Another Rant.................CitiBank Stupid Also

[weewillie]

Re: Another Rant.................CitiBank Stupid A

I had one card that was 19.9% and wouldn't reduce it so I called another card company I had and asked them also to reduce my interest rate and increase my limit so i could pay off the other card and they did and also paid the other card company off. They do enjoy getting one up on other companies and keeping your business.

 

[Deleted member 3577]

Re: Another Rant.................CitiBank Stupid A

And Joe American Consumer is partly to blame as well for "unrestrained quest for expansion beyond any reasonable limit". The fact that people either bought more than they could afford and/or used their homes as giant AMT machines

I just heard credit cards referred to as "Yuppie Food Stamps"

 

[PC]

Re: Another Rant.................CitiBank Stupid A

Boys;
Before we get on a "bash CITIBANK" crusade, my wife works for them in the Mastercard division......

Nobody’s saying that <span style="font-style: italic">everyone</span> at Citibank is an idiot. I think we can all agree every large organization will have some, and probably a <span style="font-style: italic">great many</span> thoughtful, capable, diligent and caring people in their ranks. But if they’re not the ones calling the shots the company as a whole will only be as good as those who are.

(I have nothing but respect for guys like Erich Hartmann and Erwin Rommel. But their bosses were scumbags and their organization suffered accordingly.)

As a <span style="font-style: italic">former</span> Citbank customer I can only laugh at the last two letters I got from them. The first was a cancellation of my account. No reason mentioned, just canceled. And the second, a brand new card for that account.

In a phone call the courteous representative told me that they had cancelled the account because I hadn’t used it in a while and that if I would use it once before the expiration date they’d keep it active. Well, if their system doesn’t think my occasional purchases are good enough for them I’m not going to argue. I just cut it up.


PC.

 

[14dna]

Re: Another Rant.................CitiBank Stupid A

P.C.

My wife just went to bat for a customer who had a stroke while on vacation. They required a large increase in their limit, just to get home.
SHE MADE IT HAPPEN!!
Her job is to handle 69 employees who handle complaints from all the customers who now think all Citibank is scum.
Every night she comes home upset because people call her and say it is her fault their interest rate went up.
Sorry if this makes me bad, but this is the best person I've ever known, and when anyone criticizes, I jump to her defense.
Remember Citibank finances a lot of small banks that now are going in the wrong direction, so they are in a bind as well.

Dave

 

[Deleted member 3577]

Re: Another Rant.................CitiBank Stupid A

I empathize but disagree...
(on the whole raising rates idea)

The company has dropped below pawn shop status...
...Right to loan shark.

You can't treat respectable people like that.
It's an insult.

I've got a platinum, diamond-encrusted card signed by 6 verified super-models....at a bizzilion % interest????
WTH???
There used to be a distinction between....
ARGH.....I give up

You want to make more money?
Guarantee 6% for 10 years to your best members.

Then I <span style="font-style: italic">might</span> let mine revolve.
(But probably not

)

CitiBank is about to loose me FOREVER
(I think they would be better served to modify their risk model)

 

[Deleted member 3577]

Re: Another Rant.................CitiBank Stupid A

OK...That sounded pretty negative...
(This is after all a 'rant' thread)

I must say that back when I was a poor college student back in 199?-er...something.

I applied to several card companies and was refused.

Citi Group gave me a break.
And I was grateful for the privilege of having their trust when it was not deserved.

 

[zblu]

Re: Another Rant.................CitiBank Stupid A

Ah but did you still get hit with the annual CHARGE for the pleasure of paying exhorbitant rates on your card pc?

 

[Deleted member 3577]

Re: Another Rant.................CitiBank Stupid A

Actually YES...

But I remember having NOTHING after I bought my first house...

And the furnace went out shortly there after...In the middle of a cold winter.

The card saved me....Although a pound of flesh was paid.
(and blood...I couldn't afford a lawyer)

Scary now how vulnerable I was.

I'm conflicted about the whole thing.
I'm older now but hate to see young people who are trying to establish themselves getting hammered.

