Here’s something to look forward to… In an attempt to offset losses in their global credit card division, Citi is raising interest rates for millions of customers. Interestingly, this move runs contrary to a promise that they made back in 2007 to Congress when they said they’d stop arbitrarily increase rates.
You should receive the notification of the rate increase along with your November statement. If you receive an electronic statement, then the notification will be sent to you in a separate mailing. The good news here is that you can opt out:
Citigroup cardholders will then have until the end of January to turn down the higher interest rates. If they decline the rate increase, they will pay down the balances on their accounts under the old pricing terms and will be able to continue to make charges until their credit cards expire.
After that, however, customers will have to reapply for a card or find a different lender.
So… Be on the lookout for a notice in the mail.