Citibank Increase Credit Card Rates by 50%, Citigroup loses 27 cents per share last quarter

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.