Opting out and having them close the account will lower your credit score, especially if you have had a long relationship with Citi. Pay off the balance, throw the card in a drawer and only use it occassionally for small purchases to keep it active. I believe this is temporary and the rates will be lowered eventually. It is prudent to keep the account open; just don't use the thing.

Every hear of CREDIT UNIONS ?  The HIGHEST credit card (VISA) rate at mine is 9.99%.  And that's with a 3% gas rebate.

Hey, people . . . .

People should stop using credit and debit cards and go back to using cash.  Credit and Debit cards cost the merchants billions of dollars each your in processing fees which in turns cause us to pay more since the merchant has to recoup that processing fee.  So the banks, visa and master card are making it on both ends.  The fees they charge the merchants and then the interest they are charging us.  

First of all they have the nerve to take the money from government which comes from tax payers. Then they want to raise the rates. If they are not able to collect money at 9.99% what makes them think that by raising everyone can afford to pay. I don't get it. They raised my int to 24.99%. What a joke. Shouldnt the government do something. I mean what is the point of giving them ours money and then they turn around and charged us more.

Aaron has got it together. I have two BofA cards, one I got and one they hustled on me for 6 mo interest free which I used to use there money for 6 mo and when it was payed off since then I pay and always have even before that payed in full. I use my debit card always and occasionally to keep it active. If you can't pay for it you can't afford it unless it is a car or ???????

Sylvester

Citibank was preparing for all this.  In oct. they sent me a new card.  Then two days later a notice that since i haven't used the card in sometime they were closing it.  I called and thanked them as I had no interest in ever using the card.

Of course the government and the banks are "up to something".  You couldn't seriously think there wasn't some kickbacks, illegal trading, or something involved.

Get real.  We are seeing it in the loan mod programs.  The banks are only agreeing as part of the bail-out monies received.  The program begins and ends in a timely fashion most suitable to the banks.  The banks didn't care what you stated when you got the loan, but if you want a loan mod, you will need full docs.

Wake up America we are no longer "free" in anything said and done.

Aaron, I would just like to wish you a happy holiday season.

The biggest crime here is back in 06 or 05 when Bush gave all these credit card companies a free ride when  it comes to bankruptcy.  In exchange for Bush allowing credit card companies to be excluded in bankruptcy fillings, lower rates would prevail as a result of the credit card companies not absorbing the burden of someone claiming their credit card debt under their bankruptcy.  That worked out out great for the consumer the interest rates came tumbling down thereafter...............what a joke.

Now after bailing the b.tards out, they now want to raise their rates.  Like so many  other bloggers stated, pay your monthly bill on time and stick-it back in the credit card companies ..ss every time you use THEIR credit card for FREE and do not have to pay for it.  In fact using a cashback card put about 1-2K a year in my pocket.  I use my CC for everything and religiously pay it on time.    

Good luck and lets payback the CC companies in our own way.  

If a bank raises interest rates on credits cards, they should not be entitled to any bail out from the government..

We pay our mortgate, car, credit cards, and all other bills on time. Yet the congress (socialism) steps up and pays the bills of those who have mortgages, car payments and credit cards they cannot afford. Oh yes, everyone is entitled to a college education, to heck with getting a job. Boo Hoo. Congress is taking over the banks, mortgage companies, insurance companies and anything else they can control. Fear is injected into the public and now congress can spend TRILLIONS of $ and laugh about our children and grandchildren paying this, if they ever can. Social security is a pyramid scheme sanctioned by our government. It will collapse. The auto companies cannot compete, poor management, greedy unions and a product nobody wants. Crude oil can be$140 one month and $50 the next. Liberals in congress do not want to drill off California because they might have a natural disaster like a hurricane. Huh? We make gas out of corn, groceries go up and the taxpayer subsidizes the process. God no longer belongs in the Government, Schools or anywhere else. We have killed 40,000,000 of God's children since Roe/Wade. The umbrella from God in America is gone. We now have a new government office (the office of the president elect). Every month there are fewer public jobs and more government jobs. Leave the system alone and it will fix itself. There is more I could add, but I don't have six months to write it. Doc Woody, Eagle Rock