citigroup slap in the face

[supercluster]

http://abcnews.go.com/Business/Politics/story?id=6740011&page=1 Notsure

unbelievable!! to think that Citigroup could rationalize spending 50 million on a new jet out of their bailout money. thats offensive. happy to hear that was put to a stop.Beerchug

[jwuer]

Here is the deal with that. They actually signed a contract for a custom made jet back in mid 2007. They have a contractual obligation to recieve and pay for the jet since it is custom built they are kind of stuck with the bad publicity.

[crabbybob]

I thought you were going to vent about a hike in your interest rate. Just before Christmas I got a letter from them informing me they had modified our contract and the rates were going up. I don't remember the exact amount but I remember my jaw dropping when I saw the interest rate and that the new default rate was even worst.

I got the card 14 years ago after working my way out of a credit card mess I had gotten into. When I got it I swore that if I ever had to carry a balance I'd cut it up. The entire balance has been paid off every month for the past 14 years so my initial reaction was that the new rates were not an issue.

But then I thought about how they treated me back in the bad old days. I remember how they refused to negotiate a payment plan, the steep increase in interest rates, the late fees, and the phone calls and threatening letters. Then I thought about the bail out that I helped pay for and the stimulus check that I didn't get. Talk about a slap in the face! Then I thought about the people who are in the same situation I was 14 years ago and how the credit card lobby tightened the bankruptcy laws to squeeze as much money as they could out of them. It wasn't too long ago that if you had a pulse they'd issue you a card. And now they want me to pay for their fiscal irresponsibility. Well my answer to them was the same as theirs was 14 years ago. Bite me! I called up and opted out the new contract conditions. That means the original contract terms remain in place until the card expires next year but I've replaced it with an American Express card.

[Fishstory]

You'll find American Express is just as bad as any of them. I've had a American Express for 7 years, never been late and always paid my balance off each month. Out of the two months ago while on a buisness trip, I went to pay for the hotel rooms and was denied. Turns out American Express cut my credit limit from $9,000 to $1,250 with out warning, I paid the bill and cancelled American Express.

I would love to not have any credit cards, but to book flights and rental cars they make it a must..

Americans the past several year have lived by buying now and paying later, this is the worst thing anyone can possibly do, I thing I heard that paying the mininum on a credit cards with a 1,000 dollar balance will take 20 years to pay off. Not only that but if your late payinga phone bill, credit card companies can hike up you interest rate...

Screw credit cards.............

[jwuer]

It's not that bad if your responsible about it but some people just don't realize that the plastic is still your money... its not like your getting free money. The lending and credit business drives a good portion of the economy with out it would be impossible for small businesses to start let alone thrive. That's why banks need to start lending again to jump start the economy... they say they are but they really are just sitting on stockpiles of capital.

[crabbybob]

After I dug myself out of debt I decided no more credit cards. Then my truck broke down 100 miles from home. Getting it towed and repaired wasn't a problem because they had the truck for collateral, but it was going to take a few days to repair and I had to get my daughters home. Have you ever tried to rent a car without a credit card? I had to do a lot of talking before someone finally took pity on me and rented me a car.

I believe you when you say American Express is just as bad but changing cards is the only way I have of expressing my anger with citigroup.

I'm not sure I fully agree with the idea that credit cards fuel the economy. I know business needs credit to operate but I think over the past few years the easy availability of credit cards has done more harm that good. To me a credit card company is like a drug pusher. They're selling something that's very dangerous but don't feel any sense of responsibility when it gets misused.


I think the jet is emblematic of Citigroup's irresponsibility. In 2007 they buy a 50 million dollar jet. In 2008 they're asking us to bail them out. I find it hard to believe they needed a private jet in the first place and that they didn't see there was a problem in their accounts receivable department.

[woz]

The problem today is everyone has to have everything,50 inch plasma,the latest $300 cell phone, newest video game system,brand new SUV,disney vacations,and the list goes on.People just go out and charge everythig(oh the mastercards maxed out then use the visa,that ones maxed out too,hey we`ll go to Sears theres still room on that card)we gotta have this surround sound system for the super bowl party!! The typical american charges today then worries about paying for it later,which they can`t. I too like new stuff, who doesn`t,and I charge everything gas, food, clothes you name it,if I can use the charge card, I do!.The only difference is I *pay the bill off every month* We have a points back program with our credit card so if you pay it off every month you pay no interest,whats that,holy crap! no interest, so we get 1 to 3% back on evey purchase.You know what that means,yup I`m making a little bit of money off the credit card company!!!

[moi]

The problem today is everyone has to have everything,50 inch plasma,the latest $300 cell phone, newest video game system,brand new SUV,disney vacations,and the list goes on.People just go out and charge everythig(oh the mastercards maxed out then use the visa,that ones maxed out too,hey we`ll go to Sears theres still room on that card)we gotta have this surround sound system for the super bowl party!! The typical american charges today then worries about paying for it later,which they can`t. I too like new stuff, who doesn`t,and I charge everything gas, food, clothes you name it,if I can use the charge card, I do!.The only difference is I *pay the bill off every month* We have a points back program with our credit card so if you pay it off every month you pay no interest,whats that,holy crap! no interest, so we get 1 to 3% back on evey purchase.You know what that means,yup I`m making a little bit of money off the credit card company!!!

Agree1 , with one exception. You're not making money off the credit card company. You're making it off the merchants who have to pay a percentage to the card companies off of each transaction........

Beerchug

[noresman]

My wife and I do the same as woz. Haven't paid a penny in credit card interest in years and they keep sending me checks. Gotta love it.

[seabass]

My wife and I do the same as woz. Haven't paid a penny in credit card interest in years and they keep sending me checks. Gotta love it.

Thumbsup ditto...just got $40 on my dicks/mastercard! Beerchug

i have it auto pay in full every mo...u gotta keep an eye on it tho...a few times they tryd to sneak in a finance charge -$15Mad1 - i calld them and bitchd....they sayd its a glitch in the system....Notsure how come its never a glitch n my favor?MachineGun Swear1

[Toad]

When you deal with local merchants, not the big box stores, ask them if there is a difference in price for cash. I have found that many times they prefer cash and will give up to a 5% difference under the credit card price. Less paperwork involved and they get their money right away.

I also use the credit cards to get the cash back bonuses. I personally like the Discover gas card....5% credit on gas purchases and a smaller percentage on other purchases.

Also, there are a number of ways to use your cash-back bonuses. Apply them to your monthly bill, give to charity, shop on-line, or get gift cards.
I usually go for the Cabella's gift cards as $40.00 in cash back bonus gets you a $50.00 gift card at Cabela's. That's a kickback from the credit card company based on their bonuses and an additional 25% increase on your cash back bonus. In my mind you can't go wrong.....but cash is king.

Definitely pay off your credit card balances at the end of the month when due. Be careful with American Express though. If your check/electronic payment gets to them on the due date they consider it late. Make sure it gets to them the day before the due date. Happened to me last year. They received payment on the due date and tried to charge me interest and penalty. We had a pissing contest on the phone...I won but now I do make sure that it gets to them the day before the due date. I don't like the company, never have, but I do like Costco and American Express is all you can use there.