Citi Credit Card - Citibank Credit Card Interest rates comparable to payday loans! Sioux Falls, South Dakota

I recently had an interesting experience with Citibank. I have been a card holder with them for well over 10 years. I seldom carry a balance (I do not carry a balance on any credit card unless it is a same as cash deal). That is probably why I did not notice when they jacked my rate to 29.99%. 

I am always on time for all my payments, always been current with all bills, etc. There is not a blemish on my credit report (Citi said I had too high of a revolving credit balance, which is interesting, because all I have outstanding is a 4 year same as cash furniture deal, $2800, a 3 year same as cash Best Buy deal, $700, and a 6 month same as cash deal, $440). When asked more, I was told, we needed to raise interest rates so we did not lose so much money. My reply was, Since I am canceling 30% of nothing is nothing which is less than the usage fee you get when I make a transaction. 

Perhaps CitiBank is not the only one to do this, but I know I will never hold another Citi Card again as long as I live. If this is how they treat a good customer with 10+ years of clean history, I would really hate to see how they treat someone who was a bad customer.

30%!!! Geez, it is almost cheaper to go to a payday loan office!!