Attention Citi credit card holders! Your rates have increased! In November 2008, Citigroup announced they would be raising their credit card interest rates much to the demise of their holders.
Citigroup cardholders will then have until the end of January to turn down the higher interest rates. If they decline the rate increase, they will pay down the balances on their accounts under the old pricing terms and will be able to continue to make charges until their credit cards expire.
After that, however, customers will have to reapply for a card or find a different lender.
My wife and I currently have two Citi credit cards in our possession. I have to admit, I failed to really read any of the details of the letter I received last year. Since our rates stayed the same, I figured we were ‘immune’ because of our good track record. I was wrong, dead wrong. Our rates have officially increased on this last billing statement.
And by up, I mean UP. The cards had rates of 8.49% and 8.99% and they were increased to 15.99% and 16.99%! I think the rewards we receive with the cards are excellent which is why we tend to charge more things rather than paying with our debit card. We never carry a balance and pay them off each month, but now that the rates have gone up, we may need to rethink this. Just takes a slip of the mind or an unexpected bill and you’ll have a finance charge on your hands.
Have any of you, my fellow Citi cardholders, decided to opt-out or have you announced your displeasure with Citi?
Stupidly Yours,
Matt
Image provide by: Albo
Source: The New York Times
StupidCents was founded by Matt in 2009. His thoughts are shaped by his family and career and seasoned by his endless motivation to succeed personally, professionally, and financially.