Citibank
NA - CttiBusiness Card Late delivery of payment resulted in astronomical interest rate increase
- 10-09-2009
- 65
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 is 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, my local state senators and representatives and will be filing complaints with my local news channels.
Company: Citibank
Country: USA
State: South Dakota
City: Sioux Falls
Phone: 6233632752
Site: www.citicards.com