I have been an AT&T Universalcard charter member since 1990, with 19 years of stellar payment history. My credit line was increased late last year. My interest rate was reduced early this year. Then I got a letter from Citibank last week saying my rate will go from 12.8% to 29.99% in August. The reason given: due to the current economic climate. 12.8% to 29.99%? That is a default rate. I did not default, to anyone. I am simply a good, excellent customer who pays each month, on time.
I called and was given the canned speech that it is happening to everyone and I should not take it personally.
They have pushed us over the edge for no reason. This is criminal, and I am not sure why my government cannot make them stop these incredibly outrageous practices. The bank is regulated by the government.
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