Its Official…Citigroup has Lost it!
Last night I received phone call from Military Wife about her Citibank credit card interest rate being raised from 13% to 29% interest. Actually if I remember correctly her exact words were…
the %!<&\# at Citi just jacked my interest rate right after I made the stupid payment
Her call sent Vinny Financio into action and prompted me to snoop around the inter-web a bit. Little did I know I would find out that Citigroup has also started charging annual fees to card holders who don’t put more than a specific amount on their cards, typically $2,400 per year. So let me get this straight…If I use a card you charge me, (I get that) If I don’t use my card you charge me (thats the part I don’t get!).
Okay that’s not really true, I do get it they are charging customers more fees. That’s what they do, that’s what their consumer business model is based on. The part I don’t get is why do they still have customers? You know the saying though…
you can lead an idiot to water but you can’t make him drown himself
It amazes me what people are willing to put up with. Luckily though Military Wife, due to her recent financial progress, was able to close the account and I doubt she was able to contain her ex-Marine Corp potty mouth when she told them what she thought about their new programs. I guess at this point for those that are willing to accept this treatment more power to them. Somebody has to get bent over the bar to keep those bank stocks in my mutual funds afloat for another 30 years. Personally I’ll take my own road on this one.
...."so when I got home we had a talk and decided this money situation had to change. I didn’t know how I was going to change it, we were barely making enough money to cover the monthly payments so how the H-E-double-hockey-sticks was I going to fix it?"
I love the DB reference, it’s one of my favorites.
Chalk this up as just another reason to cut the cord on the card. I’m glad Military Wife was in a position to NEVER have to deal with them again.
Send my best to her on completing the quest.
Jeff
1Companies (and people) are getting crazier as the years go by…There’s usually more to a story than we initially think, but it’s cool to see so many bloggers starting the discussions and getting the word out
2The card is in the drawer wrapped in its cute lil rubber band (alongside its cohorts in madness) with a lil sticky on it that says “CLOSED”.
It was a good feeling telling them to shove it. According to the poor unlucky b$sta$rd that answered the phone, it seems that a lot of people are doing the same. I guess the only ones who will be left holding plastic out of all of this chaos are the rich “Centurion” cardholders and the poor saps that have no other options but pay 30% interest and keep shoveling the hole they are in. Lucky for us… we have a financial guru to keep us straight.
3