To soften it, they'll offer a partial rebate on the increases, but only if you use the card to spend more money.
"In a statement, Citi said the actions were necessary given elevated losses from souring loans and "regulatory changes that eliminate repricing for that risk."
Maybe I've missed something here.
Their losses were not from me, or those like me. I pay my bills, and on time.
Their losses were from their own stupidity and greed, granting credit to those that should not have it because they couldn't manage.
A bank used to be able to turn a profit on about a two percent spread. They are borrowing from the Fed at about 0%, charging customers 20%, and still claim that they have to raise the rates so as not to lose money.
Those losses should be to their stockholders, not to their customers!!!
Except of course that as taxpayers that have bailed them out [again], we are now the stockholders.
I have a better solution. My only card through them has Home Depot on the label. I've stopped using it at all. I've repaid two thirds of it in the past four months and expect to zero it before the end of the Winter.
.... and, as a statement to Home Depot for sticking me with Citi in the first place, I've now taken most of my business to Lowes and in cash - several thousand homeowner dollars per year.
Will they note it?
But if I've enough company I would like to hope so.