i think i have to fire my citibank credit cards.
even though i pay my balance in full every month, and this will never in theory affect me, i received a letter today informing me that their new interest rate will be 29.99% going forward.
that is the most obnoxious thing i have ever heard, and i don’t think i can do business with a company who would do that.
Whoa…that’s absurd!
I got a notice that my ONE credit card was going up to 25% – I thought that was high!
I want to say that they must be gearing up for the impending loss of their revenue from overdraft fees (partial story here.)
they did it too me, years ago, because my “balances were too high” (they were not maxed at all”
all the credit card companies can suck my butt.
WTF 30%?!?!?!? That’s even worse than most cards default to if you just stop paying for a few months. If my bank does that to me that’s definitely the end of credit cards. They did raise my rates a few % a few months ago on the same principle, but damn.
Kill them now.
I use Discover and Capital One MC only. They both give me low rates and cashback perks which I USE. Plus, Discover uploads data into iBank very nicely 🙂
if you pay your balance in full every month, you are what the industry calls a ‘deadbeat’. If I remember correctly, that means they don’t make any money off of you and you cost them money to keep managing your account. They don’t want business from people like you, ‘specally now. (I read something last week about credit card companies reaching record default rates this quarter or some such thing) Research a little about closing credit card accounts, this has some affect on your credit score.
uh, yeah. That was me.
Me too.
It seems to simply be a blanket raise for everyone.
I plan on keeping the card open and just not ever using it in hopes that this will prevent any damage to my credit score, as I’ve had the thing since 1994.
Wow – 30% is ridiculous. BoA changed my rate from 7.9 to 16% recently. I don’t carry a balance either – but I felt very abused by the change. I’d get another card!