From reader Careyana:
I received a letter from CitiBank today informing me that they were updating my card agreement. They were modifying my Fixed APR of 7.99% to 14.99%. I was given the option to opt out of the changes which would then carry my current agreement until the card expires (7/09).As Chris just wrote me, you're actually being penalized for the mistakes that your bank made.
So I called Citi and got "Amit" on the phone and asked why was there a change to my account, as I've been a customer for over 4 years and I've NEVER had a late payment and ALWAYS pay over the minimum. Amit starts, "Well, due to the current economic situation..." I interrupted him immediately. "So what you're saying is that I'm being penalized because I'm a good customer?" He didn't really have a good scripted answer to that and kept repeating the "due to current economic situation..." mantra.
I'm curious how many more of your readers out there are receiving similar letters from their banks.
