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I think it was a citi TV commercial. No fine print or disclaimers at the end. It stated that you would have no late payment fees as long as you charged something each cycle.

Let me get this straight; I get to pay late with no penalty, as long as I keep borrowing money? Why in the world would they want to attract borrowers who pay late?

This universe is too confusing, I'm going home.

Richard
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No. of Recommendations: 2
Ah, should have known:

After extolling its new features, Citibank's Simplicity card offer warns that late payments could trigger an increase in the interest rate charged on balances as well as a negative credit report. Such reports often cause other lenders to boost interest rates on a consumer's other outstanding debts.

http://www.washingtonpost.com/wp-dyn/content/article/2005/10/12/AR2005101202285.html

So they are after the ones that habitually pay late, but do pay, so they can kick the rate. But they can do that anyway...

Bottom feeders.

Richard
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And they are likely to issue cards with low limits. A low limit, combined with the terms of 'no late penalty with additional purchase,' is likely to result in overlimit fees anyway. And I'll bet they have fine print that discards the no late penalty thing as soon as you are over the limit anyway.

xtn
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And I'll bet they have fine print that discards the no late penalty thing as soon as you are over the limit anyway.

Since a purchase is required to waive the late fee, all they have to do is decline the card.

Debra
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