So the day they get their monster bailout package ok’d, I get a notice from my Citibank MasterCard informing me that my APR on purchases, which is currently 12.99%, will now be Prime + 13.99% with a minimum of 19.99%. And if I screw up and pay the bill a day late, it goes up to 29.99% (thank heavens, since 30% would just be over the top!).
I was kind of waiting for them to kiss me good-bye. I always pay off my balance in full every month, which means the “only” money they make is that 0.5-2% they charge the vendor. And since I get 1% cashback, that pretty much means I’m a pointless customer for them to keep on their miserable books.
My mother is now justifiably worried about the Bank of America Visa of mine that she has debt on. I think it’s a “Prime + 1% on balance transfers until paid off”, so it should be safe…but who knows these days.