So I get a letter from Citi stating that the APR on my credit card will increase to 19.99%, based on prime plus 13.99%. This is a variable rate for purchases. They also increased the cash advance rate to 25.24%, that is prime plus 21.99%!
Oddly there is now an option to opt out. So I called and the nice lady from India explained that due to the economy Citi had to raise rates. What??? I explained to her that I’ve been a customer for 12 years, usually paid in full and on time, occasionally carried a balance. I stated that the state of the economy isn’t my fault so I shouldn’t be penalized with a higher rate as I’ve been a good customer and not defaulted. Then I told her I wanted to pay my bill in full and cancel the card. She transferred me to her manager in the US. I explain the whole story and that 19.99% was unacceptable. No problem you can opt out for 60 days. Great just cancel my card please.
With the cost of money a history lows its appalling that credit cards are at a historic highs. Auto and mortgages are a bargain. Stupid banks…
Oddly there is now an option to opt out. So I called and the nice lady from India explained that due to the economy Citi had to raise rates. What??? I explained to her that I’ve been a customer for 12 years, usually paid in full and on time, occasionally carried a balance. I stated that the state of the economy isn’t my fault so I shouldn’t be penalized with a higher rate as I’ve been a good customer and not defaulted. Then I told her I wanted to pay my bill in full and cancel the card. She transferred me to her manager in the US. I explain the whole story and that 19.99% was unacceptable. No problem you can opt out for 60 days. Great just cancel my card please.
With the cost of money a history lows its appalling that credit cards are at a historic highs. Auto and mortgages are a bargain. Stupid banks…