Just in!! Want lower credit card interest? Keep spending, Citi says
By Daniel at 20 November, 2009, 6:27 pm
http://www.usatoday.com/money/perfi/credit/2009-11-20-citi-rates_N.htm
“NEW YORK — For Citibank credit card holders, there is one way to escape the bank’s rate hikes currently underway: Meet a monthly spending requirement.
Those who meet the spending minimum — in some cases $750 a month — will be able to get a rebate on their total interest charges for that month. The rebate could cover some or all of the interest rate hike. Customers also need to make payments on time to qualify for the rebate.
Without giving specifics, Citi said the monthly spending requirements and interest rate hikes will vary depending on the cardholder’s credit history.
About half of its customers will be able to erase 50% to 100% of their rate increases through the rebates. Citi said its rebates will be based on interest charges for an entire balance, not just monthly charges.”
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