Credit cards and 40% annual interest and penalties

Published by rudy Date posted on May 5, 2010

I’ve decided to give up my two Citibank credit cards—Visa and Mastercard. They charge more than 40 percent annual interest and penalties for late payment are compounded. Every now and then, too, I am made to pay these penalties.

I don’t know if Citibank does it on purpose, but it sends me my billing statements late. What a ripoff!

I wonder what happened to that Supreme Court decision which found banks overcharging for loans and credit cards. He court pegged interest rates to only 12 percent annually. Obviously, the Bangko Sentral is unmindful of banks making oodles of money at the expense of consumers. –Manila Standard Today

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