When I later found out earlier this month, I looked at the interest rate of 24%, and though it was rather high, but as I intend to pay off this month, 2% per month for $300 is about $6, so I did not really get around to do it.
To my horror, the credit card statement I received today showed
INTEREST on $314.60 - $60.24
This comes up to 229.77 percent. YES THIS EXCEEDS 100%.
I have used credit cards for more than 15 years, and in many countries, and have never been charge 229.77% for interest before, and I would like to inform people with Citibank Credit Card to clear off all their outstanding balance as INTEREST RATES are worse than that of your local loan shark, or even any other loan shark you find in Geylang, Chinatown, Woodlands and near Turf Club.
This means that if you don't have enough money to pay, borrow from a loan shark at 100% per year, or pawn your valuables. You WILL SAVE MONEY as interests are not as high as that from your credit card.
With the financial crisis that just happened, I don't understand why in Singapore, the credit cards can charge such high interest rates, when everything else is so monitored.
Confused.
Robin Low
