Citibank
Rate jumped from 1.99% to 25.99% after $7 short payment

I had a 1.99% interest rate "until paid" with Citibank. I pay every two weeks. The minimum due was $42. I paid $35 on 7/8 and $35 on 7/22, and 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 a month to $70 a month. When I commented on the "loan shark" criminal nature of such practices, the representative said, "It is not criminal 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 company "scams." Changing due dates, 28-day billing, etc., are all designed to trip consumers up and charge them for imaginary increased risk.

Company: Citibank
Country: USA
State: Nevada
City: The Lakes
Address: 8725 W. Sahara Ave
Phone: 8009505114

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