close it. They also said once I get the balance down to 50% of the limit, I could call back and discuss lower the balance even further. Good job calling, I was just as nervous, but it truly "paid" to call!

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