I had a 1.99% interest rate "until paid" with Citibank. I pay every two weeks. Minimum due $42 I paid $35 on 7/8 and $35 on 7/22 Citibank posted the electronic payment on 7/24. The interest rate was raised to 25.99%.
They said I was in "Default" ($7 short on the 7/10 payment) and 2 days late with the other $35. Historically I have paid 5 to 6 times the minimum I cut back in August for vacation. But still paid $70 in July. Citibank refused to change it.
The monthly finance charge went from around $6/mo to $70/mo. When I commented on the "loan shark" crimminal nature of such practices 7 usura the representatve said "it is not crimminal because it is in the terms and conditions".
Like many before me have said, I too am a responsible person and I pay my bills. I tapped my kids college fund to pay off the balance. I may regret it, but at least I can take my business elsewhere. Daily I am tempted to stop paying my taxes and being "legit". I am tired of holding the bag for the "wrongs" of others.
This is only one of the bank/credit co "scams". Changing due dates, 28 day billing, etc. Are all DESIGNED to trip consumers up and charge them for IMAGINARY increase risk.
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