Consumer complaint received 2024-06-19
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Unexpected increase in interest rate
Company: CITIBANK, N.A. (NJ)

Background Context : My company had been a loyal CitiBusiness credit card holder for many years. 
Approximately XXXX year ago, this credit card was terminated. 
Despite this, we maintained an outstanding balance with an established interest rate of XXXX  % until we paid off the balance. 
Until XX/XX/XXXX, we diligently adhered to the payment schedule, albeit through manual bank transfers due to your online payment restrictions. 
The Critical Error : In XXXX, our comptroller called and provided the bank information necessary for the monthly minimum payment due. The balance at this time was {$4300.00}. 
Unfortunately, an employee at Citibusiness erroneously entered incorrect digits, resulting in the payment not going through but we were not notified of the error immediately and thus we received notice of missed payment. 
Consequently, the XXXX payment being delayed resulted in the original XXXX  % deal being voided and led to an unwarranted increase in our interest rate to XXXX  %. 
Although the rate has since been reduced to approximately XXXX  %, it still significantly exceeds the designated rate for the outstanding balance. 
Unsuccessful Attempts at Resolution : We have made XXXX phone calls seeking resolution, but to no avail. 
Neither the customer service individual nor their supervisor, although tried, had the ability to correct this error. We waited for the time that the customer service person informed us it would take to update the Citibusiness system but ultimately when we checked, each attempt failed. 
On my last call attempt in XXXX, I discussed the history of the situation with a customer service supervisor who took the time to talk to her supervisor. She let me know that they were not able to address the Citibusiness mistake and refund the increased interest rate and fees imposed and reestablish the correct interest rate of XXXX %. 
Here is a list of dates and times of calls to Citibusiness dealing with this situation : XXXX. XX/XX/XXXX, XXXXXXXX XXXX XXXX comptroller for XXXX payment of {$64.00} for payment due date of XX/XX/XXXX. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. This time the customer service individual, XXXX in FL, went further than the earlier calls and informed me that our card was cancelled about a year ago ( did not receive notice of this ) which is why we had to pay each month via a phone call. She also went further to ask others at Citibusiness how to handle the error and came back to me to let me know that they are not able to adjust the account. 
XXXX. XX/XX/XXXX, XXXX XXXX  XXXX by XXXX to request Citibusiness to fix mistake and restore XXXX  % interest rate and refund extra fees and interest. Last attempt before Consumer Financial Protection Bureau. 
Resolution Request : We request that Citibusiness restore our interest rate to the original XXXX  %. 
Additionally, we request that the excess interest we paid be credited toward retiring our outstanding principal.