Citigroup Rate Increase
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The Financial Times Reported yesterday the following news about CitiBank:
Citigroup has sharply increased interest rates on up to 15m US credit card accounts just months before curbs on such rises come into effect, in a move that could fuel political anger at the treatment of consumers by bailed-out banks.
People close to the situation said that Citi, which is about to cede a 34 per cent stake to the US government as part of its latest rescue, had upped rates on between 13m and 15m credit cards it co-brands with retailers such as Sears.
People close to the situation said that Citi, which is about to cede a 34 per cent stake to the US government as part of its latest rescue, had upped rates on between 13m and 15m credit cards it co-brands with retailers such as Sears.
If you carry a Citibank credit card, make sure to watch your statements! If you are one of the 13 million that got a rate increase, you should check into moving your balance to another credit card company for lower rates.
Doing this could save you $100s a year in interest costs.