Just got an offer for a CitiBank Platinum MasterCard - 24.99% interest!!!!

[old mark]

Are they fucking crazy?

Who would want that kind of an interest rate?

Why is this even legal?

mark

[hobbit709]

1. I tell them I can get a better deal from the local loanshark.

[old mark]

5. I think Citibank IS the local Loan Shark!!! nt

[sharp_stick]

6. No Shit LOL

I feel the same way about them. I had a card with them for years, they were most upset when I paid it off.

[NNN0LHI]

8. Citibank won't come to the house and break your legs if you don't pay though

So they have that going for them.

Don

[old mark]

10. No, they will just fuck you on your credit rating...we had several Citi Bank cards, too,

and paid them all off...you are right, they don't like that - they want lifelong slaves.

mark

[liberal N proud]

2. If you agree to the rate, it is.

[proteus_lives]

3. My bank offers me another credit card every time I'm there.

It's silly.

[Uncle Joe]

4. And that's for the "Platinum" card; it sounds valuable!

:bounce:

I believe the "Gold" version requires your left nut or ovary as collateral.

Thanks for the thread, mark.

[jtuck004]

7. Who would want that kind of an interest rate?

While you or I wouldn't look twice at this people who have had some medical expenses, or had their hours reduced at work, or simply don't understand how interest works against them (which appears to be a significant number of people) will take them up on that offer. I don't know where you live, but they know that mailing those into areas of households where the average income is less than $40,000/yr will get them a huge return, even when some default.

Why is this even legal? - Because enough of us won't educate ourselves and get off our collective asses and stop it. I am astounded that we as a people are letting that industry lobby against us, put their own people in government positions to influence policy, and take so much money out of the pockets of working people. It's not an easy subject, and how to put it in sound-bite form is a challenge, but we are on the hook for trillions because the banks and their friends in the government are spending all their time figuring out ways to take taxpayer money, while the taxpayers are busy at work and home.

And even when we elect people that should be on our side, who benefits from the outcome is certainly questionable. Despite the salvation of the banks in 1929 we still entered the Great Depression and that provided the impetus to reform banks. By using taxpayer money from 2008 to now our government has prevented real reform (the FinReg legislation notwithstanding) that could have provided much more protection from an almost certain future financial crisis. Barack Obama made a speech to the bankers in March of 2009 - he told bankers in a meeting that his administration was "the only thing between the bankers and the people with pitchforks", here... and here.... Why in the hell he decided he should protect the wealthy by encouraging the use of the taxed wages of working people to repay the "bets" made by those with more money than they could ever likely spend, both in this country and overseas, while 30 million Americans became unemployed or underemployed I will never understand.

Just FYI, there is a book out there called Broke, Inc, which details a history of, mostly, the payday loan business. Very enlightening. Very interesting read on how payday lenders are able to charge a 400% APR on payday loans, an extremely lucrative business. It also touches on the instant loans made by tax prep places. There is a huge industry dedicated to taking money from those with the least. One stat from the book shows that people with incomes of less than $20,000/yr pay an extra $900 in various fees that are not charged to people with greater incomes, all the way from debit card issues through payday loans and check cashing.

[ThomCat]

9. It's legal because they own our senators and congressmen.

It's legal because they have a revolving door between jobs in government and jobs in wall street firms. So the government will let the banks charge essentially whatever they want.

Dodd is a Democrat, and head of the banking committee. You would think that now that we are in charge in D.C he might be looking out for the public interest, right? Um, no. He's trying to make sure that we have some Appearance of reform, and maybe some minor token reforms. But only enough to make the party look good, as long as it doesn't actually hurt banking profits.

If any of the reforms might actually hurt the banks then his job is the scuttle it. Block it. Table it. Stop it by any means necessary.

He works for the big banks who give him so damned much money. He doesn't work for us. :(

[cbdo2007]

11. I just got a citibank offer also, mine was for 11.99%

They tend to market towards your credit rating. Ours is very, very good so I'm guessing yours must be pretty bad?

[davidwparker]

12. Write on the invite "No Thanks, Loan Shark" and mail

it back to them.

Let them pick up the postage.

[Posteritatis]

13. Yeesh, there's payday loan sharks aroudn here who (pretend, at least) to charge less than that. (nt)

[TwixVoy]

14. Your credit score is trash that's why... Citi is a prime lender

If you have decent credit it is INCREDIBLY easy to get a rate lower than 10% at Citi.

[Sen. Walter Sobchak]

15. It gets crazier that that!

My girlfriend keeps getting offers from American Express for a credit card with a $2500 annual fee!

[Imajika]

16. Maybe you have a terrible credit score?

Usually those kind of offers are made to people with marginal credit. If your credit is very good or excellent I doubt they'd have targeted you with this offer. Perhaps it was an area wide mailing determined by evidence they have collected of a substantial number of people with marginal credit in your area.