Over at the New York Times, Eric Dash reports in the story Citigroup Considers Repealing a Pledge, and the Slogan With It that Citibank may renege on its promise last year that it wouldn't change the rules on credit card terms at any time for any reason, including no reason. Citi is complaining that its "A Deal Is A Deal" promise hurts it in the marketplace. The laws of the states of Delaware and South Dakota generally allow credit card companies to enforce contracts that allow the company to change the rules, but not the consumer. Some contract. The unfair law has allowed Citi and other firms to emulate Gilda Radner's famous SNL character Emily Litella and say "oh, never mind," whenever they want to change rates and terms on otherwise good customers.

Tomorrow, Chairwoman Carolyn Maloney (D-NY) of the House Subcommittee on Financial Institutions and Consumer Credit holds a hearing on college students and credit cards. PIRG Higher Education Program director Christine Lindstrom is among the witnesses. Chris is co-director with me of our project on college credit card marketing available at truthaboutcredit.org.