I’ve carried a Visa card from Citibank since I was 19 years old. In the last twelve years, it’s gone everywhere from Europe, to Hawaii, to the Caribbean and it’s been well used on those trips and has always been in good standing. That’s why I was a little surprised when I opened the mail this afternoon to find that Citibank was planning on increasing my regular interest rate to 21.99% on December 20th. Now lord knows I don’t have a problem giving my cards a workout, but at 22% they can keep their money. Seriously, who borrows money at a rate like that?
Of course, the fine folks at Citibank were quick to point out that I could get a lower 15.99% rate and all I’d have to do would be transfer a $5000 balance from a different card and that 16% rate would be mine for the next 18 months… and then go up to 22%. Is that a great deal or what? Customer service was plenty sympathetic, but insisted that my only option was accepting the new rate or closing the account (and taking the hit on my credit score in the process). Those aren’t the only options of course and it seems that it’s time for me to say farewell Citibank. As I type this, a balance transfer authorization is enroute from Discover (with a 13.5% rate locked in) to the home office in Sioux Falls, South Dakota.
So, Citibank, I’m not going to pay your ridiculous “standard” rate and I’m certainly not going to wreck my credit score by closing the account. I’m just going to let it sit there being something you have to update and keep track of and send statements about until I decided what to do with you. In the meantime, I’m going to do my bit to spread the word about how ate up your company is and directing as much business as possible to your competitors.
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