Citibank Interest Rate Increased Without Cause

Here's the best free advise you'll ever get:
Close out any and all accounts with CitiBank,
and move on.
They aren't worth the cost of the powder it would take to blow their
brains out.
Well, i.e., if they had any brains.

Many years ago, a credit card company told me the following: "you are
borrowing OUR money. That means you play by OUR rules. When you are
the one lending people YOUR money, you can set the terms."

Now, this was the only problem I've ever had with a credit card
company. But it highlights an important point: you are using their
money. Even if you pay the card off every month, they are giving you
a loan. Luckily, if they change the terms, this is an easy loan to
walk away from. Just pay it off. Even if that means using a balance
transfer to another card.

This said, I'm curious about two things. First, you say that you were
told that your rate would not increase. Told? Or was this in
writing? If it was in writing, then you definitely need to hold them
to it. However, as many people found, what it actually says in
writing is that they can change the rate and terms...

...and this bring me to the second thing...

...but they need to give you notice and an chance to turn down the
change.

When they say "opt out," does this mean "pay off the card and stop
using it" or does it mean "since you've asked, you don't have to
comply with the latest terms"?

That second one seems kind of odd. Why would they let you opt out?
Well, they are being tricky. Specifically, they know that most people
won't call, so that's an agreement to a unilateral terms change. For
the few that call, they are willing (as they have to, by law) to let
you keep your old terms.

All of this said, if you are able to pay off the card each month, the
interest rate shouldn't matter. I say "if you are able" because not
everyone is.

I had the same problem with a Chase visa. I had intrest rate of 7.99
for over ten years.

Mine increased to 12.99. I called them and the only responce was due
to the econemy(not spelled correctly) I also was never late plus I
have never sent a minium payment.

I have put my card up and will not use it again unless an emergency
arises. If I do use it I will be paying total balance each month. I
have read where u shouldn't cancel the card. This will increase your
credit score by keeping the card and using it occasionly to keep it
active.