Frustrations with 'Rate Jacking' by Credit Card Issuers
In a story titled "Credit card holders livid about 'rate-jacking'", CNN looks at cardholder reactions to changes in the interest rates on credit card accounts - in particular by Citibank. "Citigroup seems to be the target of most bloggers' venom -- partly because Citigroup issues so many credit cards and partly because Citi began sending the notices at about the same time it was getting a $20 billion, taxpayer-financed government bailout."
See alto this story on Bloomberg.com: Credit-Card Users Feel Pain as Banks Reap Gain From U.S. Cash and Michelle Singletary's column in the Washington Post: Overcharged and Over a Barrel.
I too have been rate-jacked. When I called to complain, the first words out of the guy's mouth were, "First, let me thank you for being a customer since 1986." I will sever my relationship with CITI and plan NEVER ever doing business with them again. I hope they go out of business.
Posted by: Elizabeth Hogan | December 26, 2008 at 11:11 AM
This credit card interest rated being jacked up it's totally out of control. It again is allowing the top dogs to go on a fancy vacation in corp. Jets. Same thing that has happened to the auto industry. The top dogs hs caused all this to happen not the low life workers as they are saying. It is no wonder people are not able to pay their bills and banks are going under. I do know that is it your choice to use a credit card or not,but some people have to buy things that way but it is no reason to screw these people who have to use the credit cards in this way. What a mess our country is in but remember it is not the little guy who caused this or needs to take a cut in pay and benefits it is the top dogs. SO the little worker at banks is making nothing other than minium wage but the tops dogs are sporting around jets and fancy vacations so your rates are going up to suport this all. SO I guess when enough people can not pay their credit card bills then the banks will go under again and whish they had given up all the fun stuff like the jets and vacations, but who will it hurt the little worker. It will put them out of a job. If these top dogs get their pay rate knocked down and their credit card rated jacked so high lets see how they would like it...Oh excuse me I forgot they use company credit cards NO PAY BACK AND NO INTEREST RATES!
Posted by: Becca | December 26, 2008 at 11:11 AM
Citi just rate jacked my cards. Never late, never over the limit, less than 50% charged on my cards. I’m furious. Worse yet, I called to “opt out” and it still doesn’t appear correct online and they won’t send me anything in writing. Predatory lending of the worst kind. I’m paying off my cards now and will never do business with this company again.
Posted by: Baltimoron | January 23, 2009 at 01:46 PM