I got an envelope, in which I’m allowed to opt-out of the following changes in terms (to get in under the deadline in legislation.)
-We’ll up your interest rate from 14.99% to 16.99%
-We’ll up your cash-advance rate from (something stupid like 22%) to 24.99% (!!)
I called up my credit union. Their rate is 7%. Their rate for cash advances is 7%. Their rate for short term unsecured loans is…7%
I asked them what my wife and my credit scores were: 780 and 740.
Citibank, if this is how you treat the folks with stellar credit, the ones that have held a revolving $3000 balance, on average, for over ten years, then you deserve to cut your nose off to spite your face and I’ll end up saving a little money in the process.
(yeah, I know, leaving a balance on there is stupid and we’ve had both more and less on it over that period of time. The fact is, we’ve been a VERY lucrative source of income from them and to have them ratchet things up one last time before the law makes them behave in a reasonable manner is flat stupid. I hope it hurts them badly.)