—>Mike says Citibank boosted his interest rate to 20 percent, then said they'd knock off half of it as long as he paid on time and charged at least $750 a month.

He writes:

I received a letter from Citibank today telling me they are hiking my APR to 19.99% They said "To continue to provide our customers with credit, we have had to adjust our pricing." I can decline, keep my current terms and have my account closed at the expiration date.

They have a program to "help offset the increase"

1. Charge $750 a month
2. Pay my bill on time every month

If I do that, they will credit me back 10% of interest charged. A friend of mine got a similar offer, but only has to charge $500 a month.

Has anyone else out there tried to cancel their card over this? Do they just say "ok" or will they flinch and back down?

I wonder if Citi would have offered Mike another 5 percent off his rate if he agreed to get a tattoo that reads "Citibank Stooge" on his forehead.

If you've gotten a similar offer from Citi or any other credit card provider, tell your story in the comments.

(Photo: pstardesign)