Citibank Invents "Pretend Rate" For Credit Card

Citibank Invents "Pretend Rate" For Credit Card

Citibank has changed the terms of Victor’s credit card agreement, and in the process they’ve created a bizarre rolling refund arrangement that will make his interest rate jump to 29.99 percent, except that actually it won’t, eventually. Maybe. Update: Another reader sent us a copy of the letter, and the arrangement is even less favorable than we first thought (see below).