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Can someone school me on credit card interest rates

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Can someone school me on credit card interest rates

Old 04-02-07, 02:01 PM
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Can someone school me on credit card interest rates

I don't know if I'm being screwed by Citibank. I opened my credit card bill and saw my interest rate rise up to a whopping 20.39%! Mind you, I've been with Citibank for more than 15 years now and my interest rate has gone up steadily for the past three years and I have very good credit rating. The "account" specialist told me that I had a rate of prime rate plus 7.99% with a variable of 16.24%. What? He said my rate wasn't 20.39% and I might have read it wrong. I bitched to him nicely that I've been a good customer and if this is how they treated a good customer by screwing them. He told me he could lower my rate (current balance and new purchases) to prime rate plus 4.99 with a variable of 14.99%. I took it still not knowing what the actual rate is.

Can someone explain to me am I getting the short end of the stick here?
Old 04-02-07, 02:05 PM
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"Can someone explain to me am I getting the short end of the stick here?"

You are if you don't pay the balance in full each month.

You need to take the disclosure and read it carefully. There are likely triggers in there that allow the bank to charge more interest based on any number of factors.
Old 04-02-07, 03:19 PM
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Originally Posted by Brian Shannon
You need to take the disclosure and read it carefully. There are likely triggers in there that allow the bank to charge more interest based on any number of factors.
That's the thing - if you're more than 12 seconds late with a payment, if you go a nickel over your credit limit, or you don't fart in the manner prescribed in the cardholder's agreement, they can raise your interest rate to a level that would embarass Shylock.
Old 04-02-07, 07:24 PM
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Originally Posted by Lurker Gal
I don't know if I'm being screwed by Citibank. I opened my credit card bill and saw my interest rate rise up to a whopping 20.39%! Mind you, I've been with Citibank for more than 15 years now and my interest rate has gone up steadily for the past three years and I have very good credit rating.
Do you carry credit card debt or do you pay your bills off on time? If so, can you have a very good credit rating?
Old 04-03-07, 12:55 AM
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Originally Posted by Brian Shannon
"Can someone explain to me am I getting the short end of the stick here?"

You are if you don't pay the balance in full each month...
Yep. Put your anger towards yourself for carrying a balance - pay it off then keep paying it off in full each month. Makes life much simpler when you don't care about the interest rate (which you won't need to if you never carry a balance).

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