Here’s my new update for Feburary. Like I mentioned in my previous post, I paid an additional $250.oo so I could get the balance down into the $16,000’s. 
I logged into mint.com to see if the payment had cleared and got a disturbing alert. Citibank has raised my APR to 22.99%. I’m sure this has something to do with the fact that my transfer rate of 4.99% or whatever it was is going to expire either in May, June, or July, I don’t really remember. You’d think I’d be able to remember something like this.
I’m going to be watching for balance transfer offers in the mail from Chase. I got one recently but was thinking I’d just stick it out with Citibank since my APR was only 16.99% but this new APR of 22.99% means I will definitely be looking for a decent transfer offer. I don’t understand how Citibank can raise my rate giving I’ve paid my bill on time for well over two years. Also since paying down my credit cards I’m now using less than 26% of my total available credit on all the cards combined (including cards not listed here which I do not use and one which I pay off every month that is used for business expenses), if anything I would think this would result in Citibank lowering my APR.
Sadly the real answer here is credit card companies can do
whatever they want – whenever they want.
What other company can operate like this, changing the rules as they go?
Related posts:
- I’m still hanging in there! | Debt Update I’m still paying off credit card debt. I didn’t fall...
- Paying Off Credit Card Debt – Almost There! Check out my credit card balance! I decided to pay...
- Two Years Trying To Get Out of Credit Card Debt This is really hard for me to believe, February will...
- Getting Out Of Credit Card Debt – March 2010 Update March 2010 Getting Out of Credit Card Debt Update I...
- August 09 Credit Card Balance I’m still headed in the right direction and paying off...
Related posts brought to you by Yet Another Related Posts Plugin.
{ 2 comments… read them below or add one }
Hi, I am new to blogging and I just saw yours, I am writing about the same thing on my blog. I decided to get out from under the credit card companies, and I was quite upset to find out that AMEX raised my rate from 7.99 to 15.22 with no late payment or anything. I can not wait to get rid of them all.
Bill
amazing job!!! Keep it up! you will be there in no time!!!
jpkittie´s last blog ..Old Navy PIF!!!!