Citibank is hiking credit card rates

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I don't care a bit about rates, but I've also heard that some free cards are starting to charge annual fees. I'm too worried about my FICO to cancel a card, even though the only card I use is my credit union's. Hope they don't start charging a fee.
 
Daedalus said:
... but I've also heard that some free cards are starting to charge annual fees. I'm too worried about my FICO to cancel a card, even though the only card I use is my credit union's. Hope they don't start charging a fee.
Click to expand...

I heard this too. If you pay the bill in full each month you are a low/no value customer, albeit low credit risk. Damned if you do, damned……
 
ConsiderAgain said:
Daedalus said:
... but I've also heard that some free cards are starting to charge annual fees. I'm too worried about my FICO to cancel a card, even though the only card I use is my credit union's. Hope they don't start charging a fee.
Click to expand...

I heard this too. If you pay the bill in full each month you are a low/no value customer, albeit low credit risk. Damned if you do, damned……
Click to expand...

They are absolutely full of it when they try to say that those of us who pay off their bill each month are low or no value customers. Personally, I put everything I can on one card all month and pay it off at the end of each month. They are receiving fees from every vendor for each of my transactions which range anywhere from 2K-6K per month. They are making plenty of money, I think they'd have real problems if they lost the customers who are smart enough to pay their bill off every month. We're the ones who actually have money and are virtually risk-free for them. The minute they start charging me anything or taking away the interest free grace period will be the minute I go back to paying cash for everything. Many times people forget that the vendors pay for each transaction so they are usually making money on both ends of each transaction.
 
i just read the article and some of the people interviewed make it seem like its a god given right to have a credit card and be charged interest rates that are deemed reasonable by them. If im loaning someone money, it is going to be on my terms, if they dont like it, then they dont get the loan. If the customers dont like the terms just cancel the card. That is one of the problems with americans - they believe they should be extended credit for everything.
 
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