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Bait and Switch by Citibank

June 14th, 2007 at 08:07 am

Just as well I don't need to use credit to buy anything, Citibank just sent me a letter advising that the APR on Redicredit accounts is being raised from 11.99% to 16.5% I'm sure it was only a few months ago that they lowered the rate from around 13% in order to tempt their customers into using Redicredit to make purchases that they might otherwise put on a credit card or use a personal loan to finance. Although there are no annual fees or cheque book charges for using the Redicredit account, the higher interest rate means that I'll only keep this account open for use in an emergency.

Enough Wealth

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