Over the course of the last 10 years, I've held a CitiBusiness Card for my personal use. CitiBank made some changes in July to increase all existing customer interest rates regardless of payment history and credit ratings. I have a credit rating of 760, which states I am a good credit risk and make payment of my debts.
Citibank has a reputation that if you are a few days late, they charge a late fee and bump your interest rate. This occurred to me in my October billing, where they raised my rate to 29% because my payment was a few days late. I have no issue with a late charge of $39, but an increase to 29% is astronomical and is criminal.
I contacted Citibank to talk with someone about my interest rate change, and they were unwilling to work with me or lower the rate. As a result, I have written a letter to Ralph Nader's Consumer Organization and my local state senators and representatives, and I will be filing complaints with my local news channels.
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