So Citibank can borrow money from the Feds @0% but my credit card rate is 19.99%

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Tuesday December 16, 2008 · 5:31 PM PST

2008/12/16 · 17:31

Hey, am I crazy or is there something seriously wrong with the math of this federal government
0% to the bank thingy. So that means a mega bank such as Citibank can borrow millions for
0% for a short period of time. Hmmm, last I looked my Citi card credit card, had a rate of
about 19.99% for regular purchses. I think cash advance may be somethiing llke 29% .
Are you as puzzled as me?

O.K. so the Feds (those idiots (Bernake and Paulson) lower this short term bank rate to zero. Why?
That isn't going to suddenly create more jobs. What about the car companies, is this supposed to
help them?

It helps one industry, the banks. the banks, it has been the banks the entire time.
So Citibank can borrow money at 0% and charge customers 9% to 29% on the same
money, they are getting for nothing,

Gee, someone is gonna make money on this deal, and I don't think it is going
to be the auto workers. The credit cards they carry in their pockets. Hey, those
are gonna be kachinging as they walk down the side walk.

Have you noticed, they have not brought up the outragous amounts collected on
bogus credit card fees, along the high, to super high interest rates. You can
not pay off the card, if you paid the mininum payment amount.

I pay my credit card off each month, so I am not complaining because I
can't pay off my own debt. But I know people who have to use their cards
to pay for groceries, and gas, school supplies, everyday stuff. Then you have to
pay out of this world interest rates and fees on top of the high
prices you are paying for groceries and gas.

I thought at one point I had heard of a law where interest rates could only
go so much above prime rates. But a guess that was just in my dreams.

UPDATE: As I suspected, many people are getting the high interest rates,
and it is a widespread problem, judging from your comments. We need to
address this issue too, there should be regulations on how much a credit
card company can collect in fees and interest.

Poll
189 votes Show Results
Rate Your Credit Card Service

my blood pressue goes up when I see the bill!!!

The amount is never right, but I pay it anyway....

The cards bankrupted me!

I love my credit cards, they pay all my bills!

I pay it off every month

I don't use credit cards

They are the devil!@&@@

189 votes Vote Now!
Rate Your Credit Card Service

my blood pressue goes up when I see the bill!!!

26 votes

The amount is never right, but I pay it anyway....

2%

3 votes

The cards bankrupted me!

5%

9 votes

I love my credit cards, they pay all my bills!

3%

6 votes

I pay it off every month

60 votes

I don't use credit cards

42 votes

They are the devil!@&@@

43 votes

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