Citibank Platinum Select Interest Rate ripoff - Consistant Staff Lying The Lakes Nevada
Let me be honest. I was delinquent on my account. I called Citibank because my interest rate rose to a whopping 24.99%. I had never really paid much attention to this fact, but when I noticed this, I immediately called to resolve it.
CALL #1:
I was told that after 6 months of on time payments, my account would drop to 12.74 or 12.75%. This was all that I was told.
CALL #2:
I called back the month it was to change to make sure the change had been made and was told that the change would show up on my statement at the end of the month!
CALL #3: 4/14/02 @ 1:07pm
Received the bill and it still showed an interest rate of 24.99% so I call and speak with a young lady (ID# TEL****) and told her that on two to three seperate occasions, I was told that my interest rate would drop down to 12.74 or an original interest rate of the account. She told me I had been mis-informed and that my rate would now be 19.99%(instead of the prime rate 4.75 + 12.99%) because Citibank decided that 19.99 should be my minimum. I asked her what they based this on, and was not given a reason. I was told exactly "that is what was decided, and it is within the law". I asked who decided and she said the computer decides this. She went on to tell me that I am at this point in a "Mid-Tier Pricing of 19.99% and with 6 months consecutive payments my next pricing would be at Prime + 9.4%". (This is verbatim, because I wrote it as she spoke this and I continuosly asked her to slow down as I wrote it.) I decided to have her start from the beginning and tell me how the system works, because I was now a skeptic after having been told by other Citibank staff that my account would be back to normal. She did, and I wrote it down in a 20+ minute conversation. In the end, I requested that she send me a letter stating the terms of recieving an interest rate of Prime + 9.4% as long as no further delinquent payments are made.
After this conversation, I decided to call again to verify that this is correct.
CALL #4 4-14-02 @ 1:45pm
Spoke with a Ms. Re** and was told that I had been MIS-INFORMED! After the long conversation with ID# TEL****, I could not believe I was hearing this! But I did. I was now told (VERBATIM)that "Yes, I am in a mid-tier pricing of 19.99%, but that even after 6 months of ontime payment, I am not guaranteed (at all) a lower interest rate!" I was told that there were tiers, and that based on the tiers, I may drop down to prime + 15%, maybe even prime + 11% or, Citibank may decide that I, a customer of 11 years may pay 19.99 for the next 30 years. She said that I basically had; based on my tier level, 6 more times (that is 36 months) of reviews. So I go from 6 months to 36 months in a matter of 20-40 minutes! Well I am confused. So after she expains the process to me, which is now different from the last young lady, I ask to speak to someone who can give me definitive answers. I want to know why the terms on my end are so cut and dry, yet on Citibank's end, they seem to flip flop based on whatever the Customer Service Reps decide or GUESS! Ms. Re** tells me that I have reached my limit and any further complaints would have to be done by fax# 605-357-2073(hope it's a good number).
Call #5 4-14-02 @ 2:37pm
Spoke with a gentleman who tells me that there are Business Account Specialist who handle interest rates for Citibank, and that they do it on an individual basis, and that there is a Rate Index that is based on whether or not the account is Variable or Non-Variable.
You tell me what you get from all of this! As for me, I am getting a heck of a lot of mixed information, and I plan to get to the bottom of it!
Tiffany
San Jose, California
3 Updates & Rebuttals
Kristy
luverne,Minnesota,
Default Rates
#4UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works.
Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%.
There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full.
On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.
Kristy
luverne,Minnesota,
Default Rates
#4UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works.
Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%.
There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full.
On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.
Kristy
luverne,Minnesota,
Default Rates
#4UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works.
Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%.
There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full.
On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.