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.
Like the Spanish construction company they purchased today for $10 Billion.
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p>You are a first class sucker. So am I.
they’ll go bankrupt and will need another, bigger bailout.
but I find it hard to believe that 29.99% on your balance is enough to float Citi through a $20 bil deficit.
…paying off your credit card completely and on time. If you do that consistently there shouldn’t be any interest. I would also use a card that has no fees. What I don’t know is how it will affect student loans, and mine are through Citi.
a few weeks ago, using figures from 26.99% to 29.99% for the same reasons. What ever happened to usury laws? I don’t get how, with interest rates so low, they feel they can get away with this kind of rate penalty. FYI, I’m a former AT&T card customer, and am guaranteed no annual fee for life, or until they change their minds. I pay my bill in full each month. The money they make from my card use is in transaction fees from vendors.