I also received the letter from Citibank announcing that my interest rate would rise to 29.99%. I decided to keep my existing rate and continue using the card until its expiration date in 2011. Citibank did something else: it closed my account and now charges me 24.99%. I was shocked when I opened my statement.
I have not been late on any payment, and I have been a loyal customer for over 10 years. Now a closed account shows on my credit record, and I blame Citibank for it. Is this not a bait and switch, and is it not fraud? We should join forces and file a class action lawsuit against Citibank.
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