Outrageous interest rate charge

United States
October 19, 2009 3:12pm CST
Today after work, I receive a mail from citi bank master card notification. It is about the terms they just modified for my account. Now, the interest rate gone up from %14.99 to %29.99, the prime rate plus %26.99 for every purchase I make, and it will taking effect on next month. What an outrageous charge. The option I have is to continue with it, and they having a program to credit me with the purchases I made. Or I can opt out, and pay down the balance. The only option is I have to opt out, and attempting to pay down the balance I owe them. Under such circumstance, would you prefer to opt out as I do? Or is there another way to do so?
2 responses
@lelin1123 (15645)
• Puerto Rico
19 Oct 09
I would opt out to. That is a ridiulous amount that they hiked the interest rate too. You may as well be doing business with the mafia. Its crazy what these companies are getting away with doing. What an outrage.
• United States
19 Oct 09
Oh yeah, no way I can accept this term and proposal from CitiBank. I just can't wait to get rid of them. Ever since the beginning of this year, they hike the interest rate twice already. I couldn't take another one like this.
@rosepedal64 (4192)
• United States
20 Oct 09
Hi clorissa I know I got a notice on couple of my cards too. It is horrible what this credit card companies are doing to us. Im working my way up to trying to pay my cards off too. I would have opt out just like you have decided. If all credit card holders call the companies and tell them that they want to cancell their cards then maybe they would calm down on the rates a little. I wish you best of luck and I do feel you have made the right decision. Have a great day my friend. Keep smiling.