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I wrote a post yesterday, commenting on Congress’s decision to inquiry into the practices of the Banking and Credit Card industry. In the article I posted a link to a story on Yahoo in which Citibank came under fire. I was glad to see the heat, because I have a Citibank credit card and they are charging me loan shark rates because I was late once 9 months ago.

I have called almost every month to see if they can reduce my interest rate. The answer was always “no.” For the last 9 months I have paid their high interest rates and paid more than the minimum. So after yesterdays news broke, I decided what the heck I will give them a call today to see if I could get my rate lowered.

To my surprise when I asked the customer representative he said my interest rate was “too high” and he would definitely reduce my rate. 10 minutes later my interest rate was cut in half. Thanks Congress for putting the heat on! Even though Congress has not legislated the credit card industry, at least it has changed the attitude of the bigger card companies.

Technorati Tags: Credit Card industry, Citibank, Citibank credit card, loan shark rates, interest rate, Congress, credit card industry

This entry was posted on Thursday, March 8th, 2007 at 9:38 am and is filed under Credit Cards, Debt . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.