Citicards hilarious new change of terms tries to blame thier jacking up of interest rates on their cards due to "the present economic environment." They further go on to state the in order to provide comsumers "access" to credit (read between the lines here... What they mean is extend any line of credit to any deadbeat late payment person as well as people who have never missed a payment) they have to "adjust" thier pricing.in translating, it really means as follows..."We are a flagging once proud reputable firm who has fallen on hard times by making thousands of bad investments in our zeal to rape and pillage our customers and maximize our profits at all costs. Now the FED has come up with new rules that says we have to play fair, stop screwing our customers over and we have to continue making loans as a contigency offer in order to keep the billions of dollars we received from our government to prevent us from failing. Our companys stock has fallen from over $50.00 a share to about $2.75 a share at this writing due in part to heinous mismanagement, greed, and plainout bad business. So what we plan to do is pass the costs of bailing ourself out of immense debt onto our loyal customers under the guise of "or economic environment". We will raise our APR to usery rates regardless of our payment history or credit scores and hope they buy this sad troubling story and hope they will be hard up enough to keep our card. NOT! I for one have never missed a payment with this bank, I often pay my balances in full and have been with them for about 10 years. Only the companies who have mismanaged thier funds have raised my APRS and I will close every last one that does. I for one will not pay 15.00% when my previous rate was 8.99. It's not my fault your compnay is now almost half foreign owned and a mere shell of what it was 7 or 8 years ago. I for one am not buying that I have to pay for YOUR mistakes. You do!
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