Comments on: Citibank’s Universal Default Clause…Buh Bye!!!

By: Brian

Brian — Mon, 06 Jul 2009 17:47:07 +0000

You say goodbye but they say hello!
universal default now means UNIVERSAL NOFAULT!

On May 22 2009, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure! to go into effect in February 2010.

What the President did was to provoke a vicious beast during its meal time.
Did it ever occur to anyone that “The Beast” had the prey in its teeth when the prodding began? What did the White House news release say, 44 percent of families carry a balance on their credit cards!

Now what?

By: jp

jp — Sat, 17 Mar 2007 16:27:47 +0000

Made a call re: Citi’s payment partner plan. You have to be solicited by the credit card company in order to receive it. Sounds like a great plan. Asked about the critieria, the rep have no info. Good Luck.

By: jp

jp — Sat, 17 Mar 2007 16:27:29 +0000

Made a call re: Citi’s payment partner plan. You have to be solicited by the credit card company in order to receive it. Soungds like a great plan. Asked about the critieria, the rep have no info. Good Luck.

By: Maureen

Maureen — Wed, 14 Mar 2007 21:09:43 +0000

I agree with you about Citigroup, that they’re the easiest to deal with. I had a card with them for 20 years, and never had the same nightmares with them that I had with Bank of America (AVOID!!!!) or some of the others. I can’t recall anything in 20 years that was bad.

I have heard – I don’t have one of their cards – that Capitol One is horrific. Avoid them too.

By: Nanci

Nanci — Wed, 07 Mar 2007 23:29:14 +0000

I am with Mark. After being with citicard for about 8 years, always paying on time and always more than the minimun due, I had found myself unemployed,my mother was diagnosed with cancer (she died 6 months later)AFTER almost losing her one year earlier to heart disease. My life was in termoil, I was living off of other credit cards STILL ALWAYS PAYING CITIBANK. After skipping about 3 payments they CLOSED MY ACCOUNT,then froze it for one year allowing me to get below creditlimit
with the promise that the account would then go BACK to the way it was before leading me to believe that meant OPEN..what it meant was CLOSED, Like it was BEFORE THE FREEZE PERIOD. Even after paying EACH AND EVERY MONTH SINCE, my rate is 31% and they will not reduce it… They have been killing me for three years. THEY STINK!!!!! Im FINALLY going to pay them OFF and they can go……..

By: Mark

Mark — Wed, 07 Mar 2007 13:13:47 +0000

I wish I had a better experience with citicard. To late for me now. After some terrible years of dealing with medical bills my wife and I had debt up to our eyeballs. With the rampant universal default our debt just became more than we could handle, and believe me some of these credit card companys WILL NOT work with you. To make a long story short, now I’ve got a $8000 lien on my home from citibank. They must pay of judges to get these things.

By: Welcome Readers from the New York Times Editorial! : Blogging Away Debt

Welcome Readers from the New York Times Editorial! : Blogging Away Debt — Mon, 05 Mar 2007 15:55:43 +0000

[...] My general feeling about my credit card debt is that we alone are responsible for it because we were living beyond our means. However, some of their practices (like the Editorial suggested) are downright shady. The universal default clause is a horrible practice and I am so glad that Citibank did away with it! [...]

By: David Jolsyn

David Jolsyn — Mon, 05 Mar 2007 14:59:40 +0000

Interesting… Since I’m one of those singularly rare people—someone in his late twenties with absolutely no credit history—this is very good, very useful information. I shall diseminate as widely as possible.

By: Sheri

Sheri — Sat, 03 Mar 2007 20:28:52 +0000

Another plug of CitiCard; I just called and had my interest rate reduced and upgraded my card to a cash rebate.

By: Donna

Donna — Fri, 02 Mar 2007 18:32:17 +0000

Citi card has always worked with us (15 year old account) even though we thought they weren’t going to when we had some major problems recently but with some pushing they decided to close our account supposedly forever and gave us 6 months no interest and low payments. They then offered to reopen the account. So now we won’t have a closed account on our credit report. Chase on the other hand made us go through so many hoops and gave us so many different stories such as they don’t offer help when you are down and out and then have someone “special” call you and offer alternatives. Now we are back on track and all employed and stable and healthy (crossing my fingers).

By: Sarah

Sarah — Fri, 02 Mar 2007 17:10:31 +0000

I think it’s evil. I have a Chase credit card and the minimum payment was $40 a month. I was working on another credit card and had an automatic payment thing going. One month they increased it to $41. I didn’t catch it, so not only did they charge me the $40 fee for the “late” payment, and increase my interest rate to 28.5%, ALL of my credit card rates have gone through the roof. That $1 has turned out to be very, very expensive.

By: mapgirl

mapgirl — Fri, 02 Mar 2007 15:36:31 +0000

THANK GOD! I was wondering if someone would just do away with it. They know they are going to attract a hell of a lot of customers by getting rid of it. YAY! I’m glad!

By: Rich

Rich — Fri, 02 Mar 2007 03:39:19 +0000

I also got a great offer from Citi for both of my cards. It’s really been a motivator. Watch your mail for this one:

Any payments made OVER the minimum payment in the next 4 months on any of my accounts will accrue and extra 10% payment through the “Payment Partner Plan” They’ll match 10% of your above-minimum payment up to $550!!!

This is a great opportunity! I took advantage of both these offers, then transferred $5500 from both cards to a new 0% interest for 13 months, no balance transfer fees card and in exchange I am getting a free $1100!!!!! from Citi! This will put a nice dent in the debt.

I have ALWAYS loved the way Citi treats its customers, and this is just another example of why all my Chase accounts are closed and most everything is with Citi!

Any other details you want to know about this offer, let me know! There are no hidden costs and no fees to join the program. It sounded too good to be true to me too, but I asked and asked and there are no catches! Just need to make sure to pay the payments on time for the next 4 months!

By: Amanda

Amanda — Fri, 02 Mar 2007 03:03:16 +0000

As someone that has nearly a $20,000 balance on my Citibank card, that’s very good news.

By: JW Thornhill

JW Thornhill — Fri, 02 Mar 2007 03:01:20 +0000

This is unbelievable! I always knew that they could raise the interest rate if you were over 30 days late to them. But, to be able to raise the rates simply based upon being late to anyone should be criminal.

“Thus our national circulation medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess” Irving Fisher, economist & author

By: debt group

debt group — Fri, 02 Mar 2007 02:56:27 +0000

That’s good news about citigroup. You know, I’ve found them to be the easiest to deal with regarding my debt. Chase and AMEX have just been nasty, but dealing with citicards has just been a pleasure. Weird.

Hey, you are almost to 100K visits on your site meter! Congrats.

I’ve started a social community site for people with debt and i’d love to have you in the group. It’s based on the new ning.com platform and its just great. We could even RSS feed in your blog.

Anyway, love to have you, keep up the great blogging:

http://goodbyedebt.ning.com/