Sunday, January 03, 2010

Big Banks

I use a Shell credit card for gasoline purchases because of the 5% rebate from all gas purchases at Shell stations. Rebates to me totaled $865 during the past for 4 years. This means I purchased $17,300 of fuel during the same period.

A few weeks ago I received a letter from Citibank of Sioux Falls, South Dakota which contained the paragraph at the bottom. It indicates that the interest rate is going up to a minimum of 23.99% APR. This should not affect me because I always pay the full balance each month before the grace period expires. I feel sorry for people who carry a balance on a credit card.

Citibank, like all big banks, charges exorbitant rates on credit card loans while paying interest on deposits at a rate of 1 to 2.5%. Look at your bank and see the spread between the interest charged on loans and interest paid on deposits.

Make a New Year's Resolution like Arianna Huffington is promoting on the Huffington Post. Watch this from her site:


Also watch this young women, Stephanie Frost:


Enter your zip code and find the safe banks in your area here: http://moveyourmoney.info/

Have a good week and Happy New Year!





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