Citi Credit Card "Rate-Jacking" - WMC Action News 5 - Memphis, Tennessee

Citi Credit Card "Rate-Jacking"

Folks with credit cards from Citi or Citigroup:  if you haven't received a plain white envelope in your mailbox, it's coming.

Thanks to huge losses in this lousy economy, Citi is jacking up the interest rates on its credit card customers.

CNN.com reports one customer, with an excellent credit history, saw his jacked up 7 POINTS.

Citigroup issued a written statement to CNN.com:  "To continue funding in this difficult credit and funding environment, Citi is repricing a group of customers."

Bill Hardekopf of lowcards.com says look for a plain white envelope in your mailbox. Companies like Citi are doing this discreetly. The envelope looks like junk mail, but don't throw it away.

You have until January to send Citigroup a letter by certified mail, saying you intend to decline the rate increase.  Keep a copy for your records.  If you decline, Citi will cancel your card when it expires.  But you'll get to pay down the balance based on your current rate.

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