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Citi to Refund $335 Million After Finding Card APRs Too High

After a review, millions of credit card holders will receive a refund from Citigroup.

By Dakin Campbell | Updated on February 23, 2018
Credit card rates

Citigroup Inc., one of the world’s largest credit-card issuers, said it will refund $335 million to U.S. customers whose annual percentage rate should have been lower.

The lender determined that a method it was using to calculate APRs didn’t properly reflect the full benefit customers should have received for good behavior, such as paying on time, the New York-based bank said Friday in a securities filing that disclosed the issue and the total cost. It’s currently reviewing accounts and plans to have refund checks in the mail by the second half of the year.

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