Found out today Citibank increased their Master Card rate to 29.99% from 19.99%. That's prime plus 26.74%.
So, they are making 800% return on money they lend you. But if you "opt out" (read cancel) your card, you can continue paying off at the 19.99% rate.
We give Citi $45B in taxpayer TARP money and they return the favor by burning us.
And Citigroup wonders why they lost 27 cents a share. Maybe people aren't as clueless as Vikram thinks.