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WASHINGTON, D.C. – A shocking letter is arriving in the mail of Citibank customers. “To continue to provide our customers with access to credit, we have had to adjust our pricing,” the letter opens.
The punch line? The interest rate is going up to 29.99 percent, effective November 30.
Rodney Fielding says he was appalled to read it.
“If I had a bad credit rating, if I had missed several payments to them or whatever, I could understand an interest rate like this. But for someone who’s never been late, never missed a payment, it makes no sense,” he says.
When Fielding called to find out why, he says the Citibank manager told him all cardholders are getting the same notice….
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