Citigroup raising rates

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Mogul of Pineapples
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Citigroup raising rates

Postby Mogul of Pineapples » Thu Nov 20, 2008 7:39 pm

After previously promising to no longer raise interest rates out of the blue for no reason, Citi announced they will begin cranking up APRs for customers who haven't had their interest rate raised in the past 2 or more years. They said on average customers rates would be raised 2 to 3 percent.

I strongly disagree with this move. This is not the best way to do business. In fact it's the worst time to raise interest rates on customers. A lot of good our bailout money is doing to loosen credit.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Floppster
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Postby Floppster » Thu Nov 20, 2008 8:29 pm

Mogul of Pineapples wrote:After previously promising to no longer raise interest rates out of the blue for no reason, Citi announced they will begin cranking up APRs for customers who haven't had their interest rate raised in the past 2 or more years. They said on average customers rates would be raised 2 to 3 percent.

I strongly disagree with this move. This is not the best way to do business. In fact it's the worst time to raise interest rates on customers. A lot of good our bailout money is doing to loosen credit.


Don't you see that we are broke ? By "we" I mean the banks the US and the entire infrastructure around it. I don't care who did it but I know we are broke and I am sure you know that as well. Banks loosing money with or without bailout. They now have only one way of getting it back by screwing their good paying customers.
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

AnthonyBarone
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Postby AnthonyBarone » Fri Nov 21, 2008 12:03 am

Citigroup aint in good shape. Stock has gone from 10 to 4 this week alone. If you got any Citi credit cards you may wanna play it safe and cash out points now.

1bootcamp
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Postby 1bootcamp » Fri Nov 21, 2008 2:18 pm

This one is going to come back and nip'em in the butt. The ones with high balances and no jobs will quit paying altogether.

indianamom
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Postby indianamom » Sat Nov 22, 2008 6:57 pm

This is what Bank of America did to me and they raised it much more than that. :(
I closed my accounts out with them in protest. I switched to the local credit union. They sure don't treat me that way.



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