Citibank N A / Capitol One Complaint - Not a Credit Card You Want
I, like many others have been a long time holder of a Sears Card issued by Citi Bank. I pay my bills on time, and never miss a payment. Recently, I carried a small balance on the card for my business because they gave me a rate of 5.99%. I received my statement last week and was shocked to see that they were charging me 21.99% interest. I called to complain and was told that was the rate, but I could cancel the card. Their attitude is that there is nothing they can do about the increase. Well, there was something I could do. I paid it off completely and will never again use the card. I will not give them the satisfaction of canceling it. That keeps that line of credit open on their books. If they value good customers then they shouldn't be trying to gouge and rape us.
I went out this week and opened a new card with a local bank. They too have rewards and a rate at 3.99-6% over Prime which means a 6.99%-9% interest rate. I was approved for $10,000 the next day.
My advice is to do business with your local and regional Banks. They do want your business and will value you as a customer. It is time for all of these big gangster banks to go. Capital One did the same thing. Write to Pelosi, Dodd, and your legislators and complain to them as well. They need to cut these big banks off NOW and support the small banks.