Are you one of the MILLIONS of Americans that got one of the lovely credit card rate increase notices from Citibank this week? It seems that Citibank is not the only credit card company thats re-evaluating its entire customer base and raising rates, my wife told me that American Express raised the rates and dropped the limits on our own Amex Business Card this week as well!
We have NEVER made a late payment and through our home business, we generally pay the balance in full every month! Not any more… They are no longer a “Partner” in our home business, but a liability! While we do rely on credit at times, you can bet that Amex will no longer see our charges on their account!
From Reuters:
Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.
Citigroup had upped rates on 13 million to 15 million credit cards it co-brands with retailers such as Sears, the paper said.
In a statement, Citigroup said “We have adjusted pricing and card terms for some customers as part of our regular account reviews. This is an ongoing process to ensure we offer terms, interest rates, credit lines and products based on individual needs and risk profiles.”
Why is it we never hear about Citi or any other credit company LOWERING rates to consumers? Hmmm
“These changes also reflect the dramatically higher cost of doing business in our industry as we work to preserve the broad availability of credit,” Citigroup told the paper.
Citigroup could not be immediately reached for a comment by Reuters.
Surprised?
1 response so far ↓
1 Is it Time for Another Revolution in the USA? // Jul 4, 2009 at 10:20 am
[...] is doing its best to sap every penny out of americans, which is evident by the latest round of rate increases and available credit reductions by Citibank. Even myself, with fantastic credit and a never-late history on our credit cards, got the letters [...]
Leave a Comment