No. of Recommendations: 1
I have a credit card with Citibank for over 9 years. Never been late with a payment and sometimes have a balance on the account depending on the month. In the mail on 9/30/2003 with my statement was a one page leaflet that stated...."....effective October 4th, the interest rate on this card will change from Prime + 14.99% to Prime + 18.99%." Of course it had the standard verbage of writing to cancel the account if you do not agree, etc.

So I called and asked what was the reeason for the increase. I was told it was nothing to do with me as my account is perfect. The reason the rate has increased was due to "The increased costs in conducting general business with consumers". I asked them about the fact that interest rates are low so how could they justify that costs have increased. They could not answer because apparently that was what they have been told to tell people.

It really is too bad because having a credit card for this length of time has been great. They would not even consider lowering the rate.

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