Citi never (lets you) sleep!!

Had I written this blog yesterday, I am sure I would have started with expletives!! I was red in rage after finishing my 'customer service' call with the bank. The reason I had called them was to confirm if they were serious about the mail I had received a week ago. Firstly, I strongly believe that all these banks and timeshare companies should be made to pay more than the mere postage for all the junk they send. I would really like for someone to come up with a study on how many trees are actually torn down to tell us "You have been pre-selected as a privileged few" or that "You have won a free cruise vacation in exchange for $800 a year for the next 40 years".

So the mail from the bank says that the introductory period promotion for my credit card is over and my interest rate was now going to be raised from 6.99 to 29.99%. The funniest line in that email was that I had the option to opt out. "well.. hell ya.. you bet I was gonna opt out".

So I called the bank yesterday and was promptly 'serviced' by a very energetic young sounding service professional. I cant help but see the humor in the word "Service call" here. First they lure you. Your human instincts take over. Then they screw you, make you pay and thank you for your business. Case closed.

So ya.. true to its word in that letter, they were for sure raising the interest from 6.99 to 29.99 from December. And ya, they were charging me 16.99 for November as the promotion at 6.99 ended in October. That little detail btw is for us to figure out, they just dont tell you. I can opt out of their very friendly 29.99% plan and continue to pay 16.99 if I chose to, but by opting to their 29.99% plan, they were running a special. Each month, they would credit back 10% for the previous month interest charged. So they charge you 29.99, hold the money for a month and then give you 10% back. effectively charging you 19%!!!

Surprised.. Me too.. I asked them that. "So I can do nothing and let you charge me 29.99% or willfully opt in and get charged 19.99% effective or opt out and get charged 16.99 regular". "What would you do?" I asked them.

"Unfortunately, we cannot provide any financial advice sir. That would be our financial services team. Would you like to be transferred?" was the innocent reponse.

"Ok. Tell me this.. who would willfully drop a 16% rate and sign up for 19%" I asked.

"Sir, that is just to show that the option exists for our customers" was the response.

The usual blackmail of "I want to close the account then" did not work either. They were happy to transfer the call to the dept that could accept payments over the phone.

So here I am. Paying off the the balance in full tommorow, but for you folks reading this, the message is: they are really tightening the 'screws' and so pay particular attention to the junk mail from the banks these days. Your vacations can still go to trash!!

image source: http://www.pc1news.com/articles-img/small/Identity_theft.jpg