We have always kept a credit card on hand for emergencies. Mine was a Sears Card. Citibank took over Sears Card sometime during the time I had my Sears Card.
We needed to make a purchase and used our Sears Card to borrow $5,000. We paid back $3,500 within a couple of weeks and the remainder the following month. Our interest rate was slightly over 14 percent at the time.
Shortly thereafter we received a notice of "new terms" from Citibank. The interest rate was being raised to 16.85 percent and other "services" were also increased including purchases made outside the U.S. Were increased.
I called them and asked why. They told me the raise applied to "everyone."
We declined the offer, cancelled the card and got a lower interest rate card from someone else.
Shortly thereafter I received a solicitation in the mail from Citibank about a card with an 11. Something interest rate. That was about the time I also found out Citibank was associated with that sleazy Primerica/Travelers etc. Group.
Since then we have not made any purchases from Sears or K-Mart.
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