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At the end of 2008, I opted out of a rate hike on my Citibank Mastercard. Now, I'm reconsidering having done so. I've had this card now for 18 years - all my other cards I opened up within the last 2 years (Discover & US Bank Visa). I was really unhappy at the time, but I've not carried a balance on this card for quite some time, so my opting out was more a statement to them than to save money me money. I don't plan on using this card for other than basic charges, and I always plan on paying it off. My question: is it possible to call customer service and "opt back in"? I realize that opting out may have a strong impact on my credit score (currently in high 700s) when I close it (which I will do rather than have the credit card company close it for me, which would be worse for my credit score). So, can I undo that opt-out? |
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Without getting into how much I detest Citibank, you can opt back in. Quite simply, as soon as you use the card again, you accept the new terms. They wait patiently for you to screw up and do something like that. I'd call and check to be sure that is the new plan under CARD. Not that I recommend anything that has to do with my financial arch nemesis. But this is how it worked when I worked for MBNA (now BofA). Huh, then I guess I opted in a long while ago. I have monthly recurring charges on the account. At least they don't make any money from interest or fees. Once they enact one, I'm outa there! Oh, and I know all about your Citi-love!!!! I should just open up that credit union credit card I got offered when I signed up. It'll be the best of the lot probably.
(Mar 06 at 16:29)
debtmaven
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Noooooo.... Don't dooo it.....! Your original instinct was correct. Stick with it! I'm sure Citibank would love to have you back as a customer and would probably have no problem setting you up with the same card you had two years ago, but that doesn't mean they have your best "interest" at heart. Credit card companies never do. Ask yourself, why do I really want this card, even with Citibank's misbehaviors? What do think the chances are that Citibank will find another way to screw you again in the future, once they have you back as a customer? Pretty high, I'd say. Use a debit card for your local bank and you'll be a lot happier. Cyrus, I only use credit cards for online purchases (my revolving netflix charges) and the rare hedging my checking account until a paycheck clears. They make 0 money from me now...
(Mar 06 at 16:26)
debtmaven
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I actually have a related follow-up question to this. I opted out of a rate increase in 2008 that would allow me to keep the current rate until the card expired (at which point the account would close). My card does not expire until September 2010 and I am in the process of paying off a balance on it. I have had the card for 9 years and it has a very high credit limit--so my debt to credit ratio is really good. Regardless of whether or not the account closes, I plan to pay the card off by this September. And I'm thinking it would be better to keep this open. Can I opt in at this late date--or even wait until later in the summer--when I will have a very small balance on the card? Is it possible they would deny me since they have been losing the interest already for over a year? I did this thinking something would likely change by the time my card expired and I could undo it, but realize, I may just need to face the consequences. I reread the earlier comments and wanted to add some more info--the card is with Citibank and I've been using it for some current purchases while also paying it down. My interest rate has not changed (still less than 9%). Regardless of my having opted out--will they send me a new card and it's with the use of that card that the interest hike would go into effect?
(Mar 27 at 15:59)
Stephanie
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