Citibank Increasing Interest Rates on Credit Cards
Back in July, Citigroup announced that it was reconsidering its policy not to increase interest rates at any time for any reason.
There are reports today that it is increasing interest rates on up to 20 percent of its issued credit cards by an average of 3 percentage points. Here’s the news story. It seems to be part of a cost containment strategy announced following a Wall Street Journal article questioning Citigroup’s leadership and the decline of Citi’s stock price into the single digits. More thoughts later.
