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Citibank just jacked my rate up to 18.7% without explanation. I would cancel it on principle but it's my American Airlines miles card and I pay the balance every month so the interest rate isn't an issue. It pisses me off to no end though.
I think pretty much all CC companies will jack your rate into the stratosphere if you're even one day late on a payment.
Chase used to raise my rate using this reason but since I pay electronically, I was always able to prove that the payment was on time. I finally got sick of their little game and closed the account.
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