My original credit card was held by Sears at 13.9% interest. Once Citibank acquired Sears Credit Card Services the interest jumped to 17.23% almost immediately.
The straw that broke the camel's back is that after all these years, 1 payment late (3/21) my interest increased to 31.49% (close to triple the original increase rate) on 3/27. To make matters worse, I had the same response as many other complaints that it would take six cycles to resolve (of course, with no guarantee). Also, there is no manager who can adjust interest APR! Not to mention the Call Center Representatives were rude.
My wife worked for a financial institution 8 years where valuing the customer is a core value. Also, years ago she vowed never to do business with Citibank again as she herself filed complaints regarding their continued charge of interest once her card was paid off. With BBB and Consumer Reports involvement her issues were resolved.
The problem is that with the government allowing minimum payments to double and interest rates of this magnitude, general consumers will continue to default. The economy is difficult enough without this type practice.
I have excellent credit and intend to fight for the everyday consumer as I have dealt with institutions that are flexible and do take into account human error and life events with waiver of penalties. I agree with the late fee, but I do not agree with the additional ethics mentioned above.
We as consumers should not stand for this and the reality is that we are all working to payoff all credit cards as this is the norm now days. "Truth in Lending" is obviously in the eyes of the capitalist making money hand over fist at the expense of the middle to lower class citizens.
This issue will be raised to the CEO, Media, BBB and Consumer Reports whether I get assistance or not. It is a consumer awareness principle and Citibank should not be allowed to profit from the struggling economic situation. Absolutely appalling!
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