Citigroup Hikes Credit Card Rates

Those of you who feel like we’ve gone several weeks now without a public shaming of Citigroup, here you are: “Citigroup has sharply increased interest rates on up to 15m U.S. credit card accounts just months before curbs on such rises come into effect, in a move that could fuel political anger at the treatment of consumers by bailed-out banks,” according to the Financial Times. The move targets holders of cards co-branded with retailers such as Sears. Holders who failed to pay their balance in full at the end of the month saw their rates rise an average of 24 percent between January and April.