Citigroup jacking up credit card interest rates.

Hey . . . the first real action of the 'bailout' . . . raising rates

The story is about Citigroup cutting jobs, but burried down a few paragraphs is the . . . oh by the way . . .

Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.

Nice how they burried that gem.

About 2 months ago Citibank jacked up the interest on my credit card by 5 percentage points. I don't know why they would do that. I have always paid on time and have not had any financial problems. When I called I was just given a run around and finally, after talking to many people and to some a second time, I believe, I just hung up the phone and decided to just work very hard to completely pay off the debt and not use the card again. What's sad is this card originally wasn't a Citibank card. It was a Shell Mastercard and it got transferred to Citibank. And, also, I bought my house with a loan from a local company in a town nearby to me. It was immediately transferred to another, large company. And now the loan has been bought by, you guessed it, Citibank Mortgage. How in the hell does one get away from this monster bank?

I Have several credit cards of which I pay the entire balance each month. My credit limit on all my cards has increased and the interest rate has been reduced.

Haven't figured out if the changes are good or not.

Maybe the credit companies don't like those of us that pay in full each month. They may be baiting us in anticipation that we will spend more and not be able to pay them off and will incur interest.