not because they are running out of money.
Is this bank running out of cash ? Makes you wonder if there will be a run on the banks.
Just imagine you are planning to have an appointment and you come up short.
Id you have a credit card(s) from Citibank, check your fine print...
I just received a notice from them about new rates... when i read the fine print, it turns out my new interest rate on cash withdrawals off either of my two citibank cards works out to an effective APR of.... 61.25% (sixty one. thats not a typo).
I remember a day not that long ago when a loan shark's vig of 50% was considered excessive.
Anyone want to defend Citibank?
Banking is inherently unstable. So why hell did the great minds at Citibank make Charles Prince the CEO? A corporate lawyer with no banking experience? Of course they canned him first thing, but it's like throwing the Captain overboard after you've hit the iceberg.
I'm not certain if Citibank or their cardholders should be worried more about 61 percent compound interest. If Citibank has given plastic to people who can't do math, then it has dug its grave, and its toes are already hanging over the edge.
Vigorish, or simply "the vig", also known as "juice" or "the take", is the amount charged by a bookmaker for his services.
A more detailed explanation can be found at the link below.
from the time of the next billing cycle.... with someone like me who likes to have the convenience of a card to easily pay for stuff...but wishes to keep the card payed off.... well, it is kinda defeating my purpose for having the card.... So you will get no defense of Citibank from me.... and I have been a card holder from them since 1975....!!!
Not only that but now they also charge the interest from the time of purchase and not
Posted by BizzaroSuperdude, 1/4/2008 6:45:02 AM
from the time of the next billing cycle "
If what you say is true I can't think of any reason to own a Citi Bank Card..Also it seems very likely the people that Citi Bank charges 60% interest on their cash advances must have less than good credit.
There was a time when anything over 15% was called 'usury', and it was considered a crime. A felony, if I remember correctly.
not because they are running out of money.
Someone has to pay for the sub-prime fiasco, guess who it is?
ATM limit for fraudulent activity, why not stop fraud? Oh, forgot, New Yorkers are willingly giving out their personal identity to allow fraud.
Give me break, Corporate America on the roll again with absurd logic.
which was why they needed to garner $7.5 billion from the Arabic money consortiums in Abu Dhabi, Bahrain, Dubai, and the United Arab Emirates.
America is being bought up piece by piece by foreign interests, be it the Japanese, who still own more than $1 trillion dollars worth of real estate in downtown Los Angeles, Atlanta and huge tracts of ranch land in Montana and Wyoming (where they raise kobe beef exported exclusively to japan)or the Arabs, who now own some $7 trillion dollars of American real estate, not to mention huge financial stakes in American banking institutions (over $40 billion just in the last 60 days).
And this is supposed to be good for America because... why again?
Politics without principle and greed for dollars while speaking of patriotism would do it.
Well you left out China who is financing our current deficit.
Lingering question is why does China still have the MFN status?
America is being bought up piece by piece by foreign interests, be it the Japanese, who still own more than $1 trillion dollars worth of real estate in downtown Los Angeles, Atlanta and huge tracts of ranch land in Montana and Wyoming (where they raise kobe beef exported exclusively to japan)or the Arabs, who now own some $7 trillion dollars of American real estate, not to mention huge financial stakes in American banking institutions (over $40 billion just in the last 60 days).
And this is supposed to be good for America because... why again?
If we are going to be a melting pot we must keep melting..Speaking of melting .....Hopefully with a couple more degrees of Global warming all those oranges won't keep freezing in Florida.