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Citigroup Raises Rates On Some Credit Cards
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If you have a Citigroup credit card and it's linked with another store such as Sears, you might want to check your rate. Britain's Financial Times reports that Citigroup has sharply increased interest rates on up to 15 million such card accounts. Citigroup said the adjustments are part of a regular and ongoing process. This comes as credit card issuers face record defaults, which could be why another big card issuer is pushing people to pay back their credit card loans more quickly. JPMorgan Chase said that starting in August some customers would see their minimum monthly payments go from two percent to five percent of their total balance.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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