Also, if, God forbid, I go a minute past the minimum payment due date, my default APR will now be the greater of 1) the Prime Rate plus up to 23.99% or 2) up to 29.99%. I'm not even mentioning the increases they announced in late and other fees.
Aren't we already bailing out Citigroup with our tax dollars? Now we have to pay even higher interest rates on our credit cards as well? The New York Times reported on Sunday that these federal bank bailouts are intended to ease credit strains on both banks and consumers.
Hoping to clear up my state of perplexity, I called up my credit card “service center” and talked to a customer rep. He explained that the higher APRs are being applied to customers nationwide because Citigroup's cost of borrowing money has been going up. Well yes, I said, but hasn't Citigroup just gotten a $20 billion bailout? “I've heard rumors about that,” the person said. “I don't know exactly what's going on. It's not my department.”
I guess I'm still perplexed.