Wednesday, November 18, 2009

Why We Have Learned To Hate Citibank!

The other day, we received a letter from Citibank. Their latest missive read, in part, as follows:
Dear Ms. Wonk,

We are making changes to your account terms.

These changes include an increase in the variable APR for purchases to 23.99% and will take effect December 20, 2009.
This lastest rate increase comes on top of one that was foisted upon us about six months ago. For years, the interest rate had been 16% and then, suddenly, it went to 19.99%.

For no reason at all.

In the ten years that we've had this account, we've never been late with a single payment. We've never exceeded our credit limit. On point of fact, we've paid no credit card interest at all for over four years.

Each month, we pay the balance in full. So... barring some unforeseen disaster, this latest rate increase shouldn't cost us a single nickle.

But it's the principle of the thing