Citigroup may try new "deal" on interest rates, ads
Citigroup, facing financial challenges amid a slumping economy and a slowdown in the credit card business, reportedly is considering a repeal of its 2007 pledge that it would no longer hike interest rates on cards "at any time, for any reason," although it maintained the right to raise rates upon a card's renewal. The promise -- marketed as "A deal is a deal" -- helped stave off additional federal regulations and also inspired rivals to offer a similar pledge to their cardholders, according to this article.
NYTimes.com
| 6/25
This story published in 4A's SmartBrief on 06/25/2008
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