The New Term "Rate Jacking"

Citibank, and other creditcard issuers, are starting a new practice, raising interest rates on customers who pay their bills on time for no good reason.

Banks are hurting, and they need to raise money these days. Why are they hurting? Because they push loans on people who can't afford them, then when the loan goes into default they think they'll start collecting tons of fees and interest. However, it is backfiring on them now. People aren't able to pay anymore at all, and the banks are losing for a change. Many people are now in total meltdown, losing their jobs, their homes, and everything. So the creditcard doesn't get paid at all from the people who were the "sweet spot" for the industry. To make up for this, Citibank has decided to punish its good customers by making them pay for the defaults. So much for taking responsibility for their own actions. This is referred to as "rate jacking".

Good thing you don't use credit cards anymore, eh? Pretty soon they'll figure out how to get more money from those who pay their accounts off every month. Don't be so arrogant to think you can outsmart them.