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Citibank N A Complaint - Outrageous Credit Card Fees & Scandalous Practices - Credit Card

Complaint
Review by catz on 2010-07-15
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.
Comments:
Posted by grandma005 on 2010-07-15:
Was this a cash advance? They always charge daily interest on accounts. When paying off you have to call and ask for a pay-off past 3-7 days past when you send in the money.
Posted by MaggieMcT on 2010-07-15:
They all jack your interest rate up if you pay late, and it's disclosed in your account terms. And they all (that I know of) will charge you interest for the portion of the billing period until your payment posts. While you may consider that "scandalous" about the credit card industry as a whole, it's hardly peculiar to Citi.
Posted by chevyfan12345 on 2010-07-15:
You miss a credit card payment then you will have to pay dearly for your mistake. It's even foolish to pay their 18%+ interest. Your should always pay your credit card bill in full each month. If you can't afford it , don't buy it. if you keep shelling out 18%+ interest for borrowing money you will never catch up with your bills.

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