We don’t expect any actions as a result of this letter but to bring to your attention what we feel is a situation where even though no laws have been broken, in these economic times, these actions taken by Citibank seem irresponsible and contrary to President Obama’s strategy to get us out of this financial nightmare. Our elderly parents (88 and 85) have only one credit card. It is with Citibank. As of their January 2009 statement, their credit card interest rate was raised from 5.74 % in December to 14.99%. They have excellent credit and have always paid their bill on time. They use their card responsibly. When contacting Citibank to inquire why their rate had so dramatically increased, they were simply told it was to cover the cost of doing business. They also informed them that all their customer’s credit cards interest rates were raised.
Citibank gave our parents two options, accept their rate or opt out. Opting out means that their one credit card will not be renewed next year by Citibank because our parents will not agree to the outrageous interest rate Citibank has decided to assess them and the rest of their credit card customers.
Copies sent to:
- NC Senator Richard Burr
- NC Senator Kay Hagan
- NC Congresswoman Sue Myrick
- NC Congressman Mel Watt
- OCC Customer Assistance(Treasury Dept)
- Citibank CEO: William R Rhodes
- Citibank CFO: Gary L Crittenden
- Citibank PR: Kristen Kaus