t arrived in Rich Stevens' mailbox a few weeks ago: the notice that Citibank had "rate-jacked" the Visa cards belonging to him and his wife.
Some credit card holders have seen their interest rates go up dramatically, a practice called "rate-jacking."
"In my case, from 9.5 percent to 16.99," the 54-year-old nurse from the Long Island hamlet of Merrick, New York, told CNN. And his wife's rate zoomed from 7.95 percent to 16.99 percent, he said.
Stevens said he did not know why the rates had soared; his credit rating is great.
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