So Last month CitiBank attempted to bump the APR on my creditcard from 5.89% to 14.99%.
I told them to jump in a lake, and they backed off. Except it basically terminates my account upon the expiration of the credit card.
Today Chase bank tells me they are bumping my APR 3%.. If I decline, my account is closed immediatly. They DO NOT say whether the balance is due today.. or at the expiration of my card.
They both cite “market conditions“. That is code for “We got our ass handed to us by making stupid investment decisions, so our boys in congress gave us a bunch of money so we can make the down payment on the new Leer Jet, and cast our CEO’s comode in gold… and now we are gonna stand on it while we piss on all of you”
So lets play this out. I have excellent credit, never late or over limit on these cards… and they can unilaterally make changes to the account terms, and then penalize me if I don’t agree. They are recipients of our tax dollars to cover their bad mortgage paper.. and they turn around and use that money to buy private jets, and push rate hikes back on their customers.
Whats wrong here? Where are the consumer protection laws? Why has congress let the banks write legislation for the last 40 years? Where is my power to modify the terms in my favor?
The Bums in congress better do an anal-cranium extraction real quick. The middle class is at the end of it’s rope.. and unlike the poor, they have the power to change it. The poor cant vote with their wallets, which seems to be the only thing these guys understand.
Looks to me like there is a huge gap waiting to be filled by a new, smaller, and bullshit-free bank that can take advantage of the exodus of customers from these tainted institutions.