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, one late payment (3/21) caused my interest to increase to 31.49% on 3/27, which is close to triple the original rate. To make matters worse, I got the same response as many other complaints: it would take six cycles to resolve, with no guarantee, of course. Also, there is no manager who can adjust the APR. Not to mention that the call center representatives were rude.
My wife worked for a financial institution for 8 years where valuing the customer is a core value. Years ago she vowed never to do business with Citibank again, because she herself filed complaints about their continued charging of interest once her card was paid off. With the BBB and Consumer Reports involved, 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 of practice.
I have excellent credit and intend to fight for the everyday consumer, as I have dealt with institutions that are flexible and take human error and life events into account by waiving penalties. I agree with the late fee, but I do not agree with the additional practices mentioned above.
We as consumers should not stand for this. The reality is that we are all working to pay off all credit cards, as this is the norm nowadays. "Truth in Lending" is obviously in the eyes of the capitalist making money hand over fist at the expense of the middle and lower class.
This issue will be raised to the CEO, the media, the 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!
0 comments