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Citibank Invents "Pretend Rate" For Credit Card

By Chris Walters on October 21, 2009 6:02 PM 62 Comments

—>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). More »