How Is Citibank Responding To Their Problem?

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

0 % finance charge is great, but the fine print usually reveals a 3 or 4 % fee for balance transfers. The real losses are on packaged investments and other bad loans, but CC losses will soon be coming along too.

Having been a bankcard merchant for many years, Tony, I understand that source of income. I meant to mention that, then forgot to. A portion of the goes to the bank, I believe.

I don't see how that explains 19%-plus interest rates. Or the rewards we received on the balance transfer, which had no merchant fee.

Today we got an email from Citicard with another 0% BT offer. Wish they'd make up their mind . . . either give us free money . . . or gouge us.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

In this case they have maxed the balance transfer fee at $99. They always have. So, if we did a $20,000 Balance transfer, they only got $99 for doing it, and only 0% fin change.

Granted, most balance transfer fees don't have a max, so a $20000 BT would make them $600 upfront.

0 % finance charge is great, but the fine print usually reveals a 3 or 4 % fee for balance transfers. The real losses are on packaged investments and other bad loans, but CC losses will soon be coming along too.

[bunnyhop Member Find all posts View Profile Close bunnyhop]

And then there are those who pay their bill in full month after month and then all of a suddend the fridge, dryer and dishwasher die in the same week. They have a card at 6.9% and figure "well, I'll pay $500 a month for the next 6m or 7 months and this will be paid" and they too get that letter.....

Where's the equity??? Because Banks made poor choices they are punishing those who didn't. Those who made poor choices got huge bonuses and now they are riding on the backs of those that "did/do the right thing" by living within their means and using credit wisely.

Joy

I so agree. I'm so sick and tired of the government let the people who just spend like crazy. And then punish those who don't want to distroy what they have.

My mom had a friend visit last summer and she had divorced a few years ago. They got in some debt and were just going to file bankrupsy. When they did, the credit guy said, "why don't you just max out your credit card since you're not going to pay it anyways?" They did!

Gess who's paying for what hasn't been paid?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Also, once your CC balance is over a certain amount, you can negotiate a settlement with them. You can google the amount.