I have read some of the other reports on Citibank and I can confirm some of their practices from my own experience.
Example 1: I also had my rate increased inappropriately and in violation of my agreement. Yes, I realize it will go up tied to the LIBOR rate plus a certain percentage, but it exceeded what it was supposed to be per the agreement. I have had to complain 2 years in a row now because of this. When I pointed out that I had excellent credit (yes, I checked my own reports), that I was a long-time customer (around 30 years) and that I had no late payments (not with them or anyone else), they reduced the rate to where it should have been. But I am wondering how many people they pull this on, since I have had to do this 2 years in a row now. And yes, to answer the claim that Citibank has to make money as a business, even though the card is no-fee, I have at times had balances, so Citibank has made some money off of me.
Example 2: I paid off my last balance by the due date and was shocked to find interest charges on my next statement. When I called to complain about that, they talked about "residual interest." That's a pile of garbage. There's nothing in any of my paperwork that said there will be an interest charge if the account is paid off in full. I have kept every single piece of paper from Chase for the last 30 years, and I have never had any residual interest charged before this year in all that time. When I questioned them on this, they reversed the residual interest.
Now I check every single statement to make sure Citibank isn't pulling some new trick. In my case, things were corrected, but I don't want to have to keep addressing these issues year after year. Of course, had I not been persistent, I would have been ripped off.
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