SmarTrend(R) News Watch: Citigroup Ups Interest Rates On Most Credit Cards

Wed. July 01, 2009; Posted: 09:07 AM

Jul 01, 2009 (SmarTrend(R) News Watch via COMTEX) -- C | Quote | Chart | News | PowerRating -- According to a report by the Financial Times, people close to the situation are reporting that Citigroup (NYSE:C) has raised interest rates on 13-15 million credit cards. This includes co-branded credit cards such as Sears. Citigroup issued a statement to the newspaper explaining its position: "We have adjusted pricing and card terms for some customers as part of our regular account reviews. This is an ongoing process to ensure we offer terms, interest rates, credit lines and products based on individual needs and risk profiles. These changes also reflect the dramatically higher cost of doing business in our industry as we work to preserve the broad availability of credit."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Citigroup (C) click here. Citigroup (C) has Short Term PowerRatings of 6. Details on Citigroup (C) Short Term PowerRatings is available at This Link.

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