Credit Card Companies are EVIL
This is my personal story about how credit card companies are evil.
I'm bored at work today. But, its payday. So I log on to my online accounts to make sure everything is copacetic. Surely enough, I was paid. Yay. My online statement also shows that I now have a VISA credit card (through my Credit Union) with a balance of $2396.00 This is great, I am excited about this. I applied for this credit card over a week ago, and transferred my balance from a high-interest Citibank account. Citibank's interest was 19%, and my new Credit Union card is at 6.9%. After I discover that my balance has been transferred, I call Citibank to confirm this and to close my account. Here is my conversation with Citibank, as well as I can remember it.
Customer Service: Hello Ma'am, what can I do for you today?
Me: I would like to close my account. I transferred my balance to another credit card.
CS: Your account still shows a $2396.00 balance.
Me: Well, you should be receiving the check from the CU soon. I would still like to close my account.
CS: What is the reason for closing your account?
Me: (unsure why I have to share this information) Because of the high interest rate. I got a lower one through another credit card.
CS: Well, I will have to transfer you to an "Account Specialist". Is that ok?
Me: Sure. (This was a bad decision.)
I am on hold, and Bon Jovi music is playing loudly.
Account Specialist: Hello, Ms. Burke. I hear you are thinking about closing your account with us today.
Me: Yes I am.
AS: And the reason for this is because of the high interest rate?
Me: Yes.
AS: May I ask what interest rate you are getting at your other company?
Me: (again unsure about why I'm answering these questions) 6.9%, fixed rate.
AS: I see. Well, you had two late payments, (in the last 3 years!!) and that is why your interest was so high. I'm going to go ahead and lower it to our standard rate of 14%.
Me: I don't care about that, all I want is for you to close my account.
AS: Let's see what else I can do for you. Oh! Look at this! It's showing me that I can lower your interest rate to 2.9% for the next six billing cycles. This way you will be paying lower interest and finance charges. Lower even then your new credit card!
Me: No thank you.
AS: But that doesn't make sense. For the next six months - till December! -you would only be paying 2.9% interest. It would save you money.
Me: No thank you. I would just like you to please close my account.
AS: What I'm telling you just makes sense. You've been a customer for over three years, and we want to save you money.
Me: I understand what you're saying. Listen, I know this is your job. You have to try and keep me as a customer. But regardless of what you say, in the end you're going to close my account.
AS: Yes, we do want to keep you as a customer. That's why we are offering you 2.9% interest for the next six months. You could make payments at a much lower interest rate then 6.9%.
Me: You don't get it. I am transferring my balance. That's why I don't care if you lower it to 14% or 2.9%.
AS: Well, it just doesn't make sense.
Me: Have you closed my account yet?
AS: If you change your mind, please call us back. We keep you on file for the next year. This offer is still open.
Me: Has my account been closed?
AS: Yes.
The End.
I'm almost too exhausted from fighting with him to even write my comments and analysis of the whole discussion. I have never found it so hard to stop using a service in my whole life. I can easily see why people get intimidated by customer service representatives from credit card companies. He was very condescending, telling me that I "didn't make sense" and he was very much pressuring me to stay a customer. He also said several times that he "didn't understand my logic" and that "it would make more sense" to do things his way. The more he pressured me, the less chance I would ever stay a customer of Citibank's. There was more of the exchange then I even wrote down. I don't know how many times I had to ask him to close my account before he actually did. It was at least 7 times.
Chris and I just watched the documentary "Maxed Out" this week, and I thought it did a really good job of covering the basics of the craziness that is the culture of credit in our society. Credit card companies definitely prey on the weak. Even I could see how easy it would have been to agree with him, take the offer, and continue the insanity. I don't do well under that kind of pressure, and I probably shouldn't have given him some of the information that I did, or I should have asked for a supervisor, but I did my best. Cutting up that piece of plastic felt pretty damn good, I must say.
