Citi Card "Rewards" my responsible use

[Anonymous]

I think I saw this response here before, but I'll mention it.

I just reduced my utl from 24.8% two months ago to 8.8% last month on my business citi card.  Today I got one of those wonderful letters effective today:  "We are changing your Card Agreement as described below.  We are increasing your variable APR for purchases.  Your purchase APR will equal the U.S. Prime Rate plus 11.99% with a minimum APR of 17.99%."

That's a hefty 5.75% increase for paying down my balance.  I've had this card for over 15 years, and have never been late, nor anything else.  After doing the math, they get 20% less in interest than before I paid the card down.  I'm in the wrong business!!

Does Citibank really think they can get away with this with their consumers?  The business can pay this off and keep it off.  They're losing more interest by their bold move.

[Anonymous]

That is galling, but not too surprising.

You can get back at them, though: pay the card in full, then charge a box of pencils or a cheeseburger on it every month. Let the balance report, then PIF, wait a month. Lather, rinse, repeat.

[Anonymous]

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TheNewWorldMan wrote:
That is galling, but not too surprising.

You can get back at them, though: pay the card in full, then charge a box of pencils or a cheeseburger on it every month. Let the balance report, then PIF, wait a month. Lather, rinse, repeat.

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I guess the cost of producing and mailing a statement would exceed the income they get from the sale of a cheeseburger.