Well thanks to Obama's incessant need to protect me from the big bad business, congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009. In response to this, Citi decided to raise the interest rate on our card. That's fine in theory, like I said we don't carry a balance. Apparently, though, consumers have to "opt-in" to any rate increases otherwise the account is allowed to expire.
Citi notified us about our rate increase, as I would come to find out, by mail a while back. We most likely thought it was one of the myriad of credit card offers that we get and promptly shredded it thereby "opting-out" of our interest rate increase.
Ignorant of all this, I called Citi today to ask about our replacement cards since our current cards are expiring soon. I was greeted by a nice enough man with a thick Indian accent who was happy to help me with my inquiry. After a few minutes of being on hold he returned and explained the above to me. Not wanting to go through the hassle of setting up a new account, I asked if we could now "opt-in". He couldn't do that for us so I went up the management-chain. After a few more minutes on hold, I got an account manager who was able to get us squared away. Clearly, Citi was not willing to lose a long-time customer in good standing.
So the end result is that everything is fine in spite of Obama trying his best to protect me, a.k.a. inconvenience me. If I wouldn't have called today we would have been in for a major inconvenience come October. FML.
2 comments:
Yeah that is some total BS. I can only imagine what crazy big brother laws are going into effect that we don't even really know of. When the American people seem to be vehemently opposed to bigger government, why is it that this guy keeps pumping up the regulations? I just hope this November goes well and that we have some reasonable in two years.
That is interesting Jae I wonder if any of us will have to go through this as well as I am most of us probably would do the same thing.
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