Citibank Credit Card Complaint

Citibank Credit card department,

Late fee North Carolina

Citibank Visa credit card and I assume most credit cards charge late fees and what is already an obscenely high interest rate. It 's unconscionable that both are permitted by law. If a credit issuer is permitted to stuff fees into terms and conditions, at which point does " standard '' terms become worse that loan sharks? These so called regulated industries are no better - 16 % plus in interest charges. How is it a credit card is able to charge a flat $25.00 on late charges regardless of the balance owing? And each month add another $25.00? Plus able to charge interest on the outstanding balance? For a balance of $110.00, in two months I had $3.00 in interest charges ( yes that 's about 16 % annualized, to an institution that pays currently 0 % ), and also $62.00 in late fees, which amounts to 338 % annualized. How is it that credit cards are able to charge both late fees and interest? It 's either interest or late fees. And how is it that regardless of the balance the fees do n't change? Whether is $110.00 or $10000.00? Clearly these are predatory fees and serve no purpose other than to gouge the lower income, lower balance consumers. I would like to launch a credit card service which charges low interest rates, maximum balance and no fees, how would I do that? Not easily because the regulatory frameworks protect large financial institutions from competition, and in this example are clearly not protecting consumers from predatory practices.