IandO wrote:I noticed while reviewing my account online, that Citibank was charging me a penalty rate of 29.99%, and I didn't know why. I looked through my account history, and found that my August 2014 payment had been one day late. I was planning on using the card soon, so I called customer service, she said she showed no lates for the last 12 months. She tried to change the rate but couldn't. She put me on hold and talked with her supervisor. She came back and said I was getting the penalty rate for 12 months, due to being one day late, and there was nothing they could do.
I have a 714 fico, it was 668 when I got the card three years ago. Think twice on dealings with Citibank!
On the bright side at least the year is almost up. Only 2 more months to go.
Regarding late payments, not sure if this would be helpful for your situation of course, but I've found it extremely beneficial to pay all of my credit cards once a week instead of once a month - and also transfer money into savings accounts and my IRA. I do them all every week and by doing that it helps prevent overspending because I'm very aware of all of my balances, keeps balances and utilization low, allows me to catch any fraudulent charges promptly, ensures I save and invest before I spend, and obviously makes late payments pretty much a non-issue since in any given month I make at least 4 payments.
I'm sure some people would find this approach labor intensive and time consuming, but personally it works really well for me because I like to login regularly anyway and psychologically it lowers anxiety. That's also why I never do automatic bill pays for like my cell phone or electricity, because they always want to make the auto pay happen like the day before or the day it's due, and I just can't relax with that. I'm constantly thinking, "Well what if there's a glitch and it doesn't go through? I have no cushion time." If they'd do the autopay like the first day the bill is available I'd probably do it, but instead I just make it a point to pay the first day I get it...lol and also check weekly in case a new one's been cut.
Regarding Citi I have to say I've found anything service related to be pretty unpleasant. They have the worst online system of any of my credit cards and the least helpful customer support. They have good rewards though and in my experience generous credit limits, so that makes them worth dealing with for me.