Citibank N A Complaint - Outrageous Credit Card Fees & Scandalous Practices
In this economy it is difficult to juggle paying all expenses and I missed one payment deadline - after which my credit card fees were increased to 30% (like that's going to help me pay on-time). Knowing that I couldn't afford to pay 30% on a balance of around $8,000 I borrowed money from a family member to pay off that credit card and close the account. I paid the full balance on my statement to the tune of about and I made the payment on time. I expected next to get a statement showing a $0 balance - but not so ... on my next statement I got charged around $40. When calling them - they said that the $40 was interest on the balance prior to my paying it off. They agreed that I paid it on time, but said that interest gets charged every day even while the bill is waiting to be paid. I asked them if it would ever end and they said there would be no further interest charges if I paid the $40 on time - so I did just to make them go away. I was sick of them. I paid the $40 on time and cut up the credit card and asked them to close my account immediately. Again, I expected to get a statement showing a $0 balance. Not so - they have now charged me a dollar and some change as interest on the $40. This is the most appalling practice I have experienced and causes you to feel like a prisoner to that card and company. I recommend you not deal with this business.