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A deal is a deal . . . unless it's not
When is a deal not really a deal? You might want to ask Citigroup. For about a year, the company has had an ad slogan for its credit cardholders: A deal is a deal. The subtext: The bank promises not to raise interest rates on cards at any time, for any reason.
Well, that deal might just be off. The New York Times reports the bank is "quietly reconsidering" the slogan. Citibank has faced major struggles over the last year. In the last two quarters alone it lost 1$5 billion. This week, it announced it will cut 10 percent of its investment banking jobs -- thousands of positions.
According to the Times, credit card customers could see a rate hike if they're late by more than 30 days on new debts. Citigroup says most customers didn't consider the old deal to be all that exciting -- or they didn't recognize a good deal when they saw one.
Posted by Melissa Kaplan on June 25, 2008 6:31 AM PT | Permalink
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