Complaint / review text:
I have had a Citi credit card for over 10 years. My interest rate was always around 12%.in January they increased my credit card to 20%!!! I have never been late on my payments and use the card all the time. I called them about it and my options are to reject the interest rate increase and NOT be able to use the card anymore and pay the remaining balance off at the 12% rate or accept the new rate and be able to use my card, but at 20% (for new purchases and the balance owed already on the account).
I find this VERY DISTURBING that they are allowed to do this. Not only do they get a HUGE bailout from the government, they increase everyone's credit card rate... Even accounts in good standing. I realize there is little or nothing us consumers can do about this, but I thought I would at least log this complaint in.