For many years my wife has had a famous outdoor store Mastercard. The interest rate has been 9.9% which I thought was kind of high. New cards are being offered at around 14% to 30%.

The other day she received a notice from-Citibank that in October the rate would rise to 16.99%. We will not take the deal,

If you get a similar notice you shouldn’t either. In my opinion, this is nothing more than usury. If you can, get a credit union debit card. One of the reasons for our in crease was that we don’t have enough debt. Go figure.

By the way, Citibank Group CEO Michael Corbat was paid $22,980,176 in 2020. That includes $1,500,000 base salary, a $5,260,500.00 bonus ands and $16,202,576 in stock.

Maybe he got that for coming up with the policy of sticking it to the card holders.

Jane Fraser, the Citibank President, only made $16,710,724. I am told that the bank can borrow from the federal government without interest. Nice deal, huh?

If you don’t like making Mr. Corbat and Ms Fraser even richer, you could cancel your Citibank card and find a cheaper way to finance your life. Refinance your mortgage or take an equity loan. It’s much lower interest. Pay cash if you are able or get a prepaid charge card.

I think a note to the SC Congressional delegation suggesting legislation limiting bank card interest to something more reasonable would be a great idea.

John White is a Lexington reader

John White, Lexington