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Originally Posted by alpac
I received a letter from Citibank letting me know of a 6% APR increase on my MasterCard. 6% that is a big increase! I have had a credit card with them for 7 years, never been late with payment. The reason they gave me was because of the current financial situation. I have 3 other credit cards with 3 other banks and I have not received similar notice from them, at least not yet. Is this the tendency?
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I got the same letter. If you call them up, they will give you the option to decline the change in terms. If you decline the change in terms, then you can continue to use your card under the old terms until it expires, at which point they will close your account. If you have a balance on your account when they close it, you can continue to pay off that balance under the old terms/lower interest rate.