My love letter to Citibank

I tried to send this e-mail to my credit card company:

Hi,

I’ve had an account with your bank since May, 1999.  A couple of months ago I was inadvertently late with a payment by fewer than seven days.  It was an isolated incident, as my records clearly show.  As a result, my interest rate nearly doubled on the next billing period.  I understand that at the time this action was taken, it was legal.

A cursory examination of my account will show that I’ve paid my balance in full and have carried no balance for a month.  One of two things is going to happen now:

1.  My rate will be returned to its previous rate.
2.  I will close my account and take my business to any of the other credit card providers that consider me an excellent credit risk.

I understand your policy is to re-evaluate my account in two years.  You should be aware that my policy is not to accept unreasonable interest rates.

Guess which policy will take precedence here?

I understand that the person reading this is a living, breathing human being who is likely limited in what he or she can do.  My argument is with a faceless corporation, not with you as a person. All I ask is that you give this request the full consideration you are able and I will be completely satisfied.

In the end, after all, I will walk away from this situation happy.  Either my rate will return to its previous level and I’ll continue to do business with a company with which I’ve been otherwise quite satisfied.  Or, your company can chose to reject my business and I’ll go to any one of myriad credit card provider that will give me a better rate than the one with which you’ve saddled me.

The choice is up to your company.

Thanks for your consideration.

When I pressed “send” the web page returned an error. That should tell me something.

3 Replies to “My love letter to Citibank”

  1. "I understand your policy is to re-evaluate my account in two years. You should be aware that my policy is not to accept unreasonable interest rates."Tom, I really, really love this. I’m not sure if I ever bitched and moaned to you about US Bank, but I had a similar experience a few months ago, only without the late payment. I held two credit accounts with US Bank. I won’t publicly state their amounts, but let’s just say it’s a lot. And then, my APR was raised from 7.15% to 15.2%, which translated to around $100 a month added to my minimum, and that meant I was not okay. So, I opted out of the interest rate increase, which cancels my card, but allows me to pay the balance off at my previous APR. Screws up my credit, thanks to no longer having available credit for that ratio – but it’ll save me money in the long run, and I never agreed to borrow that money at 15.2%. We had a deal, US Bank, and you backed out.The next month, they dropped my other account’s limit to $100 over my current balance, taking about $7000 away from my debt-to-available ratio. US Bank single-handedly dropped my previously almost perfect credit score over 100 points and made me a credit risk. No late payments, nothing. Model customer – high balance, but paying a ton of interest, so you would think they might be mildly interested in keeping me. It’s troubling to think that they can do these sorts of things, but there’s really very little that I can do.I love that their website wouldn’t let your email go through. It really should tell you something.

  2. "I understand your policy is to re-evaluate my account in two years. You should be aware that my policy is not to accept unreasonable interest rates."Tom, I really, really love this. I’m not sure if I ever bitched and moaned to you about US Bank, but I had a similar experience a few months ago, only without the late payment. I held two credit accounts with US Bank. I won’t publicly state their amounts, but let’s just say it’s a lot. And then, my APR was raised from 7.15% to 15.2%, which translated to around $100 a month added to my minimum, and that meant I was not okay. So, I opted out of the interest rate increase, which cancels my card, but allows me to pay the balance off at my previous APR. Screws up my credit, thanks to no longer having available credit for that ratio – but it’ll save me money in the long run, and I never agreed to borrow that money at 15.2%. We had a deal, US Bank, and you backed out.The next month, they dropped my other account’s limit to $100 over my current balance, taking about $7000 away from my debt-to-available ratio. US Bank single-handedly dropped my previously almost perfect credit score over 100 points and made me a credit risk. No late payments, nothing. Model customer – high balance, but paying a ton of interest, so you would think they might be mildly interested in keeping me. It’s troubling to think that they can do these sorts of things, but there’s really very little that I can do.I love that their website wouldn’t let your email go through. It really should tell you something.

  3. "I understand your policy is to re-evaluate my account in two years. You should be aware that my policy is not to accept unreasonable interest rates."Tom, I really, really love this. I’m not sure if I ever bitched and moaned to you about US Bank, but I had a similar experience a few months ago, only without the late payment. I held two credit accounts with US Bank. I won’t publicly state their amounts, but let’s just say it’s a lot. And then, my APR was raised from 7.15% to 15.2%, which translated to around $100 a month added to my minimum, and that meant I was not okay. So, I opted out of the interest rate increase, which cancels my card, but allows me to pay the balance off at my previous APR. Screws up my credit, thanks to no longer having available credit for that ratio – but it’ll save me money in the long run, and I never agreed to borrow that money at 15.2%. We had a deal, US Bank, and you backed out.The next month, they dropped my other account’s limit to $100 over my current balance, taking about $7000 away from my debt-to-available ratio. US Bank single-handedly dropped my previously almost perfect credit score over 100 points and made me a credit risk. No late payments, nothing. Model customer – high balance, but paying a ton of interest, so you would think they might be mildly interested in keeping me. It’s troubling to think that they can do these sorts of things, but there’s really very little that I can do.I love that their website wouldn’t let your email go through. It really should tell you something.

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