 

[Gray_Cat]

Re: Another Rant.................CitiBank Stupid A

My wife did as Scott suggested; called them the instant she got the letter and said will close the account if they raise the rate. To my surprise they did it - we never carry a balance and get money back from them so I thought they might be happy to see us go.
As for their inability to make enough profit, yeah they should rethink the huge exepnditure for naming rights to a stadium. Idiots. No disrespect intended towards the staff there but thier management need to pull their heads ouf of their a**. Look at Honda, they just pulled out of Formula 1 and will realize a huge savings......
Roy

 

[14dna]

Re: Another Rant.................CitiBank Stupid A

C'mon guys;

They sell the use of money for up to 19%.
If you call, and are a good standing customer they will reduce the rate.

Now call any other parts or service supplier you know, and ask them to operate at less than 30%.
They'll just laugh, and tell you to go elsewhere.

Most businesses work on a large margin, to pay for all their expenses.
Why shouldn't the bank be allowed the same priveledge?
I know you will all disagree with me, but if you have or had a business, then you will, at least, understand.

Enough said on my part!

Dave

P.S. All those department store cards are much higher interest and compound

 

[Gray_Cat]

Re: Another Rant.................CitiBank Stupid A

Does that 30% margin the usual suspects want include covering 400 million for stadium naming rights? When Citibank etal show some restraint on their overspending then it's a little more palatable to accept some of their grevious overchanging ways. I've no idea what it costs in Canada to secure a home loan but here (at least in the Los Angeles area) you are looking at 10k to 15k in closing costs for the <span style="text-decoration: underline">buyer</span> <span style="text-decoration: underline">alone</span> for a 300k to 600k loan. There is no flaming way the lender is making any less than 100% profit based on those closing costs. It's all about greed and it has not been effectively reined in. Too many of the greedy managers are still running these corporations that are crying for help. A few are offering to work for $1 a year (they still get stock) but no where near enough are being put back into the get what you atcually earn mode. Of course anyone is free to believe being ripped off unilaterally is acceptable.

 

[angelfj1]

Re: Another Rant.................CitiBank Stupid A

For major purchases we have for years used the no interest no payment offers. Then I program bank payments at a very comfortable rate for the next several months , until the total is paid off. If you are diciplined, you get to use their money for up to 24 months. Stores like Lowes, Home Depot, Sears, etc. However, if you're not careful you will owe principal plus all interest (at maybe 30% apr) at 24 months and 1 second! So, far we have been very diligent and careful.

 

[Brooklands]

Re: Another Rant.................CitiBank Stupid A

Dave,
And that margin is why I never leave a balance on a credit card anymore. I never made anywhere close to 30% on my business and yes I never got rich. There were years when I took a pay cut to either raise the pay to my employees or to hire more staff. But in a few years I would get it back in growth. It was taking time to get a smaller return on my investment...but by retaining business it compounded. Others in my business with higher pricing lost accounts each year so even if they gained new business they stayed even or just made slight changes from year to year. Building a loyalty and being fair got me through over 30 plus years before I retired. It was just a matter of being willing to live frugally while building for later years.
I have no beefs with Citibank, but then I do not do business with them either.

 

[Tinster]

Re: Another Rant.................CitiBank Stupid A

Dave,
And that margin is why I never leave a balance on a credit card anymore. I never made anywhere close to 30% on my business and yes I never got rich. There were years when I took a pay cut to either raise the pay to my employees or to hire more staff. But in a few years I would get it back in growth. It was taking time to get a smaller return on my investment...but by retaining business it compounded. Others in my business with higher pricing lost accounts each year so even if they gained new business they stayed even or just made slight changes from year to year. Building a loyalty and being fair got me through over 30 plus years before I retired. It was just a matter of being willing to live frugally while building for later years.
I have no beefs with Citibank, but then I do not do business with them either.

Dave- you and I used the same business model, it appears. My employees
ALWAYS got a nice Christmas bonus - I rarely got one myself.

d

 

[RonMacPherson]

Re: Another Rant.................CitiBank Stupid A

That's NOT what I see. You married her!!!

And if that's not the best Christmas bonus ever? What is....?

 

[DNK]

Re: Another Rant.................CitiBank Stupid A

Dave,
Others in my business with higher pricing lost accounts each year so even if they gained new business they stayed even or just made slight changes from year to year. Building a loyalty and being fair got me through over 30 plus years before

Tried that in my business. kept me fed, have now gone to the dark side. Fatter and happier. Not many work years left!