I'm bored at work today. But, its payday. So I log on to my online accounts to make sure everything is copacetic. Surely enough, I was paid. Yay. My online statement also shows that I now have a VISA credit card (through my Credit Union) with a balance of $2396.00 This is great, I am excited about this. I applied for this credit card over a week ago, and transferred my balance from a high-interest Citibank account. Citibank's interest was 19%, and my new Credit Union card is at 6.9%. After I discover that my balance has been transferred, I call Citibank to confirm this and to close my account. Here is my conversation with Citibank, as well as I can remember it.
Customer Service: Hello Ma'am, what can I do for you today?
Me: I would like to close my account. I transferred my balance to another credit card.
CS: Your account still shows a $2396.00 balance.
Me: Well, you should be receiving the check from the CU soon. I would still like to close my account.
CS: What is the reason for closing your account?
Me: (unsure why I have to share this information) Because of the high interest rate. I got a lower one through another credit card.
CS: Well, I will have to transfer you to an "Account Specialist". Is that ok?
Me: Sure. (This was a bad decision.)
I am on hold, and Bon Jovi music is playing loudly.
Account Specialist: Hello, Ms. Burke. I hear you are thinking about closing your account with us today.
Me: Yes I am.
AS: And the reason for this is because of the high interest rate?
Me: Yes.
AS: May I ask what interest rate you are getting at your other company?
Me: (again unsure about why I'm answering these questions) 6.9%, fixed rate.
AS: I see. Well, you had two late payments, (in the last 3 years!!) and that is why your interest was so high. I'm going to go ahead and lower it to our standard rate of 14%.
Me: I don't care about that, all I want is for you to close my account.
AS: Let's see what else I can do for you. Oh! Look at this! It's showing me that I can lower your interest rate to 2.9% for the next six billing cycles. This way you will be paying lower interest and finance charges. Lower even then your new credit card!
Me: No thank you.
AS: But that doesn't make sense. For the next six months - till December! -you would only be paying 2.9% interest. It would save you money.
Me: No thank you. I would just like you to please close my account.
AS: What I'm telling you just makes sense. You've been a customer for over three years, and we want to save you money.
Me: I understand what you're saying. Listen, I know this is your job. You have to try and keep me as a customer. But regardless of what you say, in the end you're going to close my account.
AS: Yes, we do want to keep you as a customer. That's why we are offering you 2.9% interest for the next six months. You could make payments at a much lower interest rate then 6.9%.
Me: You don't get it. I am transferring my balance. That's why I don't care if you lower it to 14% or 2.9%.
AS: Well, it just doesn't make sense.
Me: Have you closed my account yet?
AS: If you change your mind, please call us back. We keep you on file for the next year. This offer is still open.
Me: Has my account been closed?
AS: Yes.
The End.
I'm almost too exhausted from fighting with him to even write my comments and analysis of the whole discussion. I have never found it so hard to stop using a service in my whole life. I can easily see why people get intimidated by customer service representatives from credit card companies. He was very condescending, telling me that I "didn't make sense" and he was very much pressuring me to stay a customer. He also said several times that he "didn't understand my logic" and that "it would make more sense" to do things his way. The more he pressured me, the less chance I would ever stay a customer of Citibank's. There was more of the exchange then I even wrote down. I don't know how many times I had to ask him to close my account before he actually did. It was at least 7 times.
Chris and I just watched the documentary "Maxed Out" this week, and I thought it did a really good job of covering the basics of the craziness that is the culture of credit in our society. Credit card companies definitely prey on the weak. Even I could see how easy it would have been to agree with him, take the offer, and continue the insanity. I don't do well under that kind of pressure, and I probably shouldn't have given him some of the information that I did, or I should have asked for a supervisor, but I did my best. Cutting up that piece of plastic felt pretty damn good, I must say.
Labels: citibank, credit cards, maxed out
posted by Greta at 10:47 AM